How to Import PayPal Transactions into QuickBooks?

by James Antonio

QuickBooks is a set of software that maintains accounting related activities and offer many other online solutions and PayPal online transaction is one of them. PayPal is an e-commerce business allowing payments and money transfer that can be made via the Internet for a fee purpose.

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The manual recording of PayPal transactions in QuickBooks may not be an option depending on the amount of PayPal transactions you have. One method of manually tracking a PayPal transaction would be to create an invoice for each sale and record the payment individually. Luckily, you can export the PayPal activity to an Intuit Interchange Format (.iif) file and import PayPal transactions into QuickBooks with ease.

Setting up QuickBooks to Import from PayPal

In order to set up QuickBooks in preparation for the .iif import:

  • The very first, create a new Bank account in QuickBooks named “PayPal Account
  • Next, create an Expense account named “PayPal Fees
  • After that, create an Income account named “PayPal Sales

Using the .IIF File

PayPal does both activities; it adds to your PayPal account balance as well as subtracts funds from it. Payments from customers increase your balance and your balance declines with PayPal fees. The changes in your balance are reported in a single income account when you import the operation using the .iif and the falls in your balance are reported in a single expense account.

QuickBooks should seek to align customer names that are being imported with current customer names in QuickBooks during the import process. If doesn’t match? Then it found the name of the client that will be added to the Other Names List.

đź“Ł Important Note: Always create a backup of your QuickBooks Company file before importing the .iif file.

import-paypal-transactions-into-quickbooks

Download Your .iif from PayPal

Follow the procedures step by steps in order to download your .iif file from PayPal:

  • Initially, login into your PayPal account
  • Next, go to My Account tab and then History
  • Within the same, you have select the Download History
    Now, select the date range
  • Select QuickBooks .iif file for download within File Types
  • After that, hit the Download History
  • Enter account names (if asked) and make it should be exactly the same as they appear in your company’s Chart of Accounts (COA)
    • PayPal Account name
    • Other Expenses Account name
      • Make sure the expense account being used is not a sub-account of another expense account or when it is imported into QuickBooks then it will be converted into a bank account.
      • If PayPal transactions pay Accounts Payable balances, you can enter the name of your Payable Account here, but the names of the Vendor in PayPal must match the names in QuickBooks.
    • Other Income Account name
      • Make sure the income account being used is not a sub-account of another income account because when it is deposited into QuickBooks then it will be converted into a bank account.
      • If PayPal transactions pay account receivables, you can enter your account receivables name here, but the names of the customers in PayPal must suit the names in QuickBooks.
        Note: You will have to fill in all the boxes, or you will receive a PayPal message stating that:- To access your file, you must complete the above fields.
  • Once you’re done with the above steps then save .iif file on your desktop
  • After that, go to QuickBooks File menu and select Utilities then Import and then IIF Files
  • Click on the IIF file that is located on your desktop
  • At last, hit the Open button.

Once this process completes and you receive a “Completed” message that means import PayPal transactions into QuickBooks have been successfully completed.

Read More: Reconcile PayPal Transactions to QuickBooks Online

List of PayPal Transactions that cannot be Imported

You cannot import PayPal transactions into QuickBooks that are listed below:

  • Canceled
  • Partially refunded
  • Paid
  • Pending
  • Removed
  • Refunded

The following types of the transaction also can’t be imported

Additionally, you can’t import PayPal transactions into QuickBooks that are listed below:

  • Withdraw funds to a bank account
  • Canceled fee
  • Add funds from a bank account
  • Canceled transfer
  • Refund

Import PayPal Transactions into QuickBooks using the CSV File

If you want to manually enter the transactions that you didn’t import using the above method then you need to export your PayPal history into a CSV file. Also, sort out the file to indicate the transaction that did not import.

  • Firstly, log in to your PayPal account
  • Next, go to My Account tab and then select “History”
  • And then do to the Downloaded History
  • Now, using the drop-down menu, choose the date range either the last download to present or custom data range After that, select the type of file (it would be comma delimited) and then All Activity
  • Finally, click on the Download history.

Sometimes, it happens that the transaction history file cannot be downloaded due to its large size. In that condition, PayPal sends you an email that transaction history is getting ready to download.

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Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

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Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

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Receive Payment
Estimate
Credit Memo/Return Receipt
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Statement Charge

Vendor Transactions

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Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

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How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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