Business Payments: Customize Your Settings

sync paypal with quickbooks

Sync PayPal with QuickBooks Online: How to Customize Your Settings in 

Having connected your company and your accounts, you can start customizing your settings. You can always find it in the upper right corner of your homepage:

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What are the settings that you can customize


General


1)Synchronize Automatically – when “ON”, the system will automatically synchronize all of the transactions in your connected payment systems with your QuickBooks account. When “OFF”, you can choose which ones to sync. You can find all of your synced transactions under “Received transactions”. If you need to import older transactions, you can do it by clicking on “Import old transactions”. There is no time limit for how far back you can go.

2) Skip synchronization for duplicated transactions – when “ON”, transactions that already exist will not be synced again

3)Apply payments to unpaid Invoice/Bill transactions – when “ON”, once the system encounters a payment that matches an unpaid invoice, it will be applied to the invoice. The invoice will be closed automatically.

4)Shipping item name – This setting is needed in case the default configuration is not working and if your invoicing system gives an item name to the shipping. Type in that name here in order for it to appear in shipping line in your QuickBooks Online, rather than being accounted for as a normal item.

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Sales


1)Deposit account – you can choose an account that your QuickBooks sales receipts, refund receipts and payments will be deposited into

2)Apply default customer – when “ON”, it assigns a default customer name to all of your transactions. Click on to select a name. Choose from existing ones or type in a custom name

3)Enable QuickBooks Doc Numbers – by enabling this configuration your transactions will follow the standard QuickBooks Doc Number sequence.

4)Payment Method – choose a payment method (cash, check, credit card, PayPal or Stripe) that will be set for QuickBooks sales receipts, refund receipts, payments and expenses

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Products/Sevices


1)Product/Service type – choose between Non-inventory or Service. This will be used for creating products and services which do not exist in your accounting company.

2)Apply default product – when “ON”, it assigns a default product name to all of your transactions. Choose from existing ones under Default Product or type in a custom product name and press enter

3)Product/Service income account – choose an account that will be used for products and services, which do not exist in your accounting company and will be created automatically during the synchronization.

4)Product – choose or type in a name to be used if there is no product name to be found in your transaction

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Taxes


1)Apply taxes – when “ON”, the system will search for a matching tax code. In case the system cannot find it, a tax amount will be included in the total sum

2)Default tax code – choose a tax code the app will use for all transactions marked as “taxable” in your payment system. The app will find a correct code in most cases, use this setting in case the app cannot find the correct tax code.

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Fee Settings


1)Vendor – the app will use this QuickBooks Vendor to store your PayPal fees. Select available, or type in a custom one

2)Fee bank/Credit account – this setting specifies the bank/credit account, to which the PayPal fees are applied

3)Fee line account – this setting specifies the line account to which the PayPal fees are applied

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Multicurrency


You can find how to customize Multiple Currencies here.

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PAYPAL ONLY


Expense Settings


1)Expense Bank/Credit account – this setting specifies the Bank/Credit account that the expenses are attributed to

2)Expense line account – this setting specifies the line account that the expenses are attributed to

3)Apply default vendor – when “ON”, it assigns a default vendor name to all of the vendors, instead of creating a new one for each transaction. Choose from existing ones or type in a custom vendor name and press enter

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Remember, that you can address us with any question you might have.

We will be happy to assist.

Leave a message, email support@cloudbusinessltd.com or call us at 302-261-36-44

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