While a bookkeeping service Atlanta knows and trusts can give you peace of mind that your accounting is being done properly, QuickBooks by Intuit can also help with streamlining your accounting processes. The software assists in simplifying accounting and bookkeeping for sole proprietors and small businesses whether they are making use of an Atlanta bookkeeping service or not.
With QuickBooks, you can automatically import many types of bank account transactions. Integrating your PayPal data with QuickBooks takes a bit more time and effort; however, it is possible to conveniently keep track of these transactions within QuickBooks as well. You have two options for accomplishing this: the Sync with PayPal app, or manual configuration.
Using the “Sync with PayPal” App
The Intuit company, maker of QuickBooks, released the Sync with PayPal App in May of 2015. It’s designed to securely and automatically import PayPal data such as transactions, taxes, fees, discounts and gratuities into the QuickBooks Online application. Other transactions like PayPal bank transfers and expenses will also be routed into appropriate categories in the online version of QuickBooks. Here’s how to get started:
- Get the App
Start by downloading the Sync with PayPal app free from the QuickBooks App Store. - Follow the Prompts
Once you’ve successfully downloaded the app, launch it and follow the prompts for syncing QuickBooks Online with PayPal. - Enjoy Automated Updates
The Sync with PayPal app will automatically update information as-needed and store it accurately and securely in QuickBooks Online. - (Optional) Download Past Transactions
If desired, the app can be used to download up to 18 months worth of your past PayPal transactions.
Manual Syncing Your PayPal Data in Quickbooks
With offline versions of QuickBooks, manual syncing will be required. Use these six steps for manually exporting your PayPal transactions and data into QuickBooks so that you can keep track of it as part of your bookkeeping and accounting processes:
- Log In and Go to History
Start by navigating to the PayPal site and logging in using your favorite browser. Move the cursor to the “My Account” tab and select the “History” link to see the available account history choices. Click on “Download History” and you’ll be able to have access to your download options. - Download Your PayPal History
Enter your desired download date range or choose “Last Download to Present” if appropriate. (If you have not yet downloaded data from PayPal, “Last Download to Present” will only yield the past week’s data. Use the “File Type for Download” drop-down menu to choose “Quickbooks .iff” to ensure compatibility. Click “Download History.” - Name It
You will be prompted to name the PayPal account you will be using in QuickBooks. You will also be asked to name the Other Income and Other Expenses categories; these will be used for tracking things like PayPal debit card cash back and PayPal fees. To complete the download of the file, click “Download Log.” When finished, you can log out of your PayPal account. - Open QuickBooks
Next, launch your QuickBooks application and open your PayPal profile. Designate new entries for expenses, transactions and other income types and add them within the “Customer and Vendor Profile” section. Use the same names you did in your PayPal account.Note: If you’d prefer to integrate your PayPal data into existing QuickBooks categories, enter those names into the appropriate fields instead of creating new ones when exporting your PayPal data.
- Import Your PayPal Data
Open your File menu in QuickBooks and go into the “Utilities” section. Start a new submenu and move the cursor over “Import” and select “.IFF Files.” Choose the file you just downloaded from PayPal and start the file importing process. - Save Your Profile
Once the import is finished, save your new QuickBooks profile. Anytime you do an import, your PayPal data will be automatically placed into the correct categories that you’ve pre-designated.
More and more shoppers are using PayPal as their preferred payment option. Use these steps for merging your PayPal payment data with QuickBooks software. If you’re considering outsourcing your accounting, use a bookkeeping service Atlanta knows and trusts.