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How To Reconcile PayPal Account in QuickBooks using PayTraQer?

You can reconcile PayPal transactions/statements in minutes with QuickBooks Online using PayTraQer

It is always better to follow the industry's best approach to avoid the reconciliation nightmare. 


Follow the steps to Reconcile PayPal account in QuickBooks


1) Setup QuickBooks for Reconciliation:


Step 1: Create a Bank Account named "Paypal Bank Account" (or name it as needed) in QuickBooks. This account will be used to record your PayPal sales & PayPal fees.


Step 2: CHECKING ACCOUNT/CURRENT ACCOUNT should not be used directly to record your Paypal sales as it will create numerous issues in reconciling the Paypal fees.


Step 3: Setup the bank feeds in QuickBooks or upload the Bank Statement in QuickBooks. The downloaded transactions will be available in the bank review section.



2) Setup PayTraQer


Step 1: Connect PayTraQer with your QuickBooks (How to?)


Step 2: Connect PayPal with PayTraQer (How to?)


Step 3: Configure the sync settings for Sales, Expense, Fees, Items & Payout (How to?).


Step 4: Record (Sync) the transactions from Paypal to QuickBooks (How to?).


While providing the settings, you need to select the same bank account ("Paypal Bank Account" or created Bank Account) for Sales, Expense, Fees, Items & Payout.



Configure PayPal Sales settings with your PayPal Bank Account


paytraqer paypal sales settings


Configure PayPal Fees settings with your PayPal Bank Account


paytraqer paypal fees settings


Configure PayPal Expenses settings with your PayPal Bank Account


paytraqer paypal expenses settings


 Configure PayPal Payout settings with your transfer sales account


paytraqer paypal payment settings



3) QuickBooks Bank Review


Step 1: Navigate to the Banking Section in QuickBooks, you could see that the TRANSFER transactions of "Paypal Bank Account" is matched against your deposits. These TRANSFER transactions won't be created if you have not enabled Payout processing in PayTraQer. 


Step 2: Click the "Match" link to accept the transactions. 


You can also create TRANSFER transactions directly in the Bank Review screen if it is not available.


Reconcile paypal with paytraqer



4) QuickBooks Reconciliation


Step 1: Navigate to the bank reconciliation page in QuickBooks.


Step 2: Provide a statement balance amount and statement date.


Step 3: Start the Reconciliation Process.



Reconcile paypal account


QuickBooks automatically matches the transfers and deposits and marks the transactions as reconciled. Now QuickBooks Paypal sales ( Invoices, Sales Receipts) and Paypal Expenses (Fees, Expenses) are properly matched with your checking account.


quickbooks reconciliation


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