Paypal import to quickbooks

Hello thebusywoman1,

I want to know more about your concern so I can give you a hand on this.

May I know how did you connect your PayPal account to QuickBooks? Is this through Sync with PayPal or the Bank Feeds page. What steps did you take so far?

Any information and screenshots you can add would be much appreciated. Thank you in advance!

Hi there, @Anonymous.

Thank you for getting back and providing extra details. I can help you record and reconcile your Paypal transactions in QuickBooks.

It's important to record your money in and money out. To do so, you will have to record the payment for the 8 different transactions and tag it under the Undeposited Funds account.

Here's how to do it:

1. Click Customers.
2. Choose Receive Payments.
3. Enter the information needed.
4. For the Deposit To field, make sure to select Undeposited Funds.
5. Click Save&Close.

Next, you will have to record the charge back as an expense transaction.

After successfully recording the transactions, you can already reconcile:

1. Click Banking.
2. Choose Reconcile.
3. Select the bank.
4. Enter the Ending Balance.
5. Click Continue.
6. Start reconciling your account.

I also recommend getting in touch with your accountant for guidance on how to handle the recording and reconciling process of your transactions in the best way for your business.

That should keep you going today, thebusywoman1.

You can leave me a comment below if you have additional questions about reconciling. I'd be happy for further assist you. Wishing you all the best!

It's great to know that you're able to balance your accounts for reconciliation, thebusywoman1.

Let me discuss with you how Undeposited Funds account works.

QuickBooks automatically creates an Undeposited Funds account when you receive payments, use a payment item on an invoice, or enter a sales receipt. This is why it's called a default account but if you don't have this yet, here's how you can add it:

1. Click Lists.
2. Choose Chart of Accounts.
3. At the bottom, click the Account drop-down.
4. Select New.
5. Choose Other Account Types.
6. Select Other Current Asset.
7. Click Continue.
8. Enter the necessary information.
9. Click Save & Close.

 To be more familiar with Undeposited Funds account, feel free to check out this article: Understand how the Undeposited Funds account works.

Don't hesitate to reach out to me with additional questions about this or anything concerning QuickBooks. I'm always around to help.