How to configure Paypal Standard for recurring payments

[ashok]

Hi,
I need to set up PayPal standard to accept recurring payments. I have been able to redirect to PayPal site on payment confirmation. Have some questions though

1. On PayPal Standard's setting page in the Civi backend, there is a field called "Financial Account" with options "Payment Processor Account, Account Receivable, Deposit Bank Account, Premiums Inventory". Not really sure what thy mean and which one should be selected for PayPal Standard?

2. On PayPaly Standard's setting page in the Civi backend, what should be the values in Recurring Payments URL?

As per my understanding from the link http://wiki.civicrm.org/confluence/display/CRMDOC/PayPal+Website+Payments+Standard+and+Recurring+Contributions 
I need to enable Instant Payments Notification (IPN)  on my PayPal account, and PayPal will send IPN's to "Mysite/sites/all/modules/civicrm/extern/ipn.php" and rest of the things should be taken care of.

I have created a Developer account with http://developer.paypal.com and then added 2 sandbox account from there. Upon logging into https://www.sandbox.paypal.com, I dont see "Instant Payment Notifications Preferences" under Profile->Selling preference (as instructed in above link).

Normal payments are happening fine but not Recurring payments. On choosing recurring option, payments are failing. Any help here?

Regards,
Negi

[ashok]

I found Instant Payment Notification Preferences on www.paypal.com and as explained in the link It gives you an option to fill in "Notification URL" but its not there on the sandbox site 

[SarahG (FountainTribe)]

Ashok:
 

About your first question:

1. On PayPal Standard's setting page in the Civi backend, there is a field called "Financial Account" with options "Payment Processor Account, Account Receivable, Deposit Bank Account, Premiums Inventory". Not really sure what thy mean and which one should be selected for PayPal Standard?

The Financial Account question is asking which "Asset" type account should be used in the CiviCRM accounting/financial tables. This account choice is never visible to a donor/member/participant.   However, if you use the features in CiviCRM to export financial data to your general ledger (such as QuickBooks) then the "Financial Account" will be part of the export for the PayPal contributions.

If you are not planning to integrate with your general ledger, then choose Payment Processor Account. If you are planning to integrate with your general ledger, then make sure all your financial accounts match properly to your general ledger accounts.