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Level 1

Importing Paypal CSV file.

Hi,

 

I am new to QBO and am trying to import my Paypal transactions from 2017. 

When I imported them using a CSV file, all of the credits came across but none of the Paypal fees associated with each transaction. Please can someone explain what I am doing wrong, thanks.

 

Also, in Paypal, I am paid using GBP, USD and Euros. Am I correct in thinking that I need to create 3 separate bank account in the Chart of Accounts and manually import transactions rather than syncing with Paypal?

 

Any advice, tips or videos you can direct me to would be really helpful.

 

Thanks,

Bella 

Solved
Best answer 09-10-2018

Accepted Solutions
QuickBooks Team

Re: Importing Paypal CSV file.

Hi Bella,

 

Thank you for contacting the Community.

 

In terms of the fees coming across this is something you would need to account for, when csv files are uploaded, the banking page will only display the values that are uploaded directly. This would mean you would need to to account for the fees in the CSV itself before they are added to your QuickBooks. 

 

Regarding the different currencies on the account, you would be right in that several bank accounts would need to be set up for each of the currencies as the bank account would aonly be able to take one currency into account for each account. You would be able to set these up on the Chart of Accounts page and specify a home currency for each account.

 

Please let me know if there is anything else I can help with and I will be back in touch. :)

 

 

 

 

 

View solution in original post

5 REPLIES 5
QuickBooks Team

Re: Importing Paypal CSV file.

Hi Bella,

 

Thank you for contacting the Community.

 

In terms of the fees coming across this is something you would need to account for, when csv files are uploaded, the banking page will only display the values that are uploaded directly. This would mean you would need to to account for the fees in the CSV itself before they are added to your QuickBooks. 

 

Regarding the different currencies on the account, you would be right in that several bank accounts would need to be set up for each of the currencies as the bank account would aonly be able to take one currency into account for each account. You would be able to set these up on the Chart of Accounts page and specify a home currency for each account.

 

Please let me know if there is anything else I can help with and I will be back in touch. :)

 

 

 

 

 

View solution in original post

Level 1

Re: Importing Paypal CSV file.

Thanks very much for your reply, I've managed to amend the CSV file to show the Paypal expense fees and upload this to quickbooks, so far only in GBP. But I understand that the principle will be the same for other currencies. 

 

I wonder if you could help with another query though, again relating to Paypal.  

A customers purchases 2 items from me on ebay, and pays for postage twice. I receive a net amount  and Paypal takes its fee. However, I give the customer a partial refund for the overpaid postage and Paypal refunds me a percentage of the fee it originally charged me, please can you advise me how I record this in QB? 

 

Many thanks again,

Bella 

 

 

QuickBooks Team

Re: Importing Paypal CSV file.

Glad to see you here in the Community again, BellaP.


Helping out with recording the refund coming from PayPal is my priority.


In cases like this, you’ll need to create an Expense for the percentage given by PayPal. This is to ensure the transaction is properly tracked in your account.

 

Here's how:

 

  1. Click on the Plus icon (+) at the top.
  2. Select  Expense.
  3. Choose the customer you're working on.
  4. Choose the correct bank account.
  5. Enter the correct date.
  6. Go to the Account details section.
  7. Under Account, choose Accounts Receivable.
  8. Make sure to enter a positive amount to zero the customer balance and account.
  9. Once done, click on Save.

After creating the Expense, your records are in ship shape.

 

Reach out to me directly if you have additional questions about working in QBO. I'm always around to answer them for your. Have a great day ahead.

Level 1

Re: Importing Paypal CSV file.

Hello,

 

Thanks so much for your promtp reply. I tried going through the steps you set out, but I cannot find 'Accounts Receivable'under the Account tab. Is it the same for Quickbooks online in the UK?

 

Thanks,

Bella

QuickBooks Team

Re: Importing Paypal CSV file.

Hello Bella,

 

I have included a guide below for recording refund from suppliers in QuickBooks which I think should help.

 

  1. ​Go to the '+' icon then select Supplier Credit.
  2. Choose the correct date, supplier and amount with the VAT (if required).
  3. Next go to the '+' icon and create a Bank deposit, this is for the account (Bank) the refund has gone into.
  4. Select the amount, date and supplier on the deposit. Making sure the line item is for the Creditors account making sure to choose No VAT.
  5. Now go to the supplier the refund is from and create a dummy bill. Save the bill and select pay bill.
  6. Now link the Supplier Credit with the Bank Deposit, once this step has been done remove the dummy bill.

Please let me know if this answers your query.

 

Thanks,