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A
Anonymous
January 1, 2019
Solved

Paypal import to quickbooks

  • January 1, 2019
  • 1 reply
  • 11 views

I have a huge mess from importing Paypal to Quickbooks. Sigh. There are a few instances that really messed things up. Do any of you know how to deal with when Paypal has 8 different transactions for one chargeback/dispute? They found in my favor by the way but left me with a mess of figuring out the details. Or when I use my credit card through my biz PayPal it imported the two transactions (money in and money out). Then there's the inability to reconcile other than doing a journal entry. Do you have a workaround or can you tell me if there are entries I should not include?

Best answer by JamesDuanT

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!

1 reply

J
JamesDuanTQuickBooks TeamAnswer
QuickBooks Team
January 1, 2019

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!

A
Anonymous
January 1, 2019

Hello,

 

I do a manual download of an iif file from paypal and then import it into QB. In Paypal you can choose between balance affecting and completed payments if you download a csv file. If you download the iif file, you only have the options of completed payments. Either way, it gave me a higher balance than I have. I just spent time on the phone with paypal and they explained how to handle some of the transactions but they have no clue how to help me reconcile my paypal account within QB. 

 

Thank you!

    HoneyLynn_G
    HoneyLynn_G
    Level 6
    January 1, 2019

    Hi there, @401478.

     

    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!

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