PayPal provides one of the most popular methods for processing e-commerce payments. It allows your customers to place an order and make payments using their PayPal. QuickBooks has excellent support for this payment processor, and when configured correctly – you can achieve ease and efficiency in accounting for PayPal sales. The QuickBooks-PayPal integration keeps them both in check so you can stop sweating this small stuff and keep your focus where it counts.
Why Integrate QuickBooks and PayPal?
Managing your business involves creating efficiencies to reduce manual and repetitive work so you can focus on tasks that require analytical and decision-making skills. QuickBooks-PayPal integration is a new and robust technique to bring PayPal transactions into QuickBooks. Synchronized data about customers, products, and amounts gives you greater visibility and more time to focus on the bigger picture.
Key Benefits of QuickBooks-PayPal Integration
- Review Every Transaction – QuickBooks allows you to review all your transactions prior to adding them into QuickBooks.
- Detailed Picture of PayPal Sales – QuickBooks-PayPal integration creates sales receipts with line-level details such as products sold, discounts availed, shipping costs, and tax.
- Track Fees Separately – When adding a PayPal transaction, QuickBooks automatically records the PayPal fees to an expense account of your choice, eliminating the need for doing it manually.
- QuickBooks-PayPal integration gives you ease and confidence by keeping you informed that PayPal transactions are being tracked accurately.
How QuickBooks-PayPal Integration Works?
QuickBooks-PayPal integration is an intelligent, simple, and seamless way to add your PayPal transactions into QuickBooks. By connecting your PayPal, you can send all your transactions to QuickBooks, so it tracks and shows you entries in a more comprehensive way. PayPal transactions are displayed under the QuickBooks banking tab, where you can effortlessly edit, categorize, and match entries to make sure your accounts are accurate and up to date.
How to Connect QuickBooks and PayPal?
While there are multiple editions of QuickBooks accounting solutions, the following method works well with most of them.
Step 1: Log in to the PayPal website using your username and password.
Step 2: Go to the My Account tab and select the History option. This will open the account history option menu. Click on the Download History option to go to the download options page.
Step 3: Enter the date range you want to download data within. If you want to download all data from the date of your last download, select Last Download to Present. However, the second option will download data from the past week only if you have never downloaded any data from PayPal.
Step 4: When prompted to select File Type for Download, select .iff from the drop-down menu to ensure compatibility with QuickBooks software. Click on Download History.
Step 5: Enter a name for your PayPal account. This name will be used by QuickBooks. In addition, you will have to provide names for the Other Expenses and Other Income fields. These names are used to track transactions such as PayPal fees and cashback from PayPal debit card if you hold one.
Step 6: Click on Download Log to complete the file download.
Step 7: Log out of your PayPal account.
a) Launch QuickBooks.
b) Open the profile you wish to use for keeping track of your PayPal transactions.
c) Create new entries for your PayPal transactions, expenses, and other income as you have created with other account types.
d) Ensure that the names you use here are the same as those you entered on the PayPal website.
Step 9: Navigate the File menu and select Utilities to open a new submenu. Hover the mouse on the Import option and click IFF Files. Select the .iff file you downloaded at step 6 and click OK to start the process.
Step 10: Once the import is complete, save the QuickBooks profile. This import process will automatically place your PayPal data in the proper categories.
Apps4Rent Can Host QuickBooks for Your E-commerce Stores
Connecting your PayPal to QuickBooks saves you time and money while increasing efficiency in bookkeeping. QuickBooks is a flexible application that integrates with advanced payment options such as PayPal and can pair up with your whole e-commerce store. QuickBooks hosting can help you extend its capabilities without worrying about on-premises infrastructure. As an Intuit Authorized Standard Host, Apps4Rent hosts your preferred version on highly secure and reliable SSAE certified data centers. Contact our QuickBooks hosting experts available 24/7 via phone, chat, and email for hosting plan inquiries.