I bookkeep for a non-profit organization and linked the company's Paypal account with QBO I found that the PayPal balance and QBO balance do not match after categorizing all the transactions synched to QBO. I investigated why and found that QBO's been importing wrong $ amounts from the PayPal account.
To start off, the opening balance imported from PayPal is wrong and I have no clue about this.
Secondly, let's say I bought a $1,000 computer using the PayPal account. I only had $900 in my Paypal balance so $100 was paid out of a bank account. When QBO imported this data, QBO recorded that $1,000 was paid out of the PayPal account and $100 was paid out of the bank account. So the cost of the computer ended up being recorded as $1,100.
Did anyone have the same issue? If so, did you resolve it? I would really appreciate some advice if there is any solution to this issue.
I also would like to know if there is a way to get rid of the linked PayPal account along with all the transactions synced from it as if nothing ever really happened.
Please help... we are getting an audit and this is causing huge trouble.
I appreciate you for sharing the details with me, @AKEEP.
I can see how important it is to keep your transaction organized. I’m here to share some information and help you get this sorted out.
Transactions imported to Quickbook Online (QBO) is based on what your PayPal or bank account provided. Thus, I recommend contacting the PayPal customer team. There, they’ll be able to look into your account and check the reason why the transactions imported to your account are incorrect.
In the meantime, let’s exclude those transactions and manually upload them to QBO. Let me show you how:
Go to the Banking menu or Transactions menu,
Click the Banking tab.
Select your PayPal account.
Click the For Review tab.
Select the checkbox of the transactions to exclude, then click the Exclude button.