Integrate QuickBooks Desktop with Paypal
In this article, we will talk about how to integrate QuickBooks desktop with PayPal in 5 easy steps with images. Effortlessly import your sales and expenses using the Connect with the PayPal app. Run your trades with third-party software that is compatible with QuickBooks. It enables you to handle your PayPal transactions the same way as any other bank transactions. You can quickly revise, organize, and match-up transactions.
BENEFITS OF CONNECTING TO PAYPAL WITH QUICKBOOKS
- RECTIFY TRANSACTIONS: Review transactions in the Bank tab before you save them to your books – rather like a bank.
- DETAILED ACCOUNTING: Get details on every transaction, including PayPal fees.
- COMPUTERIZED ENTRY: Fees are a tot up to their own expense account, so you don’t have to enter them by hand.
QuickBooks Paypal Integration Benefits
Scan everything in one place and data flows automatically into your account.
- Link your Account: Tie up your PayPal balance with Quickbooks as a bank.
- Auto-SYNC data sales: total no. of items sold, discount shipping and tax all are recorded as sales receipts.
- Audit PayPal transactions: Audit your PayPal transaction before adding them to your books.
- Rectify your PayPal account: PayPal fees are documented as an expense so you don’t have to enter them manually.
- Funding transactions: Money movement between bank accounts and the PayPal account will appear as a transfer.
EASY STEPS TO CONNECT PAYPAL WITH QUICKBOOKS DESKTOP
A lot of business owners start using PayPal as their merchant account so when it’s time to reconcile their PayPal into QuickBooks it gets a little difficult, so here is the easiest way to do it.
- Go to PayPal account
- Download the history by clicking my account for a certain time range in comma-delimited or tab-delimited format
- This downloaded transaction will be considered for QuickBooks.
- Choose a range and period that you want to download into QuickBooks
- In the “File Types for Download” tab search for “QuickBooks”
- Click Download History
- Check for PayPal in the chart of accounts
- As PayPal is case sensitive make sure to enter the name exactly the same in QuickBooks as well as the Download log, else it will fail to load into QuickBooks.
- Enter your account name exactly as it appears on QuickBooks
- Leave other expense account and income account as it is
- Click download log
- Visit the download file section on your computer.
(It should look something like the image shown below)
- Open QuickBooks click the “File” option on the tab
- Click “Utility” then press “Import” and choose the “If Files” option.
- Select the file to be imported from the download section of your computer
- After importing the data into QuickBooks it appears in lists and charts format.
- PayPal creates “Other Expenses” and “Other income” accounts by default as it is a merchant account
- PayPal balance can now be viewed.