Importing / Integrating Paypal with QuickBooks Desktop

[@HectorGarciaCPA]

Link: bit.ly/PDFQBO

[@donnabrenner9113]

Hi Hector. Thanks for the video. It was very informative. Would you still recommend this conversion software current day? I see your video was created in 2015. Thanks.

[@donnabrenner9113]

Hi Hector. Also, is it necessary to purchase the $249 product if I only need the QIF to QBO conversion tool?

[@HectorGarciaCPA]

Donna Brenner still current! QIF2QBO or CSV2QBO works perfectly... www.2quickbooks.com

[@MarkoPola]

A nice summary of possible ways to get my PayPal transactions into Quickbooks. I’ve been wasting hours in manual entry for years and now I’ll make use of a QIF to QBO converter. What a huge time saver

[@HectorGarciaCPA]

Good

[@TheGoldFactor]

Because paypal is so confusing and I just want to be sure that its all showing up properly and accounted for in my expenses, I set it up as a bank. I created a chart of account called "paypal summaries" so I can pull the transactions in and track those expenses but I don't want it adding as "other income" in my P&L or reports. Is there some way to create a different type other than income, expense? Would it be better to have it listed as an asset?? I'm just learning QB desktop and I"m confused.

[@HectorGarciaCPA]

It would be treated like a bank account .. and all the transactions in it like bank

[@TheGoldFactor]

@@HectorGarciaCPA it doubled the transactions it seems

[@michellehall9458]

Hi Hector, I would like to sync QB with Paypal and use the bank feed but we are entering the invoices individually by each customer so it obviously affects Inventory and COGS, if we do the QIF file as seen in this video, will it adjust the COGS and Inventory properly? Please let me know. Thank you so much!

[@HectorGarciaCPA]

No, QIF doesn’t post COGS, just sales/deposits

[@akangell]

What about invoice items? My PayPal transactions include itemized details like a product ID, name, price, qty, etc. When I enter these manually in QB I create a Sales Order or Invoice, enter the line items accordingly, receive the payment against the invoice, and then record the deposit (with the fee included here to keep things balanced with PayPal activity log). These import options look fine, but I don't see anything about these invoice items. If I'm using QB to control inventory and generate inventory-based reports is there any way to automate that? Even information on how to generate a QBO file that includes line items would be great. Thanks!

[@HectorGarciaCPA]

You would need a special app to import PayPal details into QuickBooks

[@akangell]

Okay...are you referring to the app you mentioned in the video? If so, I don't see that it's including line item details for Sales Receipts..??

[@heatherzimmerman2636]

Hector-I am interested in advice on putting transactions into QB premier desktop from paypal online sales transactions. It's important to enter single lines to record what was purchased. IS there a better way than line by line? Secondly, the paypal account has the paypal here and online sales all jumbled in one account, does it work to have two paypal accounts, one for counter POS transactions and one for online sales? Thanks so much!

[@HectorGarciaCPA]

+Heather Zimmerman you may need to work with a local consultant... its a very complex process to deal with online sales and POS sales combined.

[@juschln]

Tried to import for a client but kept running into failed import. We matched up the account names with no success. So, it didnt work for us🤷🏻

[@HectorGarciaCPA]

Hard to tell why without looking at it

[@c381170]

I have a client that has a credit card associated with her paypal is that treated as a credit card account or part of bank acct? Paypal is very confusing!

[@HectorGarciaCPA]

verina hunt eww Should be bank

[@leiahemphill8018]

Great job very very helpful. Just what I was looking for. Thank You!

[@HectorGarciaCPA]

awesome

[@c381170]

This was so very helpful. Thank you

[@scplbpo9155]

How to enter the general currency conversion transaction in QuickBooks premier

[@qbojungman4093]

Thanks! I have and use 2QBO regularly but never thought about using a .QIF file. Big timesaver for us!

[@HectorGarciaCPA]

QBO Jungman Yeap.. it’s a very cool tool.

[@RG-vh1sj]

Hi Hector, thanks great videos and useful information. Please can you comment on the suitability of the tools and approach for multicurrency paypal - primarily tranactions are in USD but also GBP. Our reporting currency is GBP. Ideas on approach would be great (IIF file is as you say a disaster - it refuses to work or crashes Premier 2016 for me), so QBO is what you recommend but the Paypal download specifies "QBO - USD Only"

[@RG-vh1sj]

* typo Paypal states "QIF -USD only"

[@HectorGarciaCPA]

+R G I dont have any value to provide on multicurrency PayPal. But I have a colleague who is a subject matter expert. Email me if you want her contact info.