Reconciling your PayPal transactions into QuickBooks Online is the most ideal way to match all the records of your PayPal account summaries like bank statements, fees, expenses, invoices, and refunds accurately in QuickBooks. To start the reconciliation process, you are required to sync all the PayPal transaction data or PayPal account summaries into your QuickBooks Online.

QuickBooks Bank Reconciliation

In this article, We have explained in detail the related topics like how to reconcile in QuickBooks Online, transferring the data from PayPal to the bank account, steps to reconcile the bank account in QuickBooks online, connecting PayTraQer with QuickBooks, Syncing PayPal Transactions with QuickBooks using PayTraQer, matching PayPal payments in QuickBooks and more.

How to Reconcile in QuickBooks Online

PayPal users have multiple options in the market that specializes in reconciling QuickBooks Online and PayPal. However, PayTraQer has been standing tall in the game with it's powerful PayPal and QuickBooks reconciliation feature. To further exemplify the purpose, PayTraQer provides a User-friendly interface, making any newcomer businessman easily understand and use PayTraQer for the PayPal QuickBooks reconciliation. With the help of PayTraQer, you can automate all the historical and upcoming PayPal transactions including expenses and payout entries into QuickBooks Online with zero errors. This will not only eliminate the requirement of manual input force but will also provide a smooth hassle-free transfer transaction in QuickBooks Online. These days almost all the companies irrespective of their size are leaning towards the industry's best approach to SaasAnt PayTraQer to evade reconciliation accidents.

How to Connect PayPal account with PayTraQer?

Like affirmed earlier, you need to undergo a few easy steps to success in QuickBooks and PayPal syncing.

To begin with, you need to prep your QuickBooks Online to be reconciliation-ready.

• If you don't have a PayPal checking account to record all your PayPal reports, statements, and transactions already, create one. Save your PayPal checking account name as ' PayPal bank account' or any other name of relevance.

• Make sure the created current account or checking account is not utilized to directly tap all your PayPal monetary activities. Failing this may lead to several issues in connection with QuickBooks PayPal Reconciliation due to direct recording.

• Submit/Upload your PayPal bank feeds/statements in QuickBooks Online. Setting up your bank feed is simple, you will find the transaction data downloads in the bank review section.

Connecting PayTraQer with QuickBooks Online

Before attempting the syncing process of PayTraQer and QuickBooks, you need to fulfill certain requirements congruence with PayTraQer.

To associate or sync PayTraQer with your QuickBooks online, you are liable to ensure the completion of the prerequisites given below.

• You need to have an active bank account for your payment processor(Square, Stripe, and PayPal). In this case, you need to have an active PayPal bank account to record all your PayPal sales. No Sandbox accounts are allowed to sync the payment processor in QuickBooks.

• Next, you will require a valid QuickBooks Online account. Make sure you are registered as the master admin or master accountant.

The next step is to add QuickBooks companies to PayTraQer, there are two methods:

• Intuit App Store

• QuickBooks Apps Menu

1)From Intuit App Store:

• In the Intuit app store, click on the 'Get App' button, type PayTraQer in the search bar.

• Authorize "PayTraQer" to connect with your QuickBooks Account.

2)From QuickBooks App Menu:

• Log in to your QuickBooks account.

• In the 'Apps' menu, click on the 'find apps' tab.

• Type 'PayTraQer' in the search tab.

• Select the PayTraQer option and authorize "PayTraQer" to connect with your QuickBooks Account.

Connecting PayPal with QuickBooks using PayTraQer 

The next step towards 'Reconcile QuickBooks Online' is to connect your PayPal account with QuickBooks Online using PayTraQer. Follow the below-mentioned steps to sync them.

1) Connect your PayPal account with PayTraQer

2) After connecting your PayPal account, you will immediately be able to fetch all the historic data transactions to the dashboard. If you need to add prior 30 days of historic transaction data, hit on the 'Download Historical Transactions' button.

3) Push the 'Check Duplicate Transactions' button so that you do not store duplicate files, making the transaction tabulation fast and accurate.

4) In the Sync settings, you can find a comprehensive batch of settings available. Here you can automatically record your PayPal transaction data with zero errors.

There are two ways to sync your PayPal Transactions in QuickBooks,

• Auto-sync

• Manual-sync

Auto-sync: Automate your current on-going transactions without any manual entries. This ensures accurate PayPal transaction reports at any time. To enable this feature, Check the 'Sync Automatically' button.

Manual-sync: As the name suggests, the setting requires manual intervention to record both historic and current PayPal transactions on the transaction dashboard. The best part about manual syncing is that you get complete control over the files that require syncing. You can easily omit the files that are not required to be synced. After syncing, the files are available in the Synced/error tab with detailed transaction information on the transaction dashboard.

Post syncing, if you observe any issues with the reports, you can always roll back or withdraw your synced files.

Once you successfully sync your PayPal account into QuickBooks, PayTraQer automatically detects the PayPal fees in your transaction data and records them in QuickBooks Online.

There are a host of smart synchronization functions within PayTraQer to make your 'Sync' accurate and reconciliation ready. 

• Auto-Create function: This is to create Customers/ Items/ Vendors that are not available in your QuickBooks during sync.

• Tax Management: This function is to configure/ auto-detect QuickBooks tax rates to manage the tax during sync.

• Multi-Currency:  Here you can manage and record all your Sales/ Expense transactions associated with multiple currencies.

• Undo/ Rollback: If you would like to undo the sync partially/ completely, you can do so with a single click by clicking the "Undo Selected" button. This way you have complete control over your synced data. After clicking the Undo button, you can choose to undo either the synced transaction alone or transaction with the created list entity (Customer, Item, etc.. ) as well.

Configure the sync settings for Sales, Expense, Fees, Items &  PayPal Payouts, and Record (Sync) the transactions from PayPal to QuickBooks.

Make sure to select the same bank account ("PayPal Bank Account" or created Bank Account) for Sales, Expense, Fees, Items & PayPal Payout while providing the setting information.

You can proceed with the PayPal transactions transfer process to your bank account in just a few steps after successfully linking your bank with PayPal.

How to Record PayPal Transactions into PayTraQer

Once you configure the sync settings for PayPal fees, sales, PayPal payouts, and items, you will need to sync the respective information in QuickBooks.

• Open the PayPal invoice and click on the 'Receive Payment' button.

• Enter the payment date and the payment method.

• Select Undeposited Funds in the Deposit to the field.

• Click Save and close.

• Click the + New button and select Bank deposit.

• Select the bank account in the Account field and enter the Date.

How to Sync PayPal Transactions in QuickBooks

Similarly, let's also learn how to record your PayPal fees in QuickBooks. Follow the below-mentioned steps to achieve sync.

• In your QuickBooks account, click on the accounting button situated on the left side of the panel.

• Select Chart of Accounts.

• Find the account under which you are recording your PayPal fees (PayPal bank account) or Account PayPal Fees.

• Click on 'run report'.

• Click on any of the recorded QuickBooks PayPal fees and go to the imported record.

Match PayPal Transactions in QuickBooks Online

To match the PayPal deposits in QuickBooks Online, you need to conduct a QuickBooks bank review. Follow the below-mentioned steps to achieve the same.

• Head to the Transfer-Transactions of PayPal bank account in the banking section, you will notice that the deposits match with the transfer transactions in QuickBooks Online. Make sure to disable the Payout processing in PayTraQer to achieve these matched results. 

• Click the "Match" link to accept the transactions.

• In case the transfer transaction details are missing, you can create them in the Bank Review screen.

How to Reconcile Bank Statements in QuickBooks

Finally, complete the QuickBooks Reconcile procedure by following the below-mentioned steps.

• Head to the bank reconciliation page in QuickBooks.

• Submit a statement balance amount and statement date.

• Indicate if any finance charges exist.

• Start the Reconciliation Process.

When you are done with QuickBooks Reconcile, QuickBooks automatically matches the PayPal payment transfers and deposits and notifies you as reconciled. Now, Your current/checking account has matching records of PayPal fees, PayPal Invoices, PayPal Sales receipts, PayPal expenses as recorded in QuickBooks.