Using Your PayPal as a Bank Account

It is not a piece of news that PayPal is now much more than just a payment processor, for some people it can replace an actual Bank Account.

Usually, in order to account for PayPal transactions, you are to create a bank type account for them in your QuickBooks and enter your PayPal sales and expenses transactions manually. Another option would be to export all PayPal transactions to Excel sheets and use importing apps to get them to QuickBooks faster. However, both of those options require a lot of manual work to keep your PayPal data accurate in QuickBooks Online. There is a better option for this, which will save tons of your time as the whole process will be totally automated. In this guide, you will learn how to account for your PayPal transactions automatically with the help of PayPal QuickBooks Online integration.

Here are simple steps on how to account for your PayPal transactions in QuickBooks Online automatically:

1. Open your QuickBooks and find Synder under the Apps tab.
2. Connect Synder to your QuickBooks Online account. Learn more in this guide [click here].
3. Connect your PayPal to Synder and customize the flow of synchronization. Learn more in the following guide [click here].
4. Synchronize your PayPal Sales and Expense transactions and fees to PayPal (required for Synder) account in your QuickBooks Chart of Accounts. Learn more about PayPal settings here [click here].
5. Reconcile your PayPal (required for Synder) account using PayPal → Reports → Financial Summary report. It will give you the ending balance and ending date for reconciliation. Learn more about the reconciliation of PayPal transactions here [click here].

As a result, all your PayPal transactions will be properly accounted for in your accounting company, and you will be able to reconcile your online transactions time efficiently. Synder will be able to properly account for both sales and expense PayPal transactions including processing fees, you will be able to run reports and check your PayPal (required for Synder) account register, which will actually reflect all the money flows from your PayPal. Start saving your time now!

Reach out to the Synder Team via online support chat, phone, or email with any questions you have – we’re always happy to help you!