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Level 3

Paypal App and Credit/Charge card holds

My new QBO client uses Paypal to collect funds on credit card payments for online services he sells (high volume - thousands of transactions monthly). Paypal creates a Sale, then a conta "hold" in same amount, then another "sale" or credit when the funds are released a couple of days later.

 

Does the PayPal App "see" the net Sale for the Feed to QBO, or will it feed all 3 amounts?  If all 3, is it possible to set up a Bank Rule to separate this transaction into it's component parts for control to identify the specific un-cleared sales to measure at any month end or year end date.

Solved
Best answer December 05, 2018

Best Answers
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QuickBooks Team

Paypal App and Credit/Charge card holds

Thanks for your prompt response @Chance.

 

Allow me to share some insights with this PayPal concern.

 

Yes, those three sale transactions are expected to show up on your feed. Also, about the PayPal on e-Invoices FAQ's that you've mentioned, this is only applicable to those PayPal users that were linked with E-Invoices in QuickBooks Online. You can also use this article out for your future reference.

 

I hope I've cleared things out @Chance. The Community has your back and is here should you have additional questions. 

 

 

View solution in original post

8 Comments 8
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QuickBooks Team

Paypal App and Credit/Charge card holds

Hi there, @Chance.

 

Glad to have you here in the Community. Allow me to share some information about how PayPal works in QuickBooks Online. 

 

All your sale transactions from PayPal will reflect on QuickBooks Online. However, you can create a Bank Rule to separate your transactions into its components.

 

Here's how:

  1. Click on Banking on the left pane.
  2. Select Bank rule.
  3. Select New Rule to open the Rule window.
  4. Enter a name in the Rule name field.
  5. From the drop-down list in the For field, choose Money in or Money out.
  6. Select the bank or credit card account from the drop-down list in the In field.
  7. Set the rule conditions, specifying whether the transaction must meet All or Any of the conditions. 
  8. In the Conditions fields, specify whether the rule applies to Bank textDescription, or Amount, and identify the content the transaction ContainsDoesn't contain, or Is exactly for the rule to apply.
  9. Select the settings for the rule, specifying the Transaction typePayee, and the Category to apply.
  10. Select Save.

For more details about creating bank rules in QuickBooks Online, please refer to this article: How to set and use banking rules for downloaded transactions.

 

Also, you can check out this article to know more about credit card payments in QuickBooks: Accepting credit card payments.

 

This should help you control and identify your sales in QuickBooks. Let me know if you need further assistance. I'll make sure to get back to you. Have a wonderful day!

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Level 3

Paypal App and Credit/Charge card holds

Thanks.

Any insights on first part of my Q ? Are all 3 transactions expected to feed?

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Level 3

Paypal App and Credit/Charge card holds

FYI - In the PayPal FAQ's link given- it states you cannot use your own Paypal acct with QB (in other words without the substantial Intuit QB Payments charges) . This is inaccurate, as I currently use my own Paypal acct with the Bank Feed, and there are no QB Payments charges. I am using it ONLY to feed the transactions, and not to link up with any other QB function (such as Invoicing). 

 

This info needs to be corrected by Intuit.

Highlighted
QuickBooks Team

Paypal App and Credit/Charge card holds

Thanks for your prompt response @Chance.

 

Allow me to share some insights with this PayPal concern.

 

Yes, those three sale transactions are expected to show up on your feed. Also, about the PayPal on e-Invoices FAQ's that you've mentioned, this is only applicable to those PayPal users that were linked with E-Invoices in QuickBooks Online. You can also use this article out for your future reference.

 

I hope I've cleared things out @Chance. The Community has your back and is here should you have additional questions. 

 

 

View solution in original post

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Level 3

Paypal App and Credit/Charge card holds

Wow! It WILL be a Merry Christmas for me!

 

Thanks!

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QuickBooks Team

Paypal App and Credit/Charge card holds

You are most welcome @Chance.

Don't hesitate to let us know if you have any questions with QuickBooks. We're always here to help you out. 

Wishing you and your business continued success. Have a lovely day!

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Level 1

Paypal App and Credit/Charge card holds

Having roughly the same issue but using QB Desktop version:

 

In my business, we use QuickBooks desktop. We also get a LOT of payments via PayPal. We also use our PayPal Credit/Debit Card a LOT. I am talking a 400-800 times a month. When we import the file from PayPal via a IIF file, the PayPal card is imported 3 times. Lets say we go to a restaurant. Lets say it was $50.00 and we leave a $10.00 tip. In QB it shows up as transaction 1: $50.00 (debit for the meal). Transaction 2: $60.00 (debit for the meal and the tip). Transaction 3: $50.00 (credit for the meal). So up until now, I am going in and deleting transaction 1&3. Then taking transaction 2 and recording it as the meal. When there is 400-800 credit/debit card transactions, doing it this way takes a REALLY long time.

Anyone know how to get around this or speed this up? Thanks for helping the frustrated guy...

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QuickBooks Team

Paypal App and Credit/Charge card holds

Thanks for posting in the Community, @JaysConfused.

 

Let's fix the IIF file before importing the transactions. This way you can choose the transactions you want to import.

 

  • Verify that the IIF file name exactly matches the file that was saved.
  • Verify that the IIF file is located in the correct folder, or on your desktop.

 

To edit an IIF file, here's how:

 

  1. In Microsoft Excel, go to File and select Open.
  2. Browse to your IIF file.
  3. In the File type drop-down, select All Files.
  4. Select the IIF and then select Open.
  5. In the Text Import Wizard, select Next, then Next and Finish.
  6. Make the changes to your IIF file.
  7. Go to the File menu and select Save.
  8. Select Yes.
  9. Close Excel. You'll get a prompt to save the IIF again. Select Don't Save.

Once done, try to import again and check your data after importing it to ensure it is complete and accurate.

 

For more additional details about importing, you can browse these articles:

 

 

Please don't hesitate to post again or leave a comment below if you have any follow-up questions. I'm always here to help. Take good care.

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