What you will need
- QuickBooks Online Subscription
- A PayPal Business Account
- Administration access in QuickBooks Online
- Have a picture of the timeline of transactions and the information you wish to import into your PayPal account.
n.b If you are an Advisor you cannot by default add apps to your clients’ accounts.
Why set up PayPal
PayPal will enable you to accept payments online, simplify your bookkeeping so that you can get paid faster improving your cashflow.
Once you have installed your PayPal you will be able to click and enable Online Payments as per below. From the + sign in QuickBooks Online click create an invoice. Once the invoice window opens click per below to select Online payments
Here are some instructions on how you can setup PayPal in QuickBooks Online.
From the Dashboard on the left-hand side right at the bottom click on Apps.
Search for the PayPal App
- Click Get PayPal App
- You will be asked to authorise Intuit to start sharing data with PayPal “Start using QuickBooks with PayPal”
- Login with PayPal account
- Answer the following questions that pop up to direct payments and receipts from PayPal
- Do you want to accept payments online?
- Choose bank you want the deposits in. The default bank is the PayPal Bank or your bank if deposits are done automatically
- Import customer details. This option refers to the historic customer details in your PayPal account.
- Import past transactions from PayPal up to 18 months data can be imported
- When our transactions come in from PayPal where do we want them to go. There are default accounts setup in QuickBooks Online per below.
- Allow notifications.
- Check preferences or confirmation
- Option to deposit in bank: funds will go into the undeposited account and then will sync into the bank (takes about 10 minutes)
- Any other expenses can go directly into the PayPal uncategorized expenses account you can then pick them up from there and put them in the correct categories.
- The following accounts which are generated beyond the scenes by default and depending your setting instructions will include:
- PayPal Income
- PayPal Bank
- PayPal Fees
- PayPal Uncategorized Expenses
At UFirst Bookkeepers we provide Online Bookkeeping and support services to small businesses. Contact us at firstname.lastname@example.org if you have any questions regarding app integration or setting up PayPal in QuickBooks Online. To find out more about QuickBooks Online click here.