Intuit has detailed the QuickBooks Online Sync with PayPal application for altering your PayPal account with QuickBooks Online. This application is free for all QuickBooks Online customers. I’ve been playing with this a bit, so we should examine what it can (and can’t) do.

Importing PayPal Transactions to QuickBooks Online.

On the off chance that you utilize PayPal to gather installment for administrations or items it has dependably been an agony to get your PayPal information into your bookkeeping items. There are three general ways that you can do this:
             1. A fare document from PayPal that you would import into your bookkeeping item. This can be an IIF record or a CSV document. Seth David has a blog entry and video that shows how he utilizes CSV records to import into QuickBooks desktop, and it takes some work. You might have the capacity to accomplish something like that with QuickBooks Online on the off chance that you utilize an extra item
             2. Utilizing a PayPal Bank Feed instrument, which you will use to accommodate the PayPal account with your QuickBooks Online organization document.
             3. Utilizing a program that uses the moderately new PayPal API to maneuver data into QuickBooks Online.

Preceding the arrival of the QuickBooks PayPal Sync application the most widely recognized approach to maneuver data into QuickBooks Online was to utilize bank nourishes. There are various issues with the PayPal bank bolster system:

  1. You don’t get any subtle elements of the exchange. You simply get the net receipt, without a breakdown of any rebates or the PayPal deals charges.
  2. You don’t get data about the client
  3. The bank encourage system is “fragile” – it relies upon the visual structure of the data in PayPal (it utilizes a “screen rub” instrument to assemble data), and PayPal is rolling out critical improvements to the UI. These progressions can without much of a stretch burn up all available resources encourage component until the point that an alteration can be made.

Note, in any case, that on the off chance that you have been utilizing the PayPal bank sustain system you will find that the new QuickBooks PayPal Sync has a few disadvantages (at any rate until further notice):

  1. Bank encourages give nitty gritty classification of exchanges, which the PayPal Sync does not.
  2. Bank encourages give point by point classification of costs, which the PayPal Sync does not. Costs won’t be classified, they will all post to an categorized record.

So on the off chance that you are utilizing PayPal fundamentally for deals exchanges, the QuickBooks PayPal Sync application will be a change for you. On the off chance that you are utilizing it essentially for costs then the bank sustain instrument might be better for you, in any event until further notice.  

Note: Most screenshots here were taken amid the beta test, so a few points of interest may change from what you see. One illustration is that Intuit as of late changed the name of the item from PayPal Sync to Sync with PayPal.

QuickBooks Online Sync with PayPal.

We should investigate how you set this up and what it can improve the situation you.

Here’s a rundown of existing deals and move exchanges in a test PayPal account, before utilizing this application. You’ll see that there is a gross deal sum, and after that a charge sum for every exchange. The issue with most more seasoned reconciliation techniques is that quite recently the net sum is brought into QuickBooks, as opposed to the gross sum and the expense.