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.

If you read our FB posts the last couple of weeks, you will know that we have talked about being prepared for your taxes. AND how some businesses’ taxes will need to be done by 03/15 instead of 04/15 depending on their structure.  

Here are the questions we shared: 

WHAT IS YOUR BUSINESS STRUCTURE? 

LLC? S-Corp?  Something else?  This will affect when you file your taxes, and what kind of tax documents you’ll need to file.

DO YOU HAVE ALL OF YOUR TAX DOCUMENTS FOR 2020 IN ONE PLACE? 

You will need to gather everything from your bank statements to your receipts to your previous year’s return.  It’s a lot to round up – and some of the older receipts and bank statements can take days (or weeks) to track down.

IS YOUR BUSINESS BOOKKEEPING CURRENT?

Without this, you won’t know what numbers to write in the little boxes on your tax form.  And getting current could take a long time to accomplish. Are you only 6 weeks behind?  That’s manageable.  6 MONTHS? Well … let’s just say you’ve got some work to do. 

In case your answers for all of these started with “I don’t know” and now you’re hyperventilating into a brown paper bag – no worries!  We help our clients with these every year, all year round – and we’d love to help you, too. Just schedule a free consultation by calling 352-432-8104 today!

Did your blood pressure spike just by reading that date? 

For many business owners, April 15th is associated with guilt, panic, and stress.

But what if didn’t have to be?  What if April 15th was just another Thursday, no sweat?

What if your business’ financial records were completely ready and sent to your CPA before January even ended?

What if your accountant filed your 2020 taxes in January – and you received a tax refund by Valentine’s Day?

Or, even if you received a tax bill, what if you already had more than enough money easily set aside to pay it because you knew what amount to budget for all year? 

Then guess what?  By the time April 15th came around, you wouldn’t even notice.  It’d just be another Thursday.

We want to help make Tax Day just another boring Thursday for you – and as a bookkeeper for small businesses, just like yours, that’s exactly what we do every day.

Here’s how Abacus can help you make those “what ifs?” a reality before this April 15th:

First, we’ll get on the phone and evaluate where your business is at, and create a plan together for getting your finances current and tax-ready

Then, we’ll work together through a clear checklist to make sure I have all the financial documents, log-ins, and access we need to get started (and get this off your plate)

And then you can sit back, relax, and stop worrying about April 15th!  By the time that date rolls around, your taxes will already be filed by your CPA – and it’ll just be another Thursday