You can setup up to 5 event goals, tracked when customers press "confirm order" (before customers pay, when the order is created in the Virtuemart db - this because the next action is to confirm order (customers pay) and it's tracked as e.commerce conversion!).The very first thing to do is setup the plugin
The IPN is the Instant Paying Notification that Paypal sends to your server when a customer pays. The "Thank You" page is where the customer returns after a payment, with the payment details for the customer.
You should setup them both on your account on Paypal, in the "profile"
Virtuemart Tracking extension is the final solution for