Paypal downoad to Quickbooks

[Kiddymania]

Hi
I am new to Quickbooks and have dowloaded my paypal statement.

On it are customer and supplier payments. Can anyone tell me how to match up the customer or supplier payments with invoices please?

I am using quickbooks regular.

Thanks

Judith

 

[Colin L]

QuickBooks uses its own format *.iif for import files. This is basically an Excel spreadsheet with particular headings. You can therefore open your download file in Excel and manually check off the transactions against your invoices. A customer balance detail report will give you a list of invoices and payments against each customer.

It's also possible to import the download file into QuickBooks. When you set up the download you need to specify the names of the accounts you want the transactions posted to. If you type the name incorrectly QB will set up that new account during the import. If you look at the file in Excel you can see how the transactions will be imported. If you have a lot of paypal transactions and are not issuing invoices then importing is a real time saver.

If you've already issued invoices for your paypal sales from within QuickBooks then importing the transactions will result in them being recorded twice.

Always take one or two backups before attempting to import anything!

Colin

 

[Colin L]

Just a further thought ... If you change the account 'other income' (the default) to Accounts Receivable then that will apply the payments to your invoices when you import. Well almost, you have to then go through and check off each payment manually. You have to make sure that the paypal names match your QuickBooks customer names otherwise it'll create new ones. I haven't checked this works but am sure it will but as always take backups before fiddlling around.

Similar applies with your supplier payments - except you're dealing with Accounts Payable and 'Other Expenditure' (which you'll need to change)

If you've a lot of transactions and are comfortable with Excel there's some cheap software that can assist with importing.

Colin