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I have never dealt with Paypal until given this assignment for a nonprofit in quickbooks online. I understand donations come in and a transfer is done that appears to show in the bank feeds to the checking. Then it shows in the Paypal bank and then in the paypal clearing with a negative amount. How do I handle this and then do the Paypal Bank and Paypal Clearing accounts both get reconciled and which first. Currently the Paypal clearing is a negative amount. So confusing. Paytraqer is used on this, but not sure of it's purpose. I would sure appreciate any help. Thank you.
Hi there, @Ponz1. I'll be sharing with you some information about handling PayPal transactions in QuickBooks Online (QBO).
Once you connect PayPal to QuickBooks, you can edit, categorize, and match PayPal entries the same way with other bank transactions. In this case, you can reconcile your PayPal bank entries the same as with the regular bank accounts.
Here's how:
If the PayPal Clearing account is just used for transferring amounts or as a washing account, then there's no need for you to reconcile the account. If it's necessary to reconcile both accounts, then you can start either way.
For more tips about reconciliation, open this article: Reconcile an account in QuickBooks Online.
In case you want to generate a reconciliation report for future use, you can refer to this link as your guide: How do I view, print, or export a reconciliation report?.
Please feel free to leave a comment below if you have any other follow-up questions with PayPal reconciliations. I'll be right here to help. Keep safe!
Afaik, PaytraQer is used to automate the flow of data from PayPal to QBO.
https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_3
When you need to reconcile PayPal transactions, we recommend our clients with another app.
https://www.moneythumb.com/?ref=110
https://synder.grsm.io/quickbooks
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