Reconcile Monthly PayPal Statements in Minutes With QuickBooks Online

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Index
1:23 SaasAnt better application to reconcile downloaded PayPal statements
2:15 Video begins with data
2:34 Quick formatting, bolding titles, dates, formats all on the excel sheet
3:10 Ctrl + S , saves your changes
3:50 Getting rid of negative numbers, focus on money in, sort by description
5:15 Important to note
5:47 All payments will get mapped to a single item, deposits into PayPal
6:36 Deal with money out now,
7:45 Anything with fees associated will go to PayPal fees account
8:00 Remove duplicates in CSV
8:30 Alt + down arrow will give you a drop down in excel
9:00 Payment reversal could be a refund or a payment reversed that you did
9:39 Last thing of money out, for import purposes multiply negative number by negative one
11:15 Sales receipt, Seth already has a saved mapping but the key is to choose the option
multi line mapping for multi column.
12:15 If you are looking for something you click inside and type what you are looking for
13:13 Seth uses the default empty columns, uses for the customer "PayPal payments"
13:29 Second empty column he will add in PayPal clearing
14:40 In order to create the right audit trail
15:52 Next step gives you a preview of what it looks like
16:29 Interface on SaasAnt, lets you know exactly what its working on
17:20 When you have mapping saved, system allows you to reconcile in 5 minutes
17:35 Shows you what has been completed, choose the next one for it to complete
18:30 reviewing the preview for money out
20:44 Shows you the errors clearly
21:36 New import, recent uploads, warns of duplicate file and continue
22:31 What the deleter does, you can look at already imported files or go to QB Online Real time files
23:47 Reconcile, check that other deposits amount are in your transactions
25:30 Creating a bank deposit for clearing account PayPal holds
26:26 Difference in the reconciling for 437.07
27:13 Example of when you choose in PayPal to take the money directly out of your account
27:30 Stick the transaction in uncategorized for now then recode and review later
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[@Notjobincome]

thanks a lot this made soo much sense!

[@Jackwight]

Very helpful video, thank you!
Quick question: How are the COGS associated with each of those sales being accounted for?

[@nerdenterprises]

Hi Jack. That's a different part of the process. PayPal is just, how the sale was paid for. If you are an eCommerce company, then your shopping cart would process the sale, and your inventory management module (which could be QBO or a third party app) will track the inventory and COGS when that sale is recorded. Any indirect COGS like Freight in, of course has to be tracked separately!

[@jeffbarnes8461]

Is there a better service than Paypal for sending out invoices and receiving money that is more compatible with Quick Books?

[@nerdenterprises]

With QuickBooks Online you can invoice directly from there and get paid with QuickBooks Payments. For QB Desktop you could use Bill.com for both invoices and payments to vendors, and that syncs nicely with QuickBooks.

[@tinavlassie5303]

Sure wish you has spoken a little slower.

[@nerdenterprises]

Sorry about that. You can slow me down in the player settings.
Here's a screenshot:
nerdyurl.com/YT-Playback

[@WendyKeller]

Groan! Are you even speaking in English? This is so confusing. You must have made it for only those people who are certified public accountants - which isn't me. Thanks anyway. It's more stressful than before I saw this video!