PayPal QuickBooks Integration: You Need to Know Everything

A seamless, QuickBooks PayPal Integration lets users accept debit card credit card, and bank transfer payments for QB invoices. If one is also looking for a fully integrated experience for your QuickBooks payment-related activities then need not have to worry anymore! This article caters to you with an easy way to use PayPal with QuickBooks. However, PayPal is the most popular payment Gateway used by millions and billions of people throughout the world. It is considered one of the safest and most secure means of sending money, making quick online payments, discovering a merchant account, receiving payment, etc.

Continue reading to learn how to introduce “QuickBooks PayPal Integration” into your workflow. Sync with PayPal integration with QuickBooks assists you in constantly monitoring your PayPal accounts for bank transfers, sales, expense transactions, and more. Additionally, it helps you obtain accurate, real-time reports on PayPal sales, ensuring an effective reconciliation without the need to re-check or update anything manually with a high volume of transactions, categories, and customization requirements.

What is PayPal?

PayPal is one of the most well-known and popular digital payment systems. It's an online financial service that enables you may use a safe internet account to pay for items. Digital payments are dominated by PayPal. It has upwards of 360 million active users in more than 200 countries and handled four billion payment transactions in Q3 of 2020. PayPal has provided customers with alternative ways to pay and receive money online since 1998.

What is QuickBooks?

QuickBooks is the most popular software for accounting and managing expenses or keeping track of daily health. In this, you can prepare invoices for customers, and pay bills, reports, and taxes. QuickBooks has three different versions of accounting software desktop, online, and cloud-based solutions for tracking all financial information and creating reports for every part of the business.

QuickBooks Software has various features like Electronic payment functions, mapping features, remote payroll assistance, remote access capabilities, and outsourcing, online banking and reconciliation, better mail functionality with Microsoft Outlook. QuickBooks, which was created by Intuit is popular among medium and small size businesses.

How does it work with QuickBooks?

Connect to PayPal is a quick, easy, and seamless way to import PayPal transactions into QuickBooks. We'll retrieve any balance-altering transactions you have in PayPal and present them in your QuickBooks banking tab via a direct link with PayPal. You can then simply update, categorize, and match transactions to keep your books up-to-date and accurate.

Key benefits of QuickBooks PayPal Integration

Customers can pay promptly simply and straightforwardly: Send invoices online from QuickBooks using a "Pay Now" button that allows clients to pay promptly online using their PayPal business account and a credit card or bank transfer.
You'll be able to save even more time on your accounting: Accepting PayPal payments guarantees that your QuickBooks invoice payments and transaction fees are instantly recorded and categorized in your books. There's no need for manual data entry.
Payroll is automatically recorded in QuickBooks, reducing the need for manual entry: Accept Payments with PayPal is fully connected with QuickBooks, which means that all payments for your QuickBooks invoices, as well as associated PayPal transaction fees, are automatically recorded into the account of your choice.
Improve your cash flow by getting paid two times faster: Accepting Payments with PayPal can help you be paid up to two times faster, according to research. Your customer receives an invoice when the job is completed, and payment may be made right away.

Why should you Integrate QuickBooks with PayPal?

Integrating PayPal with QuickBooks will help you to get,
All the transaction details and stock details can be seen at a glance.
Get a compact result of gross and net sales.
Fees will be automatically added to their account, hence, eliminating the chance of human errors, completely.
They have a bank tab; check your details about every transaction and income, just like you do in a bank. You can do it before entering them into your books.
Get an overview of the dashboard.
Everything with just a click. No need for the human operation of input.
Reach: Quickbooks users get an advantage to using seamless Integration with 188 Million PayPal users and Intuit is the most preferred accounting software worldwide now with a significant presence It gives ease to business owners to send and receive payments.
Import and Export: With both companies working towards user experience it becomes of utmost importance to integrate which will help the final consumer to Import data involving payments and fees into QuickBooks.
Customer Information: To save Quickbooks users from manual work now you can simply download customer information from Paypal.
Transactions, Bank Transfers, and Expenses: You can track all this in Quickbooks software as these will be synced automatically.

There are a few reasons that should be kept in mind while thinking of integrating QuickBooks with PayPal.

Supported triggers and actions

Triggers

Successful Sale Only completed payments trigger this.	Refunded Sale Only refunded payments trigger this.
Successful Sale Only completed payments trigger this (with line item support).	All Merchant Transactions All Merchant Transactions, regardless of status, trigger this.
New Estimate Triggered when you add a new estimate.	New Invoice Triggered when you add a new invoice (with line item support).
New Customer Triggered when you add a new customer.	New Account Triggered when you add a new account.
New Customer Triggered when you add a new customer.	New Bill Triggers when a new bill is added.
New Expense Triggers when a new expense is added.	New Sales Receipt Triggered when a new sales receipt is added (with line item support).
New Vendor Triggered when a new vendor is added.	New Purchase Order Triggers when a new purchase order is added.
Updated Customer Triggered when an existing customer is updated	New Payment Triggered when a payment is received (with line item support).
New Sales Receipt Triggered when a new sales receipt is added.

Action

Create Bill (Item Based Create a new bill, optionally tied to a customer (with line item support).	Create Credit Memo Creates a new credit memo.
Create Bill (Item Based) Create a new bill, optionally tied to a customer.	Create Bill (Account Based) Create a new bill, optionally tied to a customer (with line item support).
Create Customer Adds a new customer.	Create Payment Creates a new payment, optionally linked to an invoice
Create Expense Creates a new expense using a check, cash, or credit card.	Create Invoice Adds a new invoice (with line item support).
Create Journal Entry Creates a new journal entry.	Create Estimate Create a new estimate (with line item support).
Create Sales Receipt Adds a new sales receipt (with line item support).	Create Product/Service Creates a new product or service.
Send Sales Receipt Send an existing sales receipt.	Send Invoice Send an existing invoice.
Create Refund Receipt Creates a new refund receipt.	Create Purchase Order Creates a new purchase order.
Create Vendor Adds a new vendor.	Find Account Find an account by name.
Find or Create a Vendor Finds or creates a specific vendor.	Find Vendor Find a vendor by name.
Find Product(s) Find a product by name (with line item support)	Find or Create a Customer Finds or creates a specific customer v2.
Find Invoice Find an invoice by number.	Update Invoice Updates an existing invoice (with line item support).
Find Customer Find a customer by name or email address.

Connecting the Sync with PayPal app Integration with QuickBooks

To start with visit the Apps tab within QB and then implement the below steps to set up PayPal in QuickBooks:

First, log in to the QuickBooks account
Move to the left menu and choose the apps
Hit the search app then click on the search bar and type PayPal
Select the sync with PayPal with options
Pick the “Get app” from your upper right side
After done with that, get a correct answer for the question and hit “Next”
Select Connect to PayPal and choose Let’s Do it
To get final confirmation, Intuit is all set to pull all necessary data from a PayPal account, select “Give Permission” and you’re done with the setup process.

Getting the PayPal transactions

As soon as you select the “Give Permission” your PayPal transactions will be securely synchronized and from PayPal to QuickBooks automatically.

Mapping and Settings

You will be brought to the app settings to amend or view the PayPal loan so that it may be mapped to the appropriate QuickBooks account. Smart mapping technology is enabled by default for categories, allowing them to pick how they want to link PayPal accounts in QuickBooks. Advanced users can alter certain settings throughout the entire setup without any hassle.

Section of your last transaction

It lets you create a preview transaction to import into QB using the prior transactions. 18-day transactions should be easy to transfer during setup from the current day's date. If you disregard the import of more than the transaction during a step of the setup, then use PayPal sync. As a result, a review of the guide import is an excellent method to finish the manual import.

On-going use

After done with the import, review your transactions

You can review your transactions after they import using the below-listed tab in QuickBooks:

Sales Transaction	Transactions >>> Sales
Expenses	Transactions >>> Expenses
Bank Transfers	Transactions >>> Chart of Accounts >>> Select your preferred bank account

After you've completed the setup, QB will sync with PayPal every 15 minutes and update any new transactions from PayPal to QuickBooks. Another benefit is that you will receive a daily summary of integration details.

Import PayPal transactions to QuickBooks

If you want to collect payments for services or products using your PayPal account, you can do so in three different ways:

You'd just import PayPal into your accounting software with PayPal. It may be related to an IFF file or a CSV file.
Use a PayPal Bank Feed machine to reconcile your PayPal account and your online QuickBooks company file.
Using an application that drags data into QuickBooks using the relatively new PayPal API.

Steps to import PayPal debit card transactions within QuickBooks

Initially, sign in to your QuickBooks account
Next, go to the Apps tab
Now, place the sync with your PayPal app card
Click on the settings of the Sync with PayPal app card
With this, a tab will open on your screen
After that, click the “Edit” tab within the “In-App settings” section
Make sure that the checkbox is marked for the “Include my PayPal Debit Card transactions when importing”

Multiple options are available to improve cash flow with QuickBooks PayPal Integration

Get Paid faster: Send an invoice from your accounting software and accept PayPal payments with ease.
Manage your payments: With the QuickBooks mobile app, you can manage your invoices and settle payments.
Easily manage clients: Use PayPal to pay online and tap into over 200 million active consumer accounts.
Books are auto-updated: QB balances your finances by auto-updating invoices and reconciling charges and deposits.
PayPal Payments straight to the bank: PayPal reduced the number of trips to the bank. The PayPal, MasterCard, and bank transfer payments are automatically deposited by QB.
PCI compliant: We're here at Intuit to protect your company and your consumers.

How do I reconcile PayPal in QuickBooks?

Have your monthly PayPal statement ready.
Click on the left-side menu to select accounting
Then click on reconcile.
Choose your PayPal account from the account drop-down menu.
Enter the Closing Balance and Closing Date
Click on the Start reconciling button
Check Transactions Found in QuickBooks and Your PayPal Statement
Make note of any transactions that don't match.
Try to find the transactions in QuickBooks, and note down manually if transactions are not found.
When you have a difference of $0.00 and all transactions are matched, click the End Now button

In Conclusion!

With the help of the above information or suggested steps, you can do a smooth QuickBooks PayPal Integration. The accuracy of this integration allows you to maintain accurate reports, be ready for tax filing, and perform bank reconciliation. Moreover, it helps you eliminate hours of manual data entry and reduce errors with automated transaction syncing and end-to-end reconciliation.

Frequently Asked Questions

Can I link my PayPal account with QuickBooks?

Yes, you can connect the PayPal account with the integration feature. You can integrate a PayPal account with QuickBooks. It is free for all customers and can be found through the application option of QuickBooks online.

What do you mean by a PayPal account?

It is online financial software that permits you to perform item payments through a secure internet account. It allows ease of adding a bank account, debit card details, credit card, or selecting one of the cards for PayPal.

What is the role of accepting card payments with the PayPal application?

You can connect the Accept card payments with the PayPal application in a more secure way. This application permits you to send invoices via the Pay Now option so your clients can create online payments via PayPal, MasterCard, Visa, or American Express. It helps in receiving payments linked with PayPal accounts and QuickBooks.

Does the Sync with PayPal app become replaced by connecting to PayPal?

Yes, it is. Connect to PayPal is a more feature-rich tool that integrates your PayPal transactions into QuickBooks. If you're already Sync with a PayPal customer, simply click "Get App Now" to have your existing app updated.

Is it possible to import transactions that have occurred in the past? If that's the case, what will be the limit?

Yes, you will be asked to import up to 18 months of history transactions when you first set up your account. After you've chosen a start date, click import, and your transactions will begin to appear in your QuickBooks account.

How frequently do my PayPal transactions get updated?

A transaction will appear in the “For Review” tab of the banking screen once it has been fully processed/completed by PayPal, usually within 2 hours. Although Intuit and QuickBooks can't update on demand, they do keep an eye on your PayPal account throughout the day.

Can I connect PayPal with QuickBooks for seamless integration?

Yes, PayPal QuickBooks integration allows you to sync transactions, sales data, and customer information between the two platforms effortlessly.

First of all, log in to your QuickBooks account as an administrator.
Then, go to the "Apps" menu and choose Browse or "App Store".
After that, Search the PayPal App and click on it to view details.
Now click on the install to begin the installation process.
Complete all the authorized QuickBooks to access your PayPal account.
Provide necessary permissions and requested information which is required.
When the installation process is done, then return to your QuickBooks account, go to the "Sales" or "Banking" tab, and locate the PayPal section.
To establish integration click on Connect or Link Account.
Follow the on-screen instructions to finalize the connection.
Configure any settings or preferences related to the integration.
Now, test the integration by syncing a sample transaction between PayPal and QuickBooks.
Verify that the transaction appears accurately on both platforms.

If successful, you have now connected PayPal with QuickBooks for seamless integration.

PayPal QuickBooks Integration