Having connected your company and your accounts, you can start customizing your settings for PayPal QuickBooks integration. You can always find them by selecting the organization needed at the top right of the page – – > Settings button on the left menu of the app – – > find payment platform (if you have several connected) you want to customize settings for – – > click on the Configure button:
1. General settings
- Synchronize Automatically – when “ON”, the system will automatically synchronize transactions that come into the app after the setting has been enabled. When “OFF”, you can manually choose transactions to be synced.
Learn more about auto-sync Synder mode.
- Skip synchronization for transactions in a foreign currency – when “ON”, the system will synchronize transactions in your home currency only. Synchronization of transactions in other currencies will be skipped.
- Shipping Item name – Here you can enter the PayPal item name which stands for shipping.
Note: Use it only in case you have shipping as an item in your sales transactions, if you have it in the shipping field in PayPal everything will work correctly by default.
Check out the Synder setup guide with our recommended way of a setup.
- Bank account – a clearing account that QuickBooks sales receipts, fees, refund receipts and payments will be deposited into. In case you do not have an account with “PayPal” in its name, it will be auto-created in your Chart of Accounts (by default called “PayPal Bank Account”).
- Payment Method – choose a payment method (cash, check, credit card, or PayPal) that will be set for QuickBooks sales receipts, refund receipts, payments, and expenses.
3. Products and Services tab
- In the Product settings, you may select whether you would like to record transactions with an original product/service name and SKU (if any) or assign the common name. If the Original option is selected, Synder will either create a product/SKU if it doesn’t exist or match it to the existing one. If the Common product is enabled, Synder will assign a generic product to all of your transactions (you may either select an existing name from your accounting company or type in a new one).
- If the matching product doesn’t exist in your accounting company, Synder will create it and assign either the non-inventory or service type to it (you may select which one you would like to apply) and will apply the income and expense accounts you have selected in the settings.
4. Taxes tab settings
Note: that taxes are recorded in a transaction as line items.
- Marketplace Facilitator Tax Category – here you can specify the category to which Marketplace Facilitator Tax will be applied (it is used only if your PayPal or your e-commerce pays taxes to the government for you, read more here).
5. Fees tab settings
- Bank account – this setting specifies the bank to which the PayPal fees are applied. We recommend using the same account as in the Sales – Bank account.
- Vendor – the app will use this QuickBooks Vendor to store your PayPal fees. Select available, or type in a custom one.
- Category – this setting specifies the category to which the PayPal fees are applied.
6. Expense tab settings
- Bank account – this setting specifies the bank to which the expenses are applied. We recommend using the same clearing account as in the Sales (“PayPal Bank account”).
- Generic Vendor – the app will use QuickBooks Vendor you select to store your expenses. Select available, or type in a custom one.
- Category – this setting specifies the category to which the expenses are applied.
7. Payouts tab settings
This tab allows you to track Payouts that PayPal deposits to your checking account. The app will record them in QuickBooks, allowing for a simple matching of your actual deposits from PayPal to payments that you have received in PayPal and synced using the app.
It is matched in the QuickBooks Bank Feeds Center.
- Process payouts – when “ON”, the app will track and create deposit receipts reflecting PayPal payouts to your checking account.
Note: if this feature is OFF Synder will not show you any payouts under the transactions tab.
- Transfer Funds To – Choose the checking account that you deposit the funds from PayPal to.
You can also use the “Create additional settings” option in case you would like to categorize different types of transactions. However, we recommend using the same Bank account for Sales and Fees.
Do you have any questions? We would love to hear from you. Send an email to the address specified in the footer of this page.