Looking desperately for an easy, quick, and reliable way to communicate your PayPal account with your QuickBooks or Xero company? You can stop the search now! The Synder accounting solution is here for you, providing an opportunity to sync smoothly your PayPal transactions and corresponding PayPal fees and PayPal taxes to the accounting software you use. Have your books prepared for one-click reconciliation in QuickBooks or Xero (learn more about our automatic bank reconciliation feature for Xero in this article). The Synder solution also allows multi-currency accounting for your PayPal payments, PayPal expenses, inventory tracking in QuickBooks or Xero and categorizing the synced data automatically to keep your books up-to-date and accurate.
Amazing, isn’t it? Let’s connect your PayPal account to Synder to automate the bookkeeping process!
Start the PayPal integration from scratch
1. Create an account
If you are getting started with Synder you will need to create a free Trial account and connect your accounting system (QuickBooks or Xero) to Synder first. Check out this guide if you would like to integrate QuickBooks Online or Xero and this article to connect your QuickBooks Desktop company.
2. Set up your organization
The first step you will go through is setting up an organization for your Quickbooks or Xero company. Fill in the information about your business and hit the Next step button.
3. Select the platforms you would like to integrate
Now you need to select the platforms you would like to integrate with Synder. Mark QuickBooks or Xero, PayPal, and other platforms you would like to integrate with Synder (click View all processors to see the list of all available platforms).
Note: Mark all the services you are using to receive payments, you will be able to connect all of them right away or skip the connection of particular integrations and set them up any time later.
4. Connect your accounting platform
Hit the Connect button and grant permission to Synder to record data in your QuickBooks or Xero company. If you are a QuickBooks Desktop user, check out this video tutorial to learn How to connect and sync data into QuickBooks Desktop.
5. Connect your PayPal account
Almost there! To complete the setup you just need to connect your PayPal account and other sales platforms, if any, to Synder. You can integrate them one by one straight away following the steps on the screen: just hit the Connect button → grant permission to Synder:
Alternatively, you can skip the connection and set them up later in the Settings: tap the Gear button on the left side menu → hit the Add payment platform button.
Note: You can find our detailed guides on how to connect your sales channels and payment providers to QuickBooks Online/Xero via Synder in our Help center.
6. Set up the PayPal integration
To complete the setup for the PayPal integration, choose an account for payouts (usually, your Checking account) that will allow smooth reconciliation of your PayPal transactions in one click. Hit Continue to finish the configuration.
Connect PayPal to an already existing account
If you already have a Synder account and would like to integrate one more PayPal account follow the steps below:
1. Select Organization needed at the top left
2. Go to Settings on the left menu
3. Click on the Add payment platform button
4. Select PayPal in the dropdown and hit the Connect button.
5. To complete the setup for the PayPal integration, choose an account for payouts (usually, your Checking account) that will allow smooth reconciliation of your PayPal transactions in one click. Hit Continue to finish the configuration.
Tips and tricks on the PayPal integration
Note 1. If you have a bank account for only one currency in your accounting software and you sync transactions in multiple currencies, the exchange rate is taken from the accounting software side, not from PayPal due to the PayPal API restriction (API is like a language apps use to talk with each other).
Note 2. Due to agreements with specific states in the USA, PayPal collects taxes on your behalf. However, these taxes are still to be accounted for in your books, as they are associated with your business. Synder will handle it properly and record all the details, including taxes. Check out this article on how taxes withheld by PayPal are processed with Synder for more details.
Note 3. Your PayPal account should be verified and confirmed. Only when both these conditions are met, is it possible to connect PayPal to Synder. To check this, please follow these three steps:
- Log in to your PayPal.
- Check the status by following this link.
- If your account is yet to be verified, you will be redirected to your PayPal balance page. If the account is already verified, you will see the Your member status: verified inscription.
Bravo, you have set up the integration between PayPal and Synder!
Bravo, you have set up the integration between PayPal and Synder! If you feel like some adjustments are necessary, you can manage that in Synder settings. Open them on the left menu → hit the Configure button under your PayPal platform. If you need to fill in gaps with missing data after the sync into QuickBooks Online, like applying classes or locations to transactions, the Smart Rules feature will be of great service. Now, you can customize Synder according to your needs.
Get in touch with the Synder team via online chat, phone, or email with any questions you might have so far – we are always happy to help you!