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jds0491
Level 1

New User - Entering Transactions

New 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!

2 Comments 2
RenjolynC
QuickBooks Team

New User - Entering Transactions

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:

 

  1. Go to the Edit > Preferences.
  2. On the left panel, select Payments, then go to the Company Preferences tab.
  3. Put a check mark on the Use Undeposited Funds as a default deposit to account checkbox.
  4. Click OK.

Once done, record the sales receipt or receive payment from the invoice. Then, deposit the payment and add the PayPal fee.

 

Here's how:

 

  1. Go to Banking > Make Deposits.
  2. In the Payments to Deposit window, select the sales receipts or receive payments you have created.
  3. Click OK.
  4. On the second line, select an expense account for the PayPal fee.
  5. Enter a negative amount in the Amount field and then click Save and Close.

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. 

Fiat Lux - ASIA
Level 15

New User - Entering Transactions

@jds0491 

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:

CustomerTransaction DateRefNumberPayment MethodCheck NumberClassTemplate NameTo Be PrintedShip DateBillTo Line1BillTo Line2BillTo Line3BillTo Line4BillTo CityBillTo StateBillTo PostalCodeBillTo CountryShipTo Line1ShipTo Line2ShipTo Line3ShipTo Line4ShipTo CityShipTo StateShipTo PostalCodeShipTo CountryPhoneFaxEmailContact NameFirst NameLast NameRepDue DateShip MethodCustomer MessageMemoCust. Tax CodeItemQuantityDescriptionPriceShippingHandlingDiscountSalesTaxDeposit ToIs PendingItem Line ClassService DateFOBCustomer Acct NoSales Tax ItemTo Be E-MailedOtherOther1Other2Unit of MeasureCurrencyExchange RateSales Tax Code
Anne's Bakery01/09/2020100Check123  Y15/09/2020Anne's BakeryOne Harbor StreetAnytownNY12345USAAnne's BakeryOne Harbor Street AnytownNY12345USA(123) 456-7890        NonCabinets10Cabinets1000321 Checking             Non
Anne's Bakery01/09/2020100Check123  Y15/09/2020Anne's BakeryOne Harbor StreetAnytownNY12345USAAnne's BakeryOne Harbor Street AnytownNY12345USA(123) 456-7890        NonHardware10Hardware50321 Checking             Non
Gulf Gas Station04/09/2020103Check703  Y17/09/2020Gulf Gas Station1 North Street AnytownNY12345USAGulf Gas Station1 North Street AnytownNY12345USA(777) 777-7777        NonToilet1Toilet50451 Undeposited Funds             Non

 

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