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Join nowNew user here. I am sure there are FAQs on this but it would help to have steps laid out for my particular situation.
I am helping a friend with the bookkeeping of her business. I have access to bank accounts, paypal, etc. but I am so confused with where to start. We are trying to get the books up to date for the year and it seems like it was done a variety of ways in the past based on reports I've run. My friend does not invoice through PayPal but that is where the payments are received, a lot are on a subscription basis.
Let's say I'm pulling transactions from Paypal starting the month of January and trying to enter into QB. Since I don't have actual invoice numbers, is it best to Create Sales Receipts? Or can I do Receive Payments and perhaps have it matched against a Paypal or bank statement? I have customers, classes, etc. just no idea where to start.
Also, in either scenario, where are Paypal fees recorded? Is this done in the Record Deposits menu under banking?
Thank you!
Welcome to the QuickBooks Community, jds0491.
If the transactions are paid directly, you can record them as a sales receipt. Otherwise, create an invoice. Note: You can edit the invoice and add the number when you have it.
Before recording the transactions, make sure to set up the undeposited funds account in the settings by following these steps:
Once done, record the sales receipt or receive payment from the invoice. Then, deposit the payment and add the PayPal fee.
Here's how:
After the steps above, you can match the deposit to the transactions downloaded on your bank. I've got this article for the steps: Add and match Bank Feed transactions in QuickBooks Desktop.
I'm just a few clicks away if you need more help with QuickBooks. Take care and stay safe.
As additional option, utilize a 3rd party tool to import your data as Sales Receipts in bulk
https:// transactionpro.grsm.io/qbd
https:// partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2
The template should be like this:
Customer | Transaction Date | RefNumber | Payment Method | Check Number | Class | Template Name | To Be Printed | Ship Date | BillTo Line1 | BillTo Line2 | BillTo Line3 | BillTo Line4 | BillTo City | BillTo State | BillTo PostalCode | BillTo Country | ShipTo Line1 | ShipTo Line2 | ShipTo Line3 | ShipTo Line4 | ShipTo City | ShipTo State | ShipTo PostalCode | ShipTo Country | Phone | Fax | Contact Name | First Name | Last Name | Rep | Due Date | Ship Method | Customer Message | Memo | Cust. Tax Code | Item | Quantity | Description | Price | Shipping | Handling | Discount | SalesTax | Deposit To | Is Pending | Item Line Class | Service Date | FOB | Customer Acct No | Sales Tax Item | To Be E-Mailed | Other | Other1 | Other2 | Unit of Measure | Currency | Exchange Rate | Sales Tax Code | |
Anne's Bakery | 01/09/2020 | 100 | Check | 123 | Y | 15/09/2020 | Anne's Bakery | One Harbor Street | Anytown | NY | 12345 | USA | Anne's Bakery | One Harbor Street | Anytown | NY | 12345 | USA | (123) 456-7890 | Non | Cabinets | 10 | Cabinets | 1000 | 3 | 2 | 1 | Checking | Non | ||||||||||||||||||||||||||||||
Anne's Bakery | 01/09/2020 | 100 | Check | 123 | Y | 15/09/2020 | Anne's Bakery | One Harbor Street | Anytown | NY | 12345 | USA | Anne's Bakery | One Harbor Street | Anytown | NY | 12345 | USA | (123) 456-7890 | Non | Hardware | 10 | Hardware | 50 | 3 | 2 | 1 | Checking | Non | ||||||||||||||||||||||||||||||
Gulf Gas Station | 04/09/2020 | 103 | Check | 703 | Y | 17/09/2020 | Gulf Gas Station | 1 North Street | Anytown | NY | 12345 | USA | Gulf Gas Station | 1 North Street | Anytown | NY | 12345 | USA | (777) 777-7777 | Non | Toilet | 1 | Toilet | 50 | 4 | 5 | 1 | Undeposited Funds | Non |
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