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Welcome to the Community, @Vedanta! Thank you for providing such a detailed overview of the concerns you've shared. I understand how important it is for your nonprofit to manage PayPal accounts effectively, particularly concerning tax-exempt transactions. Don’t worry; I’m here to help. I’ll answer questions and provide some tips to ensure the tax-exempt account operates as it should.
In response to your first question, since it’s about the app, I recommend contacting PayPal Connect App support for help with the setup.
As for the second question, yes, you can switch the accounts around. You’ll need to disconnect and relink both.
Here's how to do it:
- Navigate to Transactions, then choose Bank transactions.
- Select the tile for the bank account you want to edit. (Do the same process for both)
- Click the pencil icon and select Edit account info.
- Make sure to check the box that says Disconnect this account on save. Note: If QuickBooks is currently downloading new transactions, you may not see this option immediately. Please wait a few minutes for the update to complete and try again.
- Finally, click Save and Close.
After that, reconnect them.
For your last question, try connecting both accounts to the banking method. If that solution works, it could be a good option. It sounds like a promising idea, and while I can't confirm it without access to your account, It has great potential.
Additionally, after you’ve successfully linked them, it’s important to categorize your transactions properly. This will help ensure that sales tax and tax-exempt are recorded accurately, preventing any discrepancies in the future.
Before we wrap up, I want to quickly share something that could be a perfect fit for your needs: our in-demand product, QuickBooks Live! If you ever need expert assistance with managing your nonprofit's finances, especially when dealing with tax-exempt sales and ensuring your accounts are set up correctly for tax season, this service is just what you need. Don't hesitate to schedule a free consultation anytime to learn more about it.
Please know you’re always welcome to come back if you have more questions or need help connecting the accounts to QuickBooks or anything else about the program. We’re here to help manage your nonprofit's finances and make sure everything runs smoothly, especially with the tax-exempt sales. You can count on my team and me for the best solutions to your needs. Have a great day!
