11 Time-Saving Tips to Synchronize PayPal and QuickBooks using Business Payments

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1. Save money – If you are a non-profit or a small business owner, chances are that you will not have more than 50 PayPal transactions a month – which qualifies you to use the forever free plan that Business Payments offers. No credit card info required – simply connect your QuickBooks, PayPal and start streamlining all of your PayPal sales and expenses directly into QuickBooks Online.

 

2. Automate the process – We built Business Payments so that you can forget about manual data entry, while maintaining control over all your data. After testing out the app, you can choose to select and sync transactions inside the app, or enable our auto-sync option to run on the background, without you having to ever open Business Payments, so that all new incoming and outgoing PayPal transactions are reflected in QuickBooks.

 

3. Easily test and undo and sync – Business Payments features a user-friendly rollback option, allowing you to completely undo any transaction you do not want to see in your QuickBooks company, leaving no trace behind.

 

4. Run a perfect reconciliation – Many QuickBooks users have found that when syncing directly into PayPal connected under Banking they are unable to account for the fees paid or record the refunds made during the accounting month, therefore their checking and QuickBooks balances never match and require a lot of manual input. We have talked to QuickBooks Pro-Advisors that use PayPal and QuickBooks and have come up with a solution to have a perfect reflection of PayPal transactions in QuickBooks by syncing all online transactions into a dedicated buffer account, and then transferring that amount into the actual checking account. This reflects the actual money flow when money first hits PayPal (the buffer account in our case) and then is transferred into your checking. Learn more here.

 

5. Sync transactions in multiple currencies – Synchronizing transactions in any currency you receive or make payments in is not an issue with our 5-rated solution. Just make sure you have multicurrency enabled in QuickBooks (remember, you cannot undo it) and set up individual buffer accounts for each currency you work with to have a perfect overview of each one. You can learn more here.

 

6. Auto-update your Products and Services – If you run an e-commerce store selling items you have entered into your QuickBooks Online, Business Payments will be able to pick up on that based by the name of your item (make sure they match between PayPal and QuickBooks Online) and automatically update current item information based on the sales receipt.

Selling a new product or service? We will auto-create it as soon as a receipt with a new product/service name is recorded it to eliminate any need to enter it manually.

 

7. Multiple default options for clean accounting – Many users do not need to track each individual customer, product or even a tax code. Business Payments gives you an ability to be proactive and set up any default customer name (for example PayPal Customer), product name (e.g. – Online Sale) or choose one default tax code that will be automatically applied to all transactions marked as taxable in your PayPal.

 

8. Setup in seconds – No complicated setup. Use our auto-created PayPal buffer account for syncing Sales, Fees and Expenses and quickly check the rest of settings, to which you can always go back. This will be just enough for a successful setup. Ask our online support rep to guide you step-by-step if you have any questions along the way.

 

9. Go into details – If required, you can set up each PayPal type of transaction’s sales, fees, expense, income accounts as well as other settings differently. Supported types of transactions to create additional settings for are as follows: Expense, Express Checkout, Invoice Payment, Money Transfer, Payment, Recurring Payment, Refund from Vendor, Refund to Customer, Shopping Cart Payment, Virtual Payment.

 

10. Sync historic transactions – You can sync as far back as needed. There is no time limit. Easily sync historic data using the Import old transactions tab in Business Payments.

 

11. Connect as many payment systems and QuickBooks accounts as needed – There is also no limit on how many PayPal, Stripe and QuickBooks account you connect. You can forever use the app for free to sync up to 50 transactions monthly or choose from any of our available plans to sync more.

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