How to record PayPal fees in QuickBooks Online

how to record PayPal fees in QuickBooks Online

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PayPal payment platform takes fees for transaction processing, and it is extremely important to record them accurately while running business through QuickBooks/Xero Company.

CloudBusiness Company provides helpful tool, automating transactions synchronization, which parses and properly records PayPal fees.

How to account for PayPal Fees in QuickBooks Online automatically:

1. Go to Business Payments page on QuickBooks MarketPlace;
2. Click “Get app now” green button;
3. Connect your QuickBooks/Xero Company;
4. Connect your PayPal Account;
5. Choose PayPal bank account for Fees processing;
6. Import old transactions to your Business Payments account;
7. Sync old transactions in Bulk.

Execution of all these steps helps you to process reconciliation flow your PayPal transactions in QuickBooks/Xero company in several minutes, as the app will create both Sales Receipt/Invoice and Expense which is a processing fee.

Advantages of connecting QuickBooks Online to PayPal with the help of Business Payments:

1. Autosync – all your further transactions will be parsed and synchronized automatically. Set your account once, sync for years!
2. RollBack – If you decide to change the flow of your QuickBooks/Xero Company, each transaction can be erased and resynced smooth and easily.
3. Tax and Location Parsing – record your transactions more accurate
4. Unlimited Payment Platforms and Accounting Systems connected – pay for real syncs, not Companies.

Alexandra Kozyritskaya

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