Paypal doesn't give proper bank statements?

icicat

Hey all, I use paypal for receiving money from clients for my freelance work. I usually just keep the money in there as I work full time and my full time work wage usually covers my expenses, so I just save and accumulate in the paypal account.

Though recently I have been applying for a mortgage and I realised Paypal generates statements different from bank statements. Statements are just balance reports (balance begining of month, balance end of month) and activity reports show activity but with complex currency conversion and net info and no balance information.

Is there a way to generate a proper statement in paypal that just shows incoming and outgoing payments whilst showing the account balance?

I wish I just made a habit of transferring into my bank account regularly.

born_again

Pay Pal is not a bank as such.
I would set up a 2nd bank account just to handle these payments & get in the habit of transferring from PP as soon as they come in, or give people this 2nd bank acc details. At least that way you are keeping your freelance income separate when the tax man wants their pound of flesh, as it is then clear the amounts involved.

boingy

I doubt a bank would accept a PayPal statement as proof of income but the other reason you need to get the money out of PP is to get it earning some interest!

surreysaver

PayPal isn't a proper bank. No protection, no interest, no regulations 

icicat

Thanks guys, you're absolutely right. In future I'll start transferring my earnings into my bank on a regular basis. I think because I've never needed the money other than for paypal purchases, which is a lot, I've never felt the need to transfer it. However, I wish I realised how important this is for mortgage application. Let this be a lesson to others in future