Do you use PayPal to accept payments in your business? If so, you probably already know what a headache it can be trying to connect it to Quickbooks (never mind trying to manage the transactions)
Don’t worry – it’s not just you!
There are actually at least THREE different ways to connect and manage your PayPal account in Quickbooks (confusing, right?).
So if you’re struggling with PayPal, or trying to figure out which is best for your business, here’s a quick overview of the three styles (and a good link below) to help you get started:
PAYPAL BANK FEEDS
This option gives far less detail and automation; for example, it only provides summaries for sales transactions (not details), but it does categorize expenses and transfers. However, it’s a good option if you need more detailed control over a low volume of transactions.
SYNC WITH PAYPAL APP
This option is a middle-ground blend of detailed automation vs manual input. Sales transactions are detailed, but vendor payments and transfers still need to be manually categorized.
CONNECT TO PAYPAL APP
This offers the highest level of automation and transaction detail. However, that’s not always the best option – and it will only allow you to choose one income account, and multi-currency isn’t supported.
Also, just in case you were wondering, there’s no direct way for someone to pay your emailed Quickbooks invoice from their PayPal account
You can also check out the attached Quickbooks article for more in-depth info (and find links to other helpful articles with more info on each type of connection!)
If learning the detailed in and outs of Paypal syncing isn’t really your idea of a good time, then you’re in luck – we LOVE this stuff, and handle it for our clients every single day!
Feel free to reach and schedule a call today – We’d love to help take this off your plate, and give you back more of your time!
Kerry Postel – Founder CEO Principal
Abacus Business Solutions
Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.
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