PayPal is a popular payment gateway application for millions of users around the globe that use it nearly every day. It is the best means to send or receive money nationwide & even globally from clients, customers, merchants, and family members. But PayPal is crucial for the merchants who operate businesses or businesses overseas. The Sync with PayPal free app automatically imports your PayPal sales transactions, fees, taxes, and discounts into your QuickBooks.
The QuickBooks PayPal app makes it simple to accept payments with PayPal. You can get online payments via debit card, credit card, or PayPal and access reduced card payment fees.
It has been observed that PayPal has more than 100+ million active & registered user accounts. Furthermore, it lets the users send or receive payments in more than 200 currencies in 200 marketplaces globally.
QuickBooks is a package of accounting services in the form of software & provides numerous other online solutions. This software can establish connectivity to integrate with tons of web-based applications.
This integration lets you retrieve any balance affecting transactions you have in your PayPal and present them in your QuickBooks banking tab. You can then efficiently edit, categorize and match transactions to ensure your books are accurate and up to date.
Your PayPal transactions, including sales, purchases, fees, and transfers, are sent to QuickBooks for review. Once connected, you will be able to review your transactions and add them to your books just like a bank. PayPal fees will be counted as a separate expense account, so you can save your time and no longer enter them manually. And, while creating reports, you’ll have better insights into how your company is doing.
Advantages of QuickBooks PayPal Integration
- It offers a handy and straightforward way for customers to pay instantly. You can send invoices online from QuickBooks with a “Pay Now” option that enables customers to directly make an online payment via card or bank transfer, using their PayPal business account.
- It lets you reduce manual entry, and the payments are automatically recorded in QuickBooks. Accept Payments with PayPal is fully integrated with QuickBooks, which means that all payments obtained for your QuickBooks invoices, and associated PayPal transaction fees, are automatically recorded into an account of your choosing.
- It lets you save even more time on your accounting. Accept Payments with PayPal ensures your QuickBooks invoice payments and transaction fees are recorded and categorized automatically to your books. There is no need for manual entry.
- You will get paid two times faster and improve cash flow. Your client receives their invoice as soon as the job is done, and payments can be made straight away.
Steps to Integrate Paypal to QuickBooks
Step 1: First, Sign in or sign up to QuickBooks Online. Next, Add the Accept Card Payments with the PayPal app.
Step 2: Now, Connect your PayPal account to your QuickBooks account. Then, you need to grant permission to connect your QuickBooks account to your PayPal account and confirm via the confirmation mail.
Step 3: Next, you need to generate and send an invoice. Create an invoice and ensure the checkbox Accept Card Payments with PayPal is ticked.
Frequently Asked Questions
How do I Reconcile a PayPal Account in QuickBooks?
First, get a copy of your PayPal bank statement, then check the last statement beginning balance, and ending date. The statement must start on the day after your previous reconciliation. Next, the beginning balance in QuickBooks should match the one on your bank statement.
How can I Post a PayPal Transaction in QuickBooks?
QuickBooks enables a transfer between balance sheet accounts without having to use the general journal.
To make a transfer, you need to go to “Banking” and then “Transfer Funds.” Now, choose the correct date, amount, the PayPal account as the “From” and your bank account as the “To;” hit “Save,” and you are done.
How can I import PayPal Transactions into QuickBooks online?
First, log in to your QuickBooks Online. Then, select Apps from the left menu. Now, Select My Apps at the top and Locate the Sync with a PayPal app card. Then, Choose Settings on the Sync with a PayPal app card. A new tab will open. Now, select “Run” in the “Manual Import” section. Then, enter the desired date range, then snap on the “Run.
How can I Record a PayPal Refund in QuickBooks?
Paypal refund transaction in QuickBooks desktop: First, click on “Customers” at the top menu bar. Then, Click on Create Credit Refunds/Memos. Now, From the “Customer”: drop-down, choose the appropriate Customer. Then, Enter the returned items in the line item area, and then select Save & Close.
How do Accept Card Payments with PayPal app work?
Connecting the Accept Card Payments with the PayPal app is easy, quick, and secure. The PayPal app enables you to send invoices with a ‘Pay now’ button, so your customers can make online payments using PayPal, MasterCard, Visa, or American Express. You’ll receive payments in your PayPal account, and the accounting will be done in QuickBooks Online.
How much do the Accept Card Payments with the PayPal app cost?
The PayPal app is free to download and use. You will need a UK QuickBooks Online account and a UK PayPal business account to use the app. PayPal merchant transaction fees apply for receiving online payments.
Can I connect more than one PayPal account to QuickBooks Online?
Yes, you can connect more than one PayPal account to QuickBooks Online. PayPal app supports the connection of multiple PayPal accounts to QuickBooks Online.
