Paypal is one of the trusted payment gateway tools that is being used by multiple users today. The Payment app is considered to be the most secure way while making electronic payments and it getting much common among the users as well. One can consider this app as a bank account, a payment wallet, or a sales tool. However, it seems quite complex to manage and configure Paypal in Quickbooks. In Quickbooks, it is advisable to use Paypal as a bank account to configure properly.
If you are wishing to know about how you can set up PayPal in Quickbooks or need to know about the benefits of integrating your Paypal account in Quickbooks then read this blog till the end.
What are the Benefits of Connecting PayPal in Quickbooks?
- Easy Transactions Review: It will allow users to easily Review the transactions before importing them into the Quickbooks software.
- Proper Transaction Information: The computer-generated Sales-receipt will contain all the information about the transaction that includes sales, Discounts, Shipping, tax, etc.
- Fee Tracking Individually: Once you have connected your Paypal account then you won’t be required to enter the Paypal fees to your account manually while recording a transaction from PayPal. it will be updated automatically.
Working of Paypal In Quickbooks Online
Connecting your Quickbooks Account with Paypal will help you in easily tracking the transactions you have made from your Paypal Account. The transactions will be updated automatically and you can reconcile these transactions and can edit modify or delete transactions based on your requirements. This tool will allow users to keep a record of the transactions in a better way to reclaim transactions in case of any error.
Things to keep in Mind Before Connecting PayPal to Quickbooks
If you haven’t connected your PayPal Accounts to Quickbooks earlier then make sure to check these things first. These are things that you are required to do before connecting PayPal in Quickbooks Online.
- Add PayPal Services in Quickbooks Desktop: In order to make secure sales, you need to add Paypal products and services in Quickbooks desktop so that it can easily verify the sales depending upon the item name.
- Sales Tax: Open the Quickbooks software and enable the Sales tax feature to easily track the sales tax and to sync your quickbooks account with PayPal Properly. If you are not charging your customers for the sales tax then also you should enable it to link PayPal Successfully.
- If the PayPal Services are not mentioned in Quickbooks Desktop then Link your PayPal account and choose PayPal Sales as services from the list.
Steps to Link PayPal to Quickbooks Online
Once, you have performed the above steps, now you can follow the steps given below to link your PayPal Account with Quickbooks.
- Open the Quickbooks Online Dashboard.
- now click on the Apps option from the left-Pane.
- Click on the Search Apps box and then enter “Connect to PayPal” and hit the search button.
- Select the PayPal App and then click on the “Get App Now” button.
- after this, click on Let’s Do it and then provide the permission when prompted to transfer data into Quickbooks from PayPal.
- Enter the same address of your PayPal account and hit the next button.
- In case, you don’t have a PayPal account then you will be required to create one first.
- Once you will create a new account then to continue the linking process it will redirect you again to the Quickbooks Online.
- After this, provide the credentials to log in to your PayPal Account and then click on the Sign-in option.
- Provide permission to access by clicking on “Agree”.
- once the connection is built successfully you can switch back to the Quickbooks Software.
- Select the account and you will be able to see the PayPal services in the list.
- after this, click on the Sales tax rate for all the transactions and then click on Next.
- In case, you need to import your earlier transactions than simply provide the date from which you want to import the transactions.
So this way you can easily set up PayPal in your Quickbooks Account. While setting up Quickbooks or Updating Payroll in Quickbooks Desktop, If you have encountered Quickbook Error 15270 then you can fix this issue manually. Simply configure the User-settings to fix this error.
In case, you have any queries related to this software then you can reach out to our professionals at Quickbooks. They will provide you a cost-efficient solution for this.