{"id":9319,"date":"2019-02-28T01:09:53","date_gmt":"2019-02-28T01:09:53","guid":{"rendered":"https:\/\/cloudbusinessllc.com\/?p=9319"},"modified":"2026-03-30T19:51:00","modified_gmt":"2026-03-30T19:51:00","slug":"reconcile-paypal-transactions-in-quickbooks","status":"publish","type":"post","link":"https:\/\/synder.com\/help\/reconcile-paypal-transactions-in-quickbooks\/","title":{"rendered":"Per-Transaction: PayPal Clearing Account Reconciliation Guide (QuickBooks Online)"},"content":{"rendered":"\n

What are the steps necessary to reconcile a bank statement? What are you primarily doing when you reconcile your checking account? Find the answers in this helpful article!<\/p>\n\n\n\n

Overview:<\/b><\/p>\n

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  1. Reconcile PayPal in QuickBooks with Synder<\/a><\/p><\/li>\n\t

  2. Customizing Your Synder Settings<\/a><\/p><\/li>\n\t

  3. How to reconcile in QuickBooks Online<\/a><\/p><\/li>\n<\/ol>\n\n\n\n

    Reconcile PayPal in QuickBooks with Synder<\/strong><\/h2>\n\n\n\n

    Our customers have found that the most accurate way to record all PayPal sales, fees, expenses, and refunds is to sync everything into a \u201cclearing<\/strong>\u201d account<\/a> in the QuickBooks Chart of Accounts. Synder will create a \u201cPayPal (required for Synder) account\u201d and once your PayPal withdraws money to your Bank, the system will record a transfer <\/strong>from PayPal (required for Synder) account<\/strong> to your Checking<\/strong>, therefore replicating the actual money-flow when funds first hit your PayPal account and then are transferred to bank checking with the help of Paypal QuickBooks Online integration<\/a>.<\/p>\n\n\n\n

    *Before you begin, make sure you currently don\u2019t have PayPal connected in QuickBooks banking nor use any other synchronization apps, as this could lead to duplications<\/em>.\u00a0QuickBooks \u201cpre-matches\u201d the transfer from \u201cClearing<\/em><\/strong>\u201d to \u201c<\/em>Checking<\/em><\/strong>\u201d <\/em>account<\/em><\/strong> for exactly the same amount to the bank statement line \u2013 on this stage, QuickBooks basically makes a guess, which of the bank statement lines corresponds to a certain transaction that is created in \u201cChecking<\/em><\/strong>\u201d<\/em> <\/em>account<\/em><\/strong>, so it offers you to confirm its guess clicking \u201cMatch<\/em><\/strong>\u201d<\/em><\/em>. So, you can easily reconcile PayPal account in Quickbooks.<\/p>\n\n\n\n

    Customizing Your Synder Settings<\/strong><\/h2>\n\n\n\n

    First, go to Settings in Synder and select PayPal in the Integration dropdown to make sure all the accounts are selected correctly.
    Make sure you have the clearing (PayPal (required for Synder) account) account selected as a Clearing account in the Sales and Fees and Expenses tabs.<\/p>\n\n\n\n

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    Make sure to enable the payouts feature<\/a> in Synder settings and select your Checking account.<\/p>\n\n\n\n

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    Synchronize online payments<\/a>\u00a0automatically with QuickBooks, or turn on the manual mode.
    NB: This will work for newly appearing transactions, historical ones are to be synchronized manually if that is needed. See how to     import historical transactions<\/a> into your accounting platform.<\/p>\n\n\n\n

    How to reconcile in QuickBooks Online<\/strong><\/h2>\n\n\n\n

    After you record PayPal transactions in QuickBooks, and once these transactions get synchronized into your accounting system for the time period you have chosen, you will be able to find them in your \u201cClearing<\/em><\/strong> Account<\/em><\/strong>\u201d in the “Chart of accounts<\/em><\/strong>“.\u00a0
    As soon as the transfer from your \u201cPayPal (required for Synder) account<\/em><\/strong>\u201d to your \u201cChecking Bank Account<\/em><\/strong>\u201d occurs, the payout will appear in Synder and get synced automatically.\u00a0<\/p>\n\n\n\n

    Let’s take a look at what you get in your \u201cPayPal Bank account<\/em><\/strong>\u201d. You can see it reflects both individual charges to your clients and gross payout to the bank, making the balance go down to \u201c0\u201d (the same way as your PayPal has \u201c0\u201d money left).
    Once Synder synchronizes the payout and its status says \u201csynced<\/strong>\u201d, go back to QuickBooks \u201cBanking<\/strong>\u201d tab and refresh bank feeds. You\u2019ll be able to see that the \u201cAdd<\/strong>\u201d option for the bank feeds record was changed to \u201cMatch<\/strong>\u201d (or \u201cConfirm<\/strong>\u201d). This means that Synder did the job for you, and now you are ready for smooth reconciliation, just clicking \u201cConfirm<\/strong>\u201d (or \u201cMatch<\/strong>\u201d) for all of your PayPal transfers there. That’s what it will look like:<\/p>\n\n\n\n

    \"List<\/figure>\n\n\n\n

    Congratulations! You have successfully pulled in all PayPal data and can easily reconcile your bank statement now avoiding manual data entry and having recorded all sales, fees, expenses, and refunds.<\/p>\n\n\n\n

    Helpful Tips<\/strong>:<\/strong><\/p>\n\n\n\n