First Time Quickbooks Online Paypal Integration In a few simple steps
Users can accept payments through PayPal by syncing it with their QuickBooks Online account. With the help of all-new connect to PayPal app, accounting professionals of small businesses can have excellent control over their PayPal transactions. If you’re not completely aware of the process of Quickbooks Online Paypal Integration, then this blog is going to be very helpful for you.
Processing PayPal with a first time set up
Paypal syncing with Quickbooks online is one-way integration. It synchronizes transaction of users through PayPal into the accounting software QuickBooks. After the successful activation, it becomes easy to monitor PayPal accounts for bank transfers, sales & expense transactions.
Connecting the Sync with PayPal app to my QuickBooks Online Account
- Firstly sign in to your QuickBooks online account
- Next select option, “apps”, from the left menu
- Then select, “find apps”, then seek for PayPal option in the search bar
- Among available options select “Sync with PayPal”.
- After that select Get App Now, in the upper right corner.
- Next select appropriate answer to question & then option, “next”.
- After that, you will find the option, “connect to PayPal”. Choose let’s do it, after selecting it.
- After that follow steps for connecting & customizing app settings as per your requirement.
After selection of the option, “Authorize, PayPal transactions securely & automatically sync from PayPal to QBO.
Mapping Process, In Short
In the setting option of App, you can edit/view accounts from PayPal which for mapping of appropriate accounts in QBO. Intuit uses smart mapping way of categories in order to get an idea of how it maps PayPal accounts to the online version of QuickBooks. An advanced user can modify these settings while setting up.
Transaction reviewing process after successful import
A user is able to review transaction after their import via following tabs in QBO:
Bank Transfers- Transactions->chart of accounts->choose a preferred bank account
Work functionality of New Connect to the PayPal app
A table given below can give you a better understanding of how to handle transactions.
|Transaction Type/Item||Handling within QBO|
|Sales/Income|| The user gets an option of creating a deposit or sales receipt through every “money-in” transaction.
Deposit: In this case, each transaction is enlisted in for review tab of banking screen allowing users to assign
The user can see fees, net amount and gross amount for each transaction related to income.
|Expenses||Usage of PayPal account in the purchasing process, expense transaction appears in transaction lists on banking screen in order to allow categorization.|
|Fees||● Fees are considered as an expense transaction with sales receipt.
● It is not listed separately in the transaction list
● Fees aren’t added to PayPal fees expense account until sales transaction is added to QuickBooks.
|Customers||Bank transaction list shows suggested customer. In case suggested customer isn’t in QuickBooks, the user should create a customer.|
Hope, this blog defining the process of Connecting QuickBooks online to PayPal will help you let your monetary transaction go smooth. Otherwise, our Intuit certified customer care staff sitting aside will help you overcome your difficulties very efficiently via phone call.