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
This setting tab is targeted at new products and services which are auto-created during the synchronization. If item names match 100% in accounting and in PayPal, the app will be able to match them automatically with no additional setup.
Product/service type for items created by the app can only be non-inventory or service, because when Synder creates a new product, it does not have access to its Quantity on hand. Existing inventory products will be properly updated (quantities will go up and down accordingly).
The income account specified here will be used for creating new products and services only. If an item was created with the wrong category (income account), please open this intel in your accounting company and change an income account linked to it to the needed one.
- Generic product – when “ON”, it assigns a generic product name to all of your transactions instead of sending over each product on sales transaction individually.
- Product/Service type – choose between Non-inventory or Service. This will be used for creating products and services which do not exist in your accounting company.
- Default Product – choose or type in a name to be used if there is no product name to be found in your transaction.
- Product Income account – choose an account that will be used for creating new products and services which do not exist in your accounting company during the synchronization.
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.