Import Paypal Data Into Quicken For Mac

Tutorial - How to import PayPal to QuickBooks Desktop and PayPal to QuickBooks. Please find tutorials below as to how MoneyThumb can help you with both.

Is everywhere. Over eight million businesses use PayPal to process their credit card transactions and the numbers keep growing. Manually recording PayPal transactions in QuickBooks for Mac can be time-consuming and tricky, especially for businesses that want to keep track of customer data in their company files. Typically you must manually enter all customer data into the company file, and then generate invoices and record payments individually. However, PayPal offers a utility to import these transactions directly into QuickBooks using Intuit Interchange Format (.iif).

Although a bit limited, the utility is useful if you just want to keep track of your revenues and deposits. If you need a more robust utility that includes customer and item detail, check out www.simpleport.net or www.bigredconsulting.com. Both of these companies charge a fee for their software and/or services. How does it work? Here’s what’s happening in a nutshell: A customer pays you through PayPal, increasing your PayPal account balance.

On the PayPal website, you download the data to an.iif file for a specific date range. Then you import it into QuickBooks. QuickBooks- records a deposit for each transaction using a single income and expense account.

Where possible, QuickBooks tries to match customer names in the imported transactions with existing customer names in QuickBooks. If it can’t find a match, it adds the customer name to the Other Names List.

Here’s how you do it Here’s how to get your PayPal data into QuickBooks for Mac. • In QuickBooks, create a new bank account named “PayPal Account” and a new expense account named “PayPal Fees.” • In PayPal, go to the My Account tab. On the History menu, choose Download History. • Choose the transaction dates for the data you want to import.

Then choose “QuickBooks (.iif)” from the drop-down menu. You won’t be able to download shopping cart detail, so don’t click the checkbox next to this option. Click the Download History button at the bottom right of the page.

• On the Download Log page, enter your account names EXACTLY as they appear in QuickBooks. Click the Download Log button. • Save the file to your desktop or another location where you can easily find it. • BACK UP YOUR QUICKBOOKS FILE!

Do this so that if the import doesn’t work as planned, you can step back and restore your company file. • In QuickBooks, choose File > Import > Import IIF File. Browse for your.iif file, and click Open. How to make bootable usb for mac lion download. • Check your chart of accounts to make sure the data was correctly imported.

If you see new bank accounts at the top of your chart of accounts, you didn’t enter the account names correctly. To fix this, edit the PayPal-generated accounts and change the type and name to match the correct account. Then, merge the accounts. • Open the Profit and Loss report and change the dates to match the dates of your import. Double-click the “PayPal Fees” Expense account.