Reconcile PayPal Transactions in QuickBooks Online

Reconcile PayPal Transactions in QuickBooks Online

This blog is a complete discussion about the reconciliation of PayPal transactions in QuickBooks Online to view all cleared and unclear statements of your bank. QuickBooks comes with many advanced features and integrated applications which are very useful for users to make their accountancy work easy to handle.

Among all these amazing features, QuickBooks reconciliation is one of the best approaches to checking your business bank’s previous and current status to find out from where you get benefits and track all expenses with more accuracy.

This is introduced to track your monthly bank statement because you require some data to enter the QuickBooks and ensure all transactions that were cleared from your bank and then match the transactions in your books. Everyone wants to receive the bank statements in their accounts. The bank statement includes many pieces of information, the most important are listed below.

  • Beginning Balance: This will show the bank balance on the very first day of the period.
  • Ending Balance: This shows the ending balance at the end of the period.
  • Date Range: This shows a range of dates from the beginning period to the ending period of the statement.

Once you are done with your Bank statement then you are all set to run the reconciliation process.

Firstly, enter your transactions into QuickBooks online including all expenses, deposits, and payments against your bills and payments against the customer invoices, each of the transactions needs to be verified and matched with your bank records. This process is known as QuickBooks Bank reconciliation.

Connect your PayPal with online banking, QuickBooks automatically download all transactions and enter the opening balance for you. If you reconcile for other types of accounts users require to review the opening balance for these types of accounts.

How to Sync/Reconcile PayPal Transactions in QuickBooks Online

To Sync PayPal transactions in QuickBooks, perform the following guidelines

  • Firstly, sign into QuickBooks as an admin.
  • Go to the left menu and choose “Apps”.
  • Now, locate the “Connect to PayPal”.
  • Choose the “Get App Now” option.
  • Tick the box for the correct files then hit the “Install” button.
  • Hit the next click on the “Let’s do it”.
  • To authorize Intuit you have to pull data from the PayPal account.
  • Give permission and you are all done with this process.

Match PayPal Transactions in QuickBooks Online

QuickBooks permits a transfer in-between the sheet accounts without using the general journal. To begin with, this processing, go with the below instructions.

  • Click on the Banking menu.
  • Then, choose “Transfer Funds”.
  • Enter the accurate date, amount, and PayPal account as the “From”.
  • Go to your bank account to hit the Save button.

Hopefully, the above information was enough to know about the reconciliation of PayPal transactions in QuickBooks Online. While implementing the above solution, if you need any kind of help or any query related to QuickBooks export and reconciliation, get in touch with a QuickBooks consultant.

Frequently Asked Questions

  • How can I Import the PayPal Transactions into QuickBooks Online?

    Choose the Apps tab and then click on “My Apps” and hit your click on “Accept Card Payments”.
    Then choose the “Launch” button.
    Hit the “Importpasttransactions” button.
    Enter the date range that you require to import.
    And you are all done with this process.

  • What type of account is PayPal in QuickBooks?

    When you are utilizing the PayPal app, it is the only way to let you select the “One income account” You can utilize the PayPal bank feeds rather than. In that way, you can download the transactions along with an income account.

  • Is PayPal Compatible with QuickBooks Desktop?

    If you are utilizing the QuickBooks desktop then you need to export the PayPal from your saved files and then perform the complete procedure to finish the program. In case you are using the QuickBooks online edition, you just need to download the Sync with the PayPal app to integrate the two programs.