- Synder setup
- Sync your payments and Payouts
- QuickBooks Flow
Our customers have found that the most accurate way to record all PayPal sales, fees, expenses, and refunds is to sync everything into a “clearing” account in QuickBooks Chart of Accounts. The app will create a “PayPal Bank Account” and once your PayPal withdraws money to your Bank the app will record transfer from PayPal Bank Account to your Checking, therefore replicating the actual money-flow when funds first hit your PayPal account and then are transferred to bank checking with the help of Paypal QuickBooks Online integration.
*Before you begin, make sure you currently don’t have PayPal connected in QuickBooks banking nor use any other synchronization apps, as this could lead to duplications.
First of all, go to Settings to make sure all the accounts are selected correctly. To access settings select the organization needed at the top right of the page – – > Settings button on the left menu of the app – – > find payment platform (if you have several connected) you want to customize settings for – – > click on the Configure button.
Make sure you have the clearing (PayPal Bank Account) account selected as a Bank account in Sales and Fees and Expenses tabs.
Make sure to enable the payouts feature in Synder settings and select your Checking account.
Sync PayPal transactions and payouts automatically with QuickBooks or turn on the manual mode.
NB!: this will work for newly appearing transactions, historical ones are to be synchronized manually, if that is needed. See how to import historical transactions into your accounting platform.
Open For Review list in QuickBooks Banking tab and match your PayPal automatic withdrawal with transfers (payouts) created by the app. Click on Match near every PayPal line.
Congratulations! You have successfully pulled in all PayPal data and can easily reconcile your checking account now avoiding manual data entry and having recorded all sales, fees, expenses, and refunds.
- The PayPal Bank Account balance should be equal to the balance of your actual PayPal (or very close to it in case some transactions are still in the process of the sync), this way you can track that everything works properly.
- If you would like to reconcile PayPal Bank Account you can use the PayPal reports for this.
- PayPal Bank Account will not show up under the Banking tab in QuickBooks, this is the correct flow of the app, so no worries.
Should you have any questions, please contact us via online support chat, phone, or email.