Just this morning I was reading a LinkedIn post about one of the QuickBooks-related sites in which the writer asked about how to resolve issues associated with the improper posting of PayPal income.
It seems he was posting invoices, applying payments and reducing the income by the amount of the PayPal fee. While the net deposits in the bank were right, the total income was off by the amount of the fees.
Another recent addition to the Intuit App Center can synchronize your PayPal account with QuickBooks Online and prevent the need to manually enter all the PayPal transactions. It can also insure your PayPal 1099 matches your end-of-year PayPal income and your PayPal fees are properly accounted for.
Business Payments by CloudBusiness, LLC will auto-synchronize your PayPal transactions with QuickBooks Online. You'll save time and rest comfortably at night knowing all your payments are properly recorded in QuickBooks.
As with all QBO integrated apps, Business Payments uses the OAuth account authentication. which allows this app to exchange information with your QuickBooks Online data file.
You can sign up (or sign-in) with Business Payments from either the Intuit QuickBooks App Center or from Business Payments. We'll give you those links at the end of this article.
Intuit App Center
BusinessPayments_01
Once you are set up with QuickBooks, you'll connect Business Payments to your PayPal account and configure how you want your PayPal transactions reported in QBO.
From the Business Payments "settings" feature, you can control how your QBO products and services integrate with Business Payments, as well as your vendors, payment accounts and customers. For each type of PayPal transaction, you can set up the QBO transaction type you want to use.
Business Payments by CloudBusiness, LLC
Business Payments_02
After you have your configuration the way you want it, Business Payments automatically sends (with auto-sync enabled) your PayPal transactions (invoice payments, payments, recurring payments, refunds and shopping cart payments) to QuickBooks Online.
Let’s look at a typical PayPal transaction and see how the process works using Business Payments and QuickBooks Online:
BusinessPayments by CloudBusiness, LLC
Business Payments_03
When a new transaction (shown above) is posted, your PayPal transactions will show up in this app almost immediately because Business Payments uses something called webhook technology. Business Payments then creates Sales Receipts + Expenses or Refunds in QuickBooks online based on your configuration.
Below is the Sales Receipt posted to QBO by Business Payments for the above PayPal transaction:
BusinessPayments by CloudBusiness, LLC
Business Payments_04
At the same time, Business Payments creates an Expense in QBO (shown below) to cover the PayPal transaction fee:
Business Payments by CloudBusiness, LLC
Business Payments_05
(Note: You control how your transactions fees are posted and how they're coded in QBO as well.)
If you're configured for auto-sync, once the app has received your PayPal transaction(s) and synchronized it with QBO, you'll receive an email.
Too many emails crowding your day? You can configure this email option as well.
So, you're saying to yourself something like, “This sounds great, but I might need a little more self-control over this process.”
While the auto-sync feature is tremendous for cutting down your manual work, you can control the flow by simply not turning it on within settings. Instead, you can easily review all of your received PayPal transactions in Business Payments, and then sync them with QuickBooks Online when you're ready.
Business Payments by CloudBusiness, LLC
Business Payments_06
Did I mention that Business Payments will automatically add new clients, vendors and products to your QBO Company from PayPal transactions? You can also make refunds for payments via PayPal. Business Payments will also synchronize those with QBO.
Business Payments by CloudBusiness, LLC
Business Payments_06
Just think of how much time you will save over posting PayPal transactions into QuickBooks Online the old-fashioned-way, not to mention the headaches of finding out it wasn’t right in the first place.
Business Payments is still in the Beta test version, so you can actually sign up and use this product for free. At free, you can’t get a cheaper alternative to integrating your PayPal transactions with QuickBooks Online
Business Payments is available at the Intuit QuickBooks Online App Center.