Setting Up QuickBooks PayPal Integration: 3 Easy Steps
Companies need to maintain their books, plan budgets, process payments on time and do other financial activities to keep their business organized. As the amount of transactions increases, manually handling all the Accounting tasks becomes inefficient and cumbersome. Many 3rd party Accounting applications are available in the market to provide companies a platform to automate their Accounting, billing, invoicing, etc, activities.
Table of Contents
QuickBooks is online Accounting software that helps companies and individuals automate their payment processing, manage finances and evaluate how their business is performing. To automate the payments and organize transactions, you need to connect a bank or digital payment platform to your QuickBooks. PayPal is a digital payment service provider that allows users to make international payments. Users need to sync QuickBooks PayPal transactions to maintain their balance sheets with transactions.
QuickBooks PayPal Integration allows users to sync PayPal payments into QuickBooks and organize them according to different categories. In this article, you will learn the steps to set up QuickBooks PayPal Integration. You will also read about the benefits of using QuickBooks PayPal Integration, and how it helps companies automate their payments and optimize their workflows.
Table of Contents
- Introduction to PayPal
- Introduction to QuickBooks
- Steps to Set Up QuickBooks PayPal Integration
- Benefits of QuickBooks PayPal Integration
- An active PayPal account.
- An active QuickBooks account.
Introduction to PayPal
PayPal is an American financial technology and digital payment service company established in 1998 that serves as an electronic or digital alternative to traditional transactions and payment methods such as money orders and checks. PayPal allows people to make financial transactions between individuals or businesses, both having a PayPal account. It is serviceable in 200 countries and supports multiple currencies.
Users can connect their bank account or debit/ credit card to PayPal for receiving and sending payments. PayPal is used by companies or individuals for business and international payments because of its fast and reliable transaction facility. With the help of a PayPal account, users can perform the following tasks:
- Users can make person-to-person (P2P) payments by sending money from their PayPal account to any other account.
- Users can get a cash advance from their credit card and then deposit the amount in their PayPal account.
- Users can get access to PayPal debit cards that they can use to make international payments directly from their PayPal account.
Key Features of PayPal
A few features of PayPal are listed below:
- Pay Later: Though this feature is only available for US account holders where users can fast track the transaction process who do not have sufficient funds to make payments. PayPal allows users to purchase without sufficient funds but later deduct the amount from their credit card of the bank account.
- Multiple Currency Support: PayPal supports multiple currencies and automatically converts currency based on the current conversion rate and deducts some amount for it.
- Dispute Management: PayPal offers an intelligent transaction dispute resolution mechanism that protects both sellers and buyers by holding money for up to 180 days if there is enough proof that the transaction is a scam or fraud.
To learn more about PayPal, click here.
Introduction to QuickBooks
QuickBooks is an Accounting software package complete with tools for Accounting, tax filing, invoicing, bank account tracking and reconciliation, expense management, inventory, payroll, budgeting, payment processing, and accounts receivable. Developed by Intuit and mainly serves small to medium-sized companies. With the help of QuickBooks, companies automate their business management workflow as it helps in Sales Tax calculations, automatic transaction updates, Product Tracking, etc.
QuickBooks comes with sophisticated Reporting Tools to track different aspects of business, including sales, income, expenses, and overall company growth. It provides Cloud-based version as well as on-premise solutions for Accounting applications. Users can subscribe to QuickBooks that offers 30 days free trial and offers 3 different subscription packages – Simple Start, Essentials, Plus.
Key Features of QuickBooks
A few key features of QuickBooks are listed below:
- Cash Flow Management: QuickBooks help users automate the workflow and save time by automatically paying the vendors only when the payments are due and scheduling the recurring payments.
- Reporting: QuickBooks comes with Reporting and Analytics tools that allow users to evaluate how their business is performing using customizable reports and dashboards.
- Inventory Management: QuickBooks offers an intelligent inventory feature that allows users to build sub-assemblies automatically without manually entering each column individually.
To learn more about QuickBooks, click here.
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Steps to Set Up QuickBooks PayPal Integration
Now that you have understood about QuickBooks and PayPal. In this section, you will learn the steps to set up Quickbooks PayPal Integration. For connecting Quickbooks PayPal, an app named “PayTraQer – Amazon|WooCommerce|PayPal|Stripe|Square sync” will be used. The steps to set up Quickbooks PayPal Integration are listed below:
- Step 1: Installing App in QuickBooks
- Step 2: Connecting App to PayPal
- Step 3: Syncing Transactions to QuickBooks
Step 1: Installing App in QuickBooks
- Log in to your QuickBooks account here.
- Navigate to the “Apps” option from the side navigation bar, as shown in the image below.
- Here, type “Connect to PayPal” in the search box.
- Now, look for app named “PayTraQer – Amazon|WooCommerce|PayPal|Stripe|Square sync” and select it, as shown in the image below.
- A dialog box will open up with all the information on the app for Quickbooks PayPal Integration.
- Click on the “Get app now” button to install the Quickbooks PayPal app, as shown in the image below.
- It will ask you for permission to connect your QuickBooks account to the app. Click on the “Connect” button, as shown in the image below.
- It will launch the app in the new tab.
Step 2: Connecting App to PayPal
- In the app window, click on the “+Add Payment Accounts” button, as shown in the image below.
- It will ask you to connect to any of the listed services. Select the “PayPal” option, as shown in the image below.
- After selecting it, it will redirect you to the PayPal page, where you have to provide your valid credentials to log in to your Pay Pal account.
- After successful authorization, it will ask you to grant permission to let the QuickBooks PayPal app access your PayPal account data.
- Click on the “Grant Access” button, as shown in the image below.
- It will again redirect you to the app with a successful PayPal connection.
Step 3: Syncing Transactions to QuickBooks
- Go to the Home page of the app. Here you can click on the “Download Historical Transactions” and select your PayPal account to get your PayPal historical transactions, as shown in the image below.
- Once your transactions get synced with your app, you can sync QuickBooks PayPal transactions.
- Click on the “Sync to QuickBooks” button located on the top left of the transactions table.
- Select all the PayPal transactions or the multiple ones you want to sync with QuickBooks.
- It will perform the QuickBooks PayPal transactions sync, and your PayPal transactions will reflect in the respective sections in your QuickBooks account.
That’s it! You have completed the Quickbooks PayPal Integration. You can also connect QuickBooks PayPal for automatic payments and as a bank in your QuickBooks account.
Benefits of QuickBooks PayPal Integration
QuickBooks PayPal Integration allows users to import PayPal transactions to QuickBooks. A few benefits of QuickBooks PayPal Integration are listed below:
- QuickBooks PayPal Integration allows you directly send invoices to customers from the “Pay Now” button in QuickBooks and enables them to directly make an online payment.
- QuickBooks PayPal Integration lets you accept payments using PayPal and categorize all the payments and transactions in your books.
- It eliminates manual entry and saves time as it automatically records PayPal payments into QuickBooks and lets you evaluate the performance of your business by analyzing PayPal payments with other business transactions.
In this article, you learnt about QuickBooks, PayPal, and the steps to set up QuickBooks PayPal Integration. You also read about its benefits and how the QuickBooks PayPal Integration allows companies to automate their Accounting tasks and manage their finances in an organized way. QuickBooks is a widely used Accounting software by small and medium-sized companies and most businesses use PayPal for payments. The QuickBooks PayPal Integration saves their time and optimizes their overall workflow.Visit our Website to Explore Hevo
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