Import PayPal Transactions Into QuickBooks

1. Import PayPal Transactions Into QuickBooks PayPal is a worldwide internet business permitting payments and money moves to be made through the Internet for an expense. A great many organizations use PayPal and in the event that you are one of them or are thinking about turning into a client you might be considering how to get the information from Import PayPal Transactions Into QuickBooks. Contingent upon the volume of PayPal transactions you have, physically recording PayPal transactions in QuickBooks may not be a choice. One approach to record a PayPal exchange physically is produce a receipt and record the installment exclusively for every deal. Fortunately, PayPal action can be traded to an Intuit Interchange Format (.iif) document and effectively imported into QuickBooks. Lamentably there are an assortment of transactions that won't import through the .iif yet this article will address what those transactions are and a few choices for getting them into QuickBooks. Export PayPal data to Excel Here are the steps of how to export your data from PayPal in order to import it in QuickBooks Online (QBO). 1. Launch your PayPal account to start the download process of your payment data — follow the path: Activity => Statements => Custom 2. The activity download page will open where you want to select the balance affecting transactions, time range for the transactions to get exported from and the format of the file. The CSV format should be selected.

2. 3. Clicking Create Report will generate a list of the transactions that you can get onto your computer by clicking the Download button. 4. Now you have your import spreadsheet. To get it ready for import, make sure you separate the data to different sheets based on the transaction types (expenses to one sheet, sales receipts to another and so on). Setting Up QuickBooks to Import from PayPal To set up QuickBooks in preparation for the .iif import: In QuickBooks, create a new Bank account named ?PayPal Account? Create an Expense account named ?PayPal Fees? Create an Income account named ?PayPal Sales? Using the .iif File PayPal movement the two adds to and takes away assets from your PayPal account balance. Customer payments increment your balance and PayPal charges decline your balance. At the point when you import the movement utilizing the .iif, the expansions in your balance are recorded into a solitary pay account and diminishes in your balance are recorded in a solitary business ledger. During the import cycle QuickBooks will attempt to coordinate customer names being imported with existing customer names in QuickBooks. In the event that a match isn?t found, the customer name will be added to the Other Names List. Important: Always backup your QuickBooks file prior to importing the .iif file! Download Your .iif from PayPal 1.Log in to PayPal account. 2.My Account tab > History 3.Choose Download History. 4.Select a date range. 5.Under File Types for Download, opt for a QuickBooks file (.iif). 6.Click Download History. 7.When prompted to enter account names, enter them exactly as they appear in your Company's chart of accounts: Name of PayPal Account. Name of Other Expenses Account.

3. Note: Even though PayPal defines this as ?Other Expenses? account it can be a regular Expense account in QuickBooks. It doesn?t have to be an Other Expense type. Be sure that the expense account being used is not a sub-account of another expense account or it will be turned into a bank account when it is imported into QuickBooks. If Accounts Payable balances are being paid by PayPal transactions, you can enter the name of your Accounts Payable account here, but the Vendor names in PayPal must match the names in QuickBooks. Name of Other Income Account. Note: Even though PayPal defines this as ?Other Income? account it can be a regular Income account in QuickBooks. It doesn?t have to be an Other Income type. Be sure that the income account being used is not a sub-account of another income account or it will be turned into a bank account when it is imported into QuickBooks. If Accounts Receivable balances are being paid by PayPal transactions, you can enter the name of your Accounts Receivable account here, but the Customer names in PayPal must match the names in QuickBooks. Note: You will have to fill in all of the boxes, or you will receive a message from PayPal stating: You must complete the above fields to download your log. 8.Save the .iif to the desktop. 9.From the QuickBooks File menu, select Utilities > Import > IIF Files. 10.Select the iif file located on the Desktop. 11.Click Open. PayPal transactions with one of the following statuses will not be imported: Canceled Paid Partially Refunded Pending Refunded Removed Additionally, any Transaction of the following Types will not be imported: Add Funds from a Bank Account Withdraw Funds to a Bank Account Cancelled Transfer Cancelled Fee Refund Useful tips for importing PayPal transactions into QuickBooks Online 1.You can erase or return the information you have quite recently imported to ensure your book has not been made a wreck.

4. 2. PayPal trading system would make an archive with all the payments, costs and expenses accumulated in a solitary file. You can utilize Filters alternative for an Excel/CSV file for the section with kinds of transactions. When you channel transactions of one sort (like Invoices, Invoice Payments, Expenses… ) duplicate them to the new sheet. Accordingly you will isolate your substances into various sheets rapidly and without any problem. 3. There is a likelihood to transfer your information to a distributed storage (for example Google Drive) to have the option to make a planned import or simply import from outside of your desktop.