Import PayPal Transactions into QuickBooks

Import PayPal transactions into QuickBooks

PayPal is a global web-based business permitting installments and money transfers to be made digitally at some cost. A huge number of organizations use PayPal and in the event that you are one of them or are thinking to be part of this business, you might be considering how to import PayPal transactions in QuickBooks.

It is completely based upon the volume of PayPal exchanges you have; physically recording PayPal exchanges in QuickBooks may not be a choice. One approach to record a PayPal exchange physically is to produce a receipt and record the installment separately for every deal. Fortunately, PayPal movement can be sent out to an Intuit Interchange Format (.iif) document and simply brought into QuickBooks.

Fortuneless, there are an assortment of exchanges that won’t import through the .iif however this article will provide all the necessary information about what those exchanges are and a few choices for getting them into QuickBooks.

How to Setting Up QuickBooks to Import from PayPal in Simple Way?

Preparation for the .iif import:

  • In QuickBooks, make another Bank account named ?PayPal Account?
  • Make an Expense account named ?PayPal Fees?
  • Make an Income account named ?PayPal Sales?

How to Utilizing the .iif File in PayPal Transactions?

PayPal activity includes the adds to and deducts assets from your PayPal account balance. Client installments increment your balance and PayPal charges decline your balance. At the point when you import the activity utilizing the .iif, the expansions in your balance are recorded into a single pay record and diminishes in your balance are recorded in a single business ledger.

During the import cycle QuickBooks will attempt to coordinate with client names being imported with existing client names in QuickBooks. On the off chance that a match isn’t discovered, the client name will be added to the Other Names List.

Note: Always take backups of your QuickBooks record before starting the importing process for the .iif document!

How to Download Your .iif from PayPal in QuickBooks

  • Sign in to your PayPal account.
  • Go to the My Account tab and select the History
  • Pick Download History.
  • Choose a date range.
  • Under File Types for Download, choose a QuickBooks record (.iif).
  • Tap on the Download History.
  • When the screen is displayed to enter account names, enter them precisely as they show up in your Company’s outline of records: Name of PayPal Account and Name of Other Expenses Account.

Note: However PayPal characterizes this as? Other Expenses? account it tends to be a customary Expense account in QuickBooks. It doesn?t have to be an Other Expense type.

Be certain that the business ledger being utilized is anything but a sub-record of another business ledger or it will be transformed into a financial balance when it is brought into QuickBooks.

On the off chance that Accounts Payable balance is being paid by PayPal exchanges, you can enter the name of your Accounts Payable record here, however, the Vendor names in PayPal should coordinate with the names in QuickBooks.

  • Name of Other Income Account.

Note: Even however PayPal characterizes this as Other Income? account very well may be a customary Income account in QuickBooks. It doesn’t must be an Other Income type.

Be certain that the payment account being utilized is definitely not a sub-record of another pay record or it will be transformed into a financial balance when it is brought into QuickBooks.

In the event that the Accounts Receivable balance is being paid by PayPal exchanges, you can enter the name of your Accounts Receivable record here, yet the Customer names in PayPal should coordinate with the names in QuickBooks.

Note: You should fill and complete the information in all the boxes, or you will get a message from PayPal: You should finish the above fields to download your log.

  1. Save the .iif to the work area.
  2. Under the QuickBooks File menu, you have to choose Utilities, click on the Import and go to IIF Files.
  3. Choose the iif document situated on the Desktop.
  4. Tap on the Open.

When this is finished you ought to have nearly or the entirety of your exchanges brought into QuickBooks.

Just “finished” exchanges are imported.

PayPal exchanges with one of the accompanying situations with not be imported:

  • Refunded
  • Pending
  • Paid
  • Halfway Refunded
  • Removed
  • Canceled

Furthermore, any Transaction of the accompanying Types won’t be imported:

  • Canceled Fee
  • Refund
  • Withdraw Funds to a Bank Account
  • Add Funds from a Bank Account
  • Canceled Transfer

How to Utilizing the CSV File

In the event that you are keen on manually entering the exchanges that didn’t import you should send out your PayPal history into a CSV document. You would then be able to sort the document to show you the exchanges that didn’t import.

  • Sign in to your PayPal account.
  • Tap on the My Account tab, at that point, click the word History
  • Choose Download History.
  • Pick your date range, either Custom Date Range or Last Download to Present starting from the drop list.
  • Pick File Types for Download, the document would be Comma Delimited? All Activity
  • Tap on the Download History.

Here and there the size of the exchange history document doesn’t download promptly however PayPal will email you when your log? (exchange history document) is prepared for download.

At the point when you open the CSV document you will see various sections. The two that you will sort by are the Status and the Type segments.

First sort by Status. Anything that was not Completed won’t import and should be entered physically.

Next sort the Completed exchanges by Type since a few of these didn’t import as recently referenced.

On the off chance that it is too much attempt to enter every one of these exchanges physically you can sum up your entrance by adding the entirety of the bank exchanges into one aggregate. Any exchanges having to do with your expenses like Cancelled Fee can be added into one whole and booked to the PayPal Fees Account. Any exchanges having to do with your Customer deals like Refunds can be added into one entirety and booked to the PayPal Sales Account.

All exchanges you should find in QuickBooks and you can begin to accommodate. You can get all the details of your account balance starting at a specific point simply from PayPal.

How Dancing Numbers helps you to import PayPal Transactions In QuickBooks?

When you start using Dancing Numbers Software you will come to know how effectively it works for business corporations. There are multiple advantages of this software that helps you to achieve your goal. This software saves your time and gives you sufficient information within a short period. It updates you from time to time with the latest technology changes. You can make any changes in the data or document according to your needs. The most important benefit you get from this software is imported interaction is done too frequently without putting you in any trouble.

In this article, you get to know more about the manual way which is a slightly time-consuming process. So go with the programmed technique that is to import PayPal Transactions in QuickBooks utilizing Dancing Numbers. It assists you with importing both single and hoard transactions simply and in an appropriate manner. Thus, I prescribe you to go with the programmed way and save your time.

Import Bank Transactions into QuickBooks Online

Import Bank Transactions into QuickBooks Online

QuickBooks is an ideal solution for managing and handling all the accounting and bookkeeping needs of a business. Today, in this post we’re going to learn how to import bank transactions into QuickBooks Online. Online Banking in QuickBooks Online is a very important and time-saving feature that not only downloads bank transactions but it also categorizes them. To learn about is brief then you need to refer to the given below steps.

Steps for importing bank transactions into QuickBooks Online

You can easily import your bank transactions into QuickBooks online by referring to the given below steps one-by-one:

Locating Your Bank

  • First, you need to choose the transactions option> then go to the left menu bar QuickBooks and tap on the Banking option.
  • Now to add your bank account, tap on the green connect account button.
  • After that, you need to search your bank by entering the bank’s name or the Bank’s website URL.
    Note: If in case you don’t find your bank in the list, you need to import your bank transactions by using a CSV file or with a QuickBooks online file.
  • Once you select your bank then navigate to your bank’s sign-in page by pressing the green Continue button

Log-in Into the Bank Account

  • Once you sign in to your bank, then a pop-up “are want to share your banking information with Intuit and provide a summary of the information to be shared” is displayed on the screen.
  • Click agree for the confirmation and continue. It will again take you to QuickBooks.

Linking your Bank Accounts to Chart of Accounts

  • Once you returned back to QuickBooks then a list of accounts that have with the selected bank will get displayed.
  • Now you need to choose all the bank accounts that you want to link to QuickBooks Online.
  • After that click on an account> now a drop-down menu will list all the selected bank accounts as well as your chart of accounts. Note: If in case your checking account is not in Chart of Accounts then you need to add by clicking on the Add new option.
    • Ensure that the account type is Bank and Detail type is Checking.
    • In case if you have more than one checking account with the same bank then you need to add the last four digits of the account number.
    • Once entering all the needful data, click Save and close option.

Selection of the appropriate Date Range

Once you successfully assign your bank account to an account from your Chart of Accounts. Now you need to decide the transaction range.

Reviewing Downloaded Bank Transactions in the Banking Center

Once you connect to your bank account then QuickBooks will take you to the Banking center page. Then you need to go through the given below steps.

  1. Review transactions: Navigate to the orange number (which is located in the upper left corner of the Banking Center). This number is basically the number of transactions that were imported from your bank account and are ready to review.
  2. Reviewing Tab: To review the imported bank account transactions, you need to tap on the Review lists option.
  3. Adding account: To add a new account, you need to click on the Add account option (located in the upper right-hand corner of the screen).

Steps for manually importing bank transactions into QuickBooks online with a CSV File

  • Initially, go to the “Banking center”.
  • Then you need to select the File upload option> click on the file that you want to upload.
  • Now choose your QuickBooks account> after that you need to set up your QuickBooks account.
  • After that, you need to address the QuickBooks Online Download Fields to Your Bank Account Fields
  • Then select the “banking transactions” that you want to import into QuickBooks Online.
  • Thereafter, you need to click on the confirm option to proceed with the import.
  • Now your transactions are downloaded> now you can review all the Imported transactions


In this article, we have learned how to import bank transactions into QuickBooks Online. However, if in case you face any issue while importing your bank transactions into QuickBooks Online visit Dancing Numbers.