Using Paypal on Quickbooks

Hi Jen,

Any method that is used to pay you can be set up and shown as a payment method in QuickBooks.

But, maybe what you want to know is whether payment data that is in your PayPal account can be downloaded into QuickBooks.

If yes, this is what you want to know, then yes it can. PayPal has on its website how to go about downloading data into QuickBooks.

I hope this helps, Richard

You also might consider entering in Daily Sales by payment type and not download. . .

Downloading is useful if you need the detail (customer). . .often, however, it puts a lot more 'stuff' into your system than you need.

Make a backup before you download (if you want to try it). . .then, if you don't get what you want, you can restore your backup and all that you have lost is your time.

If this answers your question, please mark this post as 'solved'. Otherwise, submit a comment for clarification.

Laura D

See my profile at:

http://proadvisor.intuit.com/r...

This is my general procedure for using QuickBooks for recording a Daily Sales Summary from a z-report:

Depending on the specifics of your business, you might adapt this . . .

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If you can get good end-of-day reports from your register/POS system, I would suggest creating a Daily Sales Summary to post the totals from your z-out tape.

The Daily Sales Summary template is available in the premier versions. You could work with a ProAdvisor who could help you set one up, or customize a Sales Receipt yourself.

Create a customer called 'Daily Sales'.

Set your preferences to not use the sales tax feature in QuickBooks. Create an 'other charge' type item and post your sales tax amount from your z-tape to a current liability account called Sales Tax Liabilities.  (In the CAN version, you might need to use the internal sales tax platform to report sales/sales tax collected, per the requirements, but I am not sure about this.)

You can create as many non-inventory type items as you would like to report on -  (use your z-report to name your items to make it simple to enter the totals), pointing to your income account. 

You can create a discount item, which points to an income account called "Customer Discounts & Credits", if you want to track that separately.

If applicable, create an item for Gift Certificate purchased. Point it to a current liability account called Gift certificates outstanding.

Then, in the same summary, I would enter payment type items (in a Mac, or if using QBOE, you need to create other charge items and remember to enter them as negative). . one for AMEX, one for Discover, and one for MC/Visa. I would send Discover and MC/Visa directly to the specific bank account. You might want to put AMEX to Undeposited Funds because you might have to total more than one day's activity to match how it actually hits the bank. (If AMEX takes the fees out with each transaction, call them and ask them to do it monthly)

Or, you could create an item (payment or other charge) pointing to a Credit Card Receivables (Other asset type) account and send the total credit card payments to that account.  Then, if you download, point your merchant deposits to that clearing account.

Create an item for Gift certificates redeemed (discount type item - non taxable) Use a discount type item and point it to the same Gift Certificates outstanding liability account.

The balance of that sales receipt would be the cash/checks to be deposited. (you should also have an item called Short/Over to post the variance)

If you make a deposit slip for the bank for every day's total cash/checks, send this sales summary (sales receipt) to your checking account.

If you make deposits of varying amounts, you can send it to a bank type account called Cash on Hand. (Easier to use than "Undeposited Funds) Then, you can post your actual deposits and paid outs using that account. (for expenses paid out of that 'pot', use the Write Check form from Cash on Hand)

Once you set up your items, create a Daily Sales summary, attaching the items that you use daily - with no numbers. Memorize this to use for each day's sales, deleting the unnecessary lines before saving.

This is just a general overview. You will need to develop a system that works best for you.

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If you still need help, I suggest that you contact someone directly for assistance.
You can search www.findaproadvisor.com if you want someone local.
Also - many of us work remotely and could be contacted via the info on our websites or profiles.

I hope this helps,

Laura D

 Here is a video for using PayPal in QuickBooks:  http://www.youtube.com/watch?v=hTaEfei2dLg&feature=youtu.be