Quickbooks Desktop Bank Rules Go By Bank Memo Instead Of "Downloaded As"?

PayPal to QuickBooks Desktop

Import PayPal transactions into QuickBooks Desktop

• Do you employ PayPal for your business organization and demand to load your PayPal transactions into QuickBooks?
• Practice y'all need to match PayPal incoming payments up to customer invoices?
• Would you similar be able to track client payments in an income account and PayPal transaction fees in an expense account?
• Would you like to leverage QuickBooks bank feeds to automatically assign transactions to accounts?

Improved PayPal import with MoneyThumb

Yous can import an unlimited history of PayPal transactions into QuickBooks speedily and easily using either of our converters for QuickBooks, csv2qbo Convert and 2qbo Convert Pro. And unlike the IIF files provided by PayPal, you lot can import client payments into QuickBooks in a way that makes accounting sense. You can utilize depository financial institution feed rules assign transactions to accounts. You import a gross corporeality that you can friction match against client invoices, and a transaction fee that is deemed for in an expense account.csv2qbo Catechumen and 2qbo Convert Pro accomplish this by generating 2 QuickBooks transactions for PayPal payments, one for the gross payment, and one for the transaction fee. This allows yous to lucifer payments with customer invoices, and keep transaction fees every bit an expense.

Step I -Download your PayPal transactions to a .csv file on your computer

1. Login into your PayPal account. Note that this procedure is written for the 'new PayPal experience' user interface on the PayPal web site, not the 'classic'.
2. Select Reports from the top bill of fare bar
3. Select Activity Download from the left menu, as seen below:

4. Choose the Transaction type download blazon equally either Balance affecting or Completed payments . Remainder Affecting Payments will include refunds and disputed payments in addition to Completed Payments.
5. Select Create Report on the right side.  When the study is reading, salve the file on your calculator, for example as paypal download.csv.

In our example the downloaded .csv file looks like this when viewed in Excel (in that location are many more columns to the right, which are not visible hither)

Step II - Create a QBO file

1. Run either MoneyThumb'southward csv2qbo Convert or 2qbo Pro Convert
   
2. Select the Settings button to bring up the setting dialog
3. Set up the account options on the left as follows:
   1. Select an account type of Bank
   2. Gear up the QuickBooks FID to a bank that you can remember. Employ Lookup… to bring up a listing of all bachelor banking concern names. Because QuickBooks does not support PayPal, you will not find PayPal in the list of supported banks. Ane alternative is to employ Payne County Bank, since it too begins with the messages 'p-a-y', but you can select whatever bank name in the listing.
   3. The QuickBooks account number is not required, merely if you take more than than i PayPal account you will want to put in something to distinguish them. Nosotros advise using your PayPal email accost.
4. Specify the csv cavalcade names on the right hand side every bit follows:
   1. Select Load Preset (below Assigned Column Names) and and so in the File Open up dialog open the preset file PayPal.csv. This will load the preset names into the Assigned Column Names
   2. Make sure that the check-boxes for Use Column Names and for Separate splits in output transactions are both selected.
5. Select the program Convert push. This will bring up a file chooser.
6. Scan to the downloaded PayPal file from Step I, i.eastward. paypal download.csv, and select the file.
7. Select the Open up push . This will run the csv2qbo converter, and create a .qbo file, in this instance called paypal download.qbo.

The converter log shows that the PayPal transactions were converted, and that the payments were split up into two transactions.

Stride 3 - Import the QBO file into QuickBooks Desktop

Note that this procedure is for QuickBooks Desktop. For QuickBooks Online please click the other tab higher up.

1. Open up the .qbo file in QuickBooks.
   For QuickBooks desktop, you tin can do this either past double-clicking the .qbo file in a folder list, or from within QuickBooks, select Banking menu, Bank Feed, and Import Web Connect File.
2. The first time you import a .qbo file from PayPal, QuickBooks will offering to create new business relationship. QuickBooks will place the QBO file as being from Payne County Bank (or whatsoever other bank you chose) only y'all can still name the account PayPal or whatever else you want. Enter a proper name for the account and create the account.
3. After importing, QuickBooks will show a bulletin that there are transactions are waiting to exist added into QuickBooks.Select the Transaction List button which will bring up a list of the transactions such as below. The column labeled Downloaded Every bit is the payer name from PayPal.
4. For each transaction yous will need to assign a QuickBooks Payee and a QuickBooks Account. This process is simplified as QuickBooks tin can automatically create rules as you lot make these assignments. In the example, click in the Payee column on the outset transaction, and enter a payee of PayPal. And so click in the Account cavalcade cavalcade on that transaction and select an account such as Merchant Account Fees. Side by side select the transaction checkbox, click Batch Actions and Accept/Add to accept that transaction. Depending on your setup, QuickBooks may prompt you to create a dominion, or create a dominion automatically. In one case a dominion has been created, QuickBooks will correctly set Payee and Account for all the transaction fees.
5. For the other transactions, assign QuickBooks payees if desired and select an advisable account . In the instance, the payment from Explorer LLC matched an existing invoice, and then QuickBooks has automatically recognized that and assigned the correct Payee to that transaction. Now all the transactions are prepare to be accepted.
6. Finally select the checkbox for all the transactions, and click Batch Deportment and Accept/Add together to add together all the transactions to the PayPal account annals.

Y'all tin now display the PayPal account register for and view the transactions assigned to the right accounts. Detect that the memo for each transaction has the payment email and the PayPal transaction number, equally specified in the PayPal preset file.

You lot can besides modify the column setup depending on whether you apply the PayPal payee name. For example if yous desire to have all payments automatically assigned to a QuickBooks income account, y'all could use Excel Column Eastward rather than Column D as the payee name in the csv2qbo Convert cavalcade setup, and so allow a dominion for Shopping Cart Payment Received going to Sales

PayPal to QuickBooks Online

Import PayPal transactions into QuickBooks Online

• Exercise you lot employ PayPal for your business and need to load your PayPal transactions into QuickBooks?
• Practise you need to friction match PayPal incoming payments up to customer invoices?
• Would y'all like be able to track customer payments in an income account and PayPal transaction fees in an expense account?
• Would y'all like to leverage QuickBooks banking concern feeds to automatically assign transactions to accounts?

Improved PayPal import with MoneyThumb

You lot can import an unlimited history of PayPal transactions into QuickBooks quickly and easily using either of our converters for QuickBooks, csv2qbo Convert and 2qbo Catechumen Pro. And dissimilar the IIF files provided by PayPal, yous can import customer payments into QuickBooks in a style that makes accounting sense. Y'all can use bank feed rules assign transactions to accounts. Y'all import a gross amount that you lot can match against customer invoices, and a transaction fee that is accounted for in an expense account.csv2qbo Convert and 2qbo Convert Pro accomplish this by generating two QuickBooks transactions for PayPal payments, one for the gross payment, and one for the transaction fee. This allows yous to match payments with customer invoices, and continue transaction fees equally an expense.

Footstep I -Download your PayPal transactions to a .csv file on your computer

1. Login into your PayPal account. Note that this procedure is written for the 'new PayPal experience' user interface on the PayPal web site, not the 'archetype'.
2. Select Reports from the pinnacle carte bar
3. Select Action Download from the left carte du jour, as seen beneath:

4. Cull the Transaction type download type as either Rest affecting or Completed payments . Rest Affecting Payments volition include refunds and disputed payments in add-on to Completed Payments.
5. Select Create Written report on the correct side. When the report is reading, save the file on your computer, for case every bit paypal download.csv.

In our instance the downloaded .csv file looks like this when viewed in Excel (there are many more columns to the right, which are non visible here)

Step II - Create a QBO file

1. Run either MoneyThumb'southward csv2qbo Convert or 2qbo Pro Convert
   
2. Select the Settings button to bring up the setting dialog
3. Set up the business relationship options on the left as follows:
   1. Select an account blazon of Banking company
   2. Set the QuickBooks FID to a banking concern that you can remember. Use Lookup… to bring up a list of all available banking concern names. Considering QuickBooks does non back up PayPal, you volition non find PayPal in the listing of supported banks. Ane culling is to use Payne Canton Bank, since information technology also begins with the letters 'p-a-y', simply you can select any bank proper noun in the listing.
   3. The QuickBooks business relationship number is not required, but if you have more than one PayPal account you will want to put in something to distinguish them. We suggest using your PayPal email address.
4. Specify the csv column names on the right mitt side as follows:
   1. Select Load Preset (below Assigned Column Names) and then in the File Open up dialog open the preset file PayPal.csv. This will load the preset names into the Assigned Column Names
   2. Make sure that the check-boxes for Utilize Column Names and for Separate splits in output transactions are both selected.
5. Select the program Catechumen push button. This will bring up a file chooser.
6. Browse to the downloaded PayPal file from Step I, i.east. paypal download.csv, and select the file.
7. Select the Open button . This will run the csv2qbo converter, and create a .qbo file, in this example called paypal download.qbo.

The converter log shows that the PayPal transactions were converted, and that the payments were split into 2 transactions.

Stride III - Import the QBO file into QuickBooks Online

For QuickBooks Online

1. Import the QBO into QuickBooks Online. When logged in,
   select Transactions from the main menu, and under that Cyberbanking. On the correct hand side of the page select File Upload. This bring up an Upload File folio. Browse to the the .qbo file created in Step Two, select the file, and then at the bottom of the folio click Next.
2. QuickBooks Online will then bring upwardly the Select an account screen for you to select a QuickBooks account for the upload. The offset time this will most likely be a new account, and then nether QuickBooks Business relationship select Add New. Specify the business relationship proper noun and select Salve the new business relationship and so select Next , and and then Cease
3. In the Select an account screen select Side by side and so when you go the message that the file was successfully uploaded select Finish and QuickBooks Online will bring up the list of transactions that tin exist accepted. The column labeled Description is the payer proper name from PayPal.
4. For each transaction yous volition need to assign a QuickBooks Payee and a QuickBooks Account. This process is simplified by QuickBooks Online automatically creating rules as you make these assignments. For example, the second transaction in the listing is a transaction fee. To classify information technology correctly, click the transaction to bring up the editing dialog. Select a suitable category such every bit Commissions and Fees. Note that QuickBooks online will immediately change the category for all Transaction fees to that category. You lot tin also create a new Payee of Payee and assign it to the transaction. Also notation that the PayPal electronic mail and transaction number are displayed in the Bank Detail.You lot should make certain that under Settings (the gear icon on the right site) that Copy Description is on so that the memo is copied in. Select Add together to accept that transaction. QuickBooks will automatically create a dominion and correctly fix the payee and category for all the transaction fees.
5. For the other transactions, assign QuickBooks payees if desired and select an appropriate account . In the example, the payment from Explorer LLC matched an existing invoice, so QuickBooks Online has automatically recognized that and assigned the correct Payee to that transaction. Now all the transactions are ready to be accepted.
6. Finally select the checkbox for all the transaction, and click Batch Actions and Accept Selected to add all the transactions to the PayPal account register.

You lot tin now display the PayPal account register and view the transactions assigned to the correct accounts. Notice that the memo for each transaction has the payment email and the PayPal transaction number, as specified in the PayPal preset file.

PayPal to QuickBooks Desktop Video

Watch the video

Quickbooks Desktop Bank Rules Go By Bank Memo Instead Of "Downloaded As"?,

Source: https://www.moneythumb.com/paypal-to-quickbooks-tutorial/

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