How do I set up a Paypal account?

How should I set-up and manage a PAYPAL account?

• I find SO MANY better DEALS through this Internet than through other means (retail outlets, local sales, etc.) that require cash transactions. I use no Credit cards (l-o-n-g story; I'll not bore you with these details.) I wonder how / if I should set up DEPOSITS toward a PAYPAL account to use as a DEBIT-system for occasional Internet transactions or is PAYPAL set up as a A CREDIT-system where I charge for my transactions and receive a bill for them at the end of the month?

• Answer:

  It is most like a checking account, so you should put it in your checkbook/accounting software as if it was. It operates on a cash basis; you spend from the cash stored in the account, though PayPal will automatically take money from your card or checking if more is needed to cover the purchase. Income received will stay in PayPal until you explicitly spend or withdraw it.