Pay-pal is a trending e-commerce portal used to process credit card transactions. The plus point is that QuickBooks permits you with ease of linking PayPal account for money transfers. Recording and storing transactions play an important role in managing accounts in QuickBooks. You will get many time-saving options including store, import, and export! The below article is rounded with the information guide to import PayPal into QuickBooks Desktop.
Why import PayPal into QuickBooks Desktop?
QuickBooks Desktop PayPal integration is an important time savior. However, you can manually enter the information into the company file. Manual recording each time PayPal transaction can be tricky and time-consuming. Therefore, import feature of the QB is used to import several types of transactions. Also, you can directly import the PayPal transactions using Intuit Interchange format.
How to Setup QuickBooks to import using a PayPal account?
Setup QuickBooks for the .iif import:
- Open the QuickBooks (Read: How to Importing an IIF file into QuickBooks Desktop for Windows & Mac?)
- Create a new bank account labeled PayPal account
- Create an income account named PayPal Sales
- Create an Expense account that says PayPal Fees
Use the .iif File in QuickBooks Desktop:
PayPal activity involves adding and subtracting funds from the PayPal account balance. The customer payments enhance the balance & PayPal fees reduce the balance. Once you import the activity with .iif extension then the increased balance is stored into one income account and the reduced balance in another expense account. While importing procedure the QuickBooks will permit matching customer names with the existing name. If a match failed then the name of the customer will be stored in the other names list. Make sure you have taken the backup of the QuickBooks file.
How to download the .iif using PayPal?
- Firstly login to the PayPal account
- Click My account option and then choose History
- Select Download History
- Click on a date range
- Below downloaded file types, there is a QuickBooks file
- Hit Download History
It will launch a prompt to fill account names, fill them as it appears in the chart of accounts of the company file:
- PayPal account name
- Other expense account name
- Other income account name
- Now save the .iif file to the desktop
- Using the file menu in QuickBooks choose the “utilities” button
- Click Import option
- Hit IIF files
- Choose the .iif file on the Desktop
- Select Open button
- After completing the import process there appear imported transactions into QuickBooks
How to import PayPal transactions into QuickBooks using a CSV file?
In case you need to manually fill the transactions that failed to import then export the transactions into a CSV file. You can search the file to view the not imported transactions. here is the list of instructions:
- Login to the PayPal account
- Hit on the tab named My Account and then choose the History
- Click the Download History option
- Select the date range, either the Last download or custom date Range to appear drop-down list.
- Click the file types to download
- Select Download History
- Sometimes the transactions history file size failed to download instantly however you will get an email once you log in.
- When you see the CSV file there will appear several columns such as type columns or status
- Initially, you can sort through status. If the import was not completed, then you require entering manually
- After this find the completed transactions using the type of option
- All transactions should appear on QuickBooks desktop and now you can begin to reconcile.
Help and Support:
That’s all for today! Hopefully, the information is helpful. In any case, you face any error like CSV file spreadsheet issue, doubting entering transactions in batch or customizing columns, or more than getting connected to the professional team. The team member is there for you to save your time and effort.
Few more questions related to Import PayPal into QuickBooks Desktop.
What PayPal transactions do I am not permitted to import in QB?
- Partially Refunded
Do I import the Cancelled fee in QuickBooks Desktop?
Now, the Cancelled fee, cancelled transfer, add fund using a bank account, and refund are not imported in QuickBooks.
What if you are unable to match the customer names in QuickBooks?
QuickBooks try to match the name of the customer in the imported transaction with already available names. If you failed to discover a match you need to embed the customer’s name to list named other names.
Why would I use the manual import option?
The manual import is used to import transactions using the previous 18 months. There are below situations:
- The first-time users can import only past 90 days
- A new account has been generated & already marked exported transactions
Do I import the historical transactions in QuickBooks Desktop?
Of course! You can easily import the historical transactions for up to 18 months. Once you find the starting date then hit import.