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gs_sm
Level 1

Reconcile PayPal with "off-date" transactions

Hi,

 

I am trying to reconcile my PayPal "bank account" in QBO. Normally it goes just fine, but this time I have an issue.

Let's say the ending balance on the last day of the month (say, January 31) is $1,000, according to the exported statement from PayPal's website. A few transactions happened on January 31. Let's assume a total sum of $20 for these. But, the thing is that sometimes the transactions appear "delayed" in QBO, meaning that they appear on the next day (in this example case, February 1). This means that when I reconcile, I will never be able to hit the $0.00 difference, since we're missing those $20 from the "off-date" transactions as they belong to the next month in QBO's system.

 

How do I correctly reconcile a statement from PayPal in these cases? How to handle those "off-date" transactions?

Solved
Best answer April 11, 2020

Best Answers
RaymondJayO
Moderator

Reconcile PayPal with "off-date" transactions

Thank you for providing on-point details about your reconciliation concern, @gs_sm. These help me determine the root cause of the issue, and I've got the steps to fix those "off-date" transactions. 

 

Let's go to the Reviewed tab so you can change the dates of those transactions worth $20 from February 1st to January 31st. This way, you'll be able to reconcile your PayPal account for January. Then, the difference will be $0.00. I'll guide you how. 

  1. Go to Banking from the left menu. 
  2. Select the Reviewed tab. 
  3. Filter the From and To dates to 02-01-2020.
  4. Click Apply
  5. Locate and click the transaction on the Added or Matched column. 
  6. In the transaction screen, change the Date to 01-31-2020.
  7. Hit Save and close

 

The two screenshots below show you the steps. Just repeat the process above for the other transactions.

ChangeTheDatesOnTheTransactionsInTheReviewedTab1.PNG

 

ChangeTheDatesOnTheTransactionsInTheReviewedTab2.PNG

 

Once done, continue your reconciliation for January to make sure the account in QBO matches your PayPal statement.

 

Moreover, I recommend visiting this website: Reconcile Workflow. It provides you more details about starting, fixing any differences, and completing the reconciliation process. Just click the links beside QuickBooks Online

 

I'm always here to help if you need anything else. Keep safe always, @gs_sm.

View solution in original post

3 Comments
Jovychris_A
QuickBooks Team

Reconcile PayPal with "off-date" transactions

When reviewing transactions, only accept the transactions that were posted in the PayPal account for the month reconciling.

 

After you complete the reconciliation, you go back, review, and accept the transactions for the next month.

 

This way, the difference will be zeroed out for that month. Also, this will stop you from having to manually unchecked the transactions.

 

Here are resources as your reference in reconciling an account so they much your bank and credit card statements:

 

Please let me know if you have additional questions. I'll be around to help. Have a good one!

gs_sm
Level 1

Reconcile PayPal with "off-date" transactions

Hi @Jovychris_A , thanks for the reply.

 

When you say this: "only accept the transactions that were posted in the PayPal account for the month reconciling" -- this is all clear. But my issue is the "other way around":

 

- While reconciling PayPal January, I see all of the transactions from the PayPal January statement. All good.

- However, the PayPal statement includes a few more transactions that are not visible in QBO under that month (they are logged under Feb 1st in the QBO system).

 

This is why I am unable to "exclude" any QBO transactions while reconciling January.

I cannot 'finish' the January reconciliation in QBO, as the difference is not $0.00. So I don't see how I would be able to continue my reconciliation. Please advise.

RaymondJayO
Moderator

Reconcile PayPal with "off-date" transactions

Thank you for providing on-point details about your reconciliation concern, @gs_sm. These help me determine the root cause of the issue, and I've got the steps to fix those "off-date" transactions. 

 

Let's go to the Reviewed tab so you can change the dates of those transactions worth $20 from February 1st to January 31st. This way, you'll be able to reconcile your PayPal account for January. Then, the difference will be $0.00. I'll guide you how. 

  1. Go to Banking from the left menu. 
  2. Select the Reviewed tab. 
  3. Filter the From and To dates to 02-01-2020.
  4. Click Apply
  5. Locate and click the transaction on the Added or Matched column. 
  6. In the transaction screen, change the Date to 01-31-2020.
  7. Hit Save and close

 

The two screenshots below show you the steps. Just repeat the process above for the other transactions.

ChangeTheDatesOnTheTransactionsInTheReviewedTab1.PNG

 

ChangeTheDatesOnTheTransactionsInTheReviewedTab2.PNG

 

Once done, continue your reconciliation for January to make sure the account in QBO matches your PayPal statement.

 

Moreover, I recommend visiting this website: Reconcile Workflow. It provides you more details about starting, fixing any differences, and completing the reconciliation process. Just click the links beside QuickBooks Online

 

I'm always here to help if you need anything else. Keep safe always, @gs_sm.

View solution in original post