QuickBooks is the accounting software that is mainly used for managing the account of small as well as large businesses. Now as we need to pay the payment then first we need to Add a PayPal Account in QuickBooks. PayPal is a very popular paying app that is used all over the world. Here we will learn to connect QuickBooks accounting software with PayPal and make our payment easy.
PayPal is an online payment service that can be connected to our bank accounts, credit cards, or debit cards. The PayPal app is considered as a wallet, sales tool, or online checking account for the payment processes. In this, the payment can be done without any charges.
As we use to manage all the receipts manually. So, now QuickBooks has also updated their app, and now we can easily synchronize PayPal data into QuickBooks. Even when PayPal merges with QuickBooks then the sales can be increased.
How to Add a PayPal account in QuickBooks
By Credit Card
If you use a credit card as a payment account, then you do not need to connect PayPal with QuickBooks. If the credit card is the PayPal primary payment account, then the transaction will be pulled to your credit card bank feeds.
By Checking Account
If you use a checking account as a primary payment account then you need to link your PayPal account to the QuickBooks account.
If you are not having an account in PayPal then follow these steps to connect with PayPal.
Creating a PayPal Account
- Go to the PayPal website and then click on the Sign Up option.
- Then select the type of account that is Personal or Business
- Then click continue and then add a name, email address, and password and then click on Continue.
- After this enter all the details which are required and click on continue.
- Then verify the email address and then you can use PayPal.
Things to be Remembered
- In your QuickBooks first, add your PayPal products and services.
- You need to track all the sales tax perfectly or you need to establish the sale tax.
- If PayPal services are not added in the QuickBooks, then link it to the PayPal account to choose the default item which is PayPal Sales.
Other Useful Resources:
How Does QuickBooks Work for Small Business
How to Create, Restore Backup, and Open QuickBooks Portable Company File
Connect with PayPal
- First login to QuickBooks accountant clicks on Apps.
- Then choose to connect to PayPal and click on the Get app now.
- Now click on the box for the required file and click on install.
- Then click on Let’s do it and then permit Intuit to get data from the PayPal account.
- Now, click on give permission and type the email ID linked with the PayPal account
- Then select Next and then log in to your PayPal account.
- Then to permit sync to choose to Agree and Connect
- Choose Return to Intuit.
- Now, click on PayPal Bank then you will get the PayPal transaction and click Next
- Then choose the sales tax rate to apply for all imported transactions of sales and click Next
- If you have a previous transaction, filter date you need to begin importing and finally click Done.
Benefits of PayPal Connected with QuickBooks
- Boost Clash Flow:- By getting payments online by PayPal it will increase the cash flow. When we will not have a PayPal option in QuickBooks then many people used to avoid the website and purchase from other websites because they use PayPal for payment. But if there will be a PayPal option in QuickBooks Online then people will refer to QBO and this cash flow will be increased.
- Secure and Protected:- PayPal will monitor all the real-time transactions by which all the cybercrime if occurred in the account cab traced. It is also known as buyer protection so that more people can visit the business.
- Set up in Fer Minute:- This can be added easily in a few steps because PayPal and QuickBooks both update their procedure to work together.
- No Hidden Fees:- There are no fees charged for integration. It is totally free for QuickBooks users to work with PayPal payment gateway services.
- Save on accounting time:- Earlier we needed to merge the receipts manually but by using PayPal receipts automatically add payment and fees in QuickBooks. So, this reduces the time of accounting.
Ending Words!!
So in this blog, we have discussed how to add a PayPal account in QuickBooks and how it will be helpful for our business. Hope you would like it.