QuickTips™: Tracking PayPal in QuickBooks® by QuickBooks® Made Easy™
Hey everyone! I know it’s been a little bit since we sent out a newsletter. I’ve been on the road quite a bit this fall. I can assure you though that from now on – you will get one EVERY MONTH! PROMISE! (Unless I don’t feel like it…… I’m kidding).
This month’s QuickBooks® Made Easy™ QuickTips™ is about how to track your PayPal account in QuickBooks. Specifically, it shows you how to handle transactions (Credit and Debit), PayPal fees, and transferring money from PayPal to your Bank account. This tip will work with all Editions of QuickBooks®.
Do you know how you should be handling your PayPal account in QuickBooks? Thought so, it’s ok you are not alone! No more ignoring those PayPal transactions throughout the month. Now you will know exactly how you should be handling those transactions going forward!
What’s covered in this Month’s QuickTips™-Tracking PayPal in QuickBooks:
- My staff tells me that I wasn’t very funny in this QuickTip™….I’m not sure why. Perhaps I’ve been down lately. I will discuss this with my therapist and get back to you next month.
- The bottom line to understanding how to track PayPal in QuickBooks lies in the fact that your PayPal account is a BANK ACCOUNT, just like any other bank account and should be set up as a bank account in QuickBooks.
- Rather than waiting to record activity until you transfer money into the checking account, transactions should be entered as they occur in the PayPal account.
- All the same screens used for entering activity in the checking account can also be used to record PayPal transactions.
- The balance in the PayPal account will now be shown on the Balance Sheet along with your other bank account balances.
- Use the Transfer Funds window in QuickBooks to record the transfer of money from the PayPal account to your checking account.
- You can even reconcile the PayPal Account.
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