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Best accounting software for huge amount of paypal transactions?

by mrdeflation
14 replies
Been using godaddy outright/bookkeeping and its been fine except as the business is growing we are looking to have more features/functions/reports.

We do a TON of paypal transactions and godaddy handles these very well automatically.

When looking into: Quickbooks, Xero, and all the others, NONE of them do this automatically. Every single stupid paypal fee or credit card merchant fee must be manually inputted and reconciled against a bank statement to avoid a complete mess.

What's the point of software if it doesnt actually automate anything??LOL

Is there some accounting software that you use that handles paypal fees or other merchant account fees easily, quickly and without a manual addition for each one?

Thanks
#accounting #amount #huge #paypal #quickbooks #software #transactions #xero
  • Profile picture of the author Jill Carpenter
    QuickBooks Online Sync with PayPal - Sleeter Report
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  • Profile picture of the author RhysEvans
    There's a new IM product coming out on Feb 15th which will show you the paypal fees. It's called PayDrill and is perfect for people like yourself.

    You can read more here, PayDrill JV —
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  • Profile picture of the author mycleanhouse
    Great. I am waiting for paydrill
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    • Profile picture of the author Alton Hargrave
      I have been using Godaddys accounting system for 3 years. It works quite well and the more I use it, the more the system learns about my account and it becomes less and less laborsome. But it costs about 10 dollars a month, so when I heard about Paydrill, I bought it.

      Minutes after installation, I was so disappointed I couldn't believe it. I was unable to edit my products. Unable to edit my expenses. Like most, I use my Paypal account for both business and personal. There is no way to separate the two. The program appears colorful and energetic as it moves from section to section, but does not appear to be useful at all.

      One of the greatest reasons for having such a program would be to get records together for tax reasons. The Godaddy system does that for me. Paydrill does not do that.

      Alton
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      • Profile picture of the author shrivatsa
        I am using Averiware Cloud based ERP Accounting software. It is good .
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  • Profile picture of the author agmccall
    If your business is growing that much then you should probably have an accountant. If you do then you should use the bookkeeping software that they use.

    Personally I use quickbooks, because that is what my accountant uses

    al
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  • Profile picture of the author shrivatsa
    Achieve all your business goals by implementing our cloud accounting and ERP solutions – Averiware Blog
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  • Profile picture of the author HiTechFPO
    Tally ERP 9: This is best business accounting software for accounting, inventory and payroll.


    HD Accounts & Billing: This is one of the best inventory management and accounting software.


    QuickBooks: Most business people use this software, with the help of this software one can integrates with more than 150 business apps.


    FreshBooks: This software has comprehensive set of tools for on-the-go accounting.


    Zoho Books: Simple, easy-to-use business accounting system to help you manage your accounts online.
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  • Profile picture of the author harryvent
    Countless accounting software is developed to meet the customer requirements and most probably satisfy. But confusion is choose which software, many thinking will arise in mind software adapt to our business or not, cost affordable, support. Popularity and user comments try Zoho or Apptivo. My uncle use Apptivo for account management but it's suitable for small& medium business.
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  • Profile picture of the author vedremo
    Banned
    Originally Posted by mrdeflation View Post

    Been using godaddy outright/bookkeeping and its been fine except as the business is growing we are looking to have more features/functions/reports.

    We do a TON of paypal transactions and godaddy handles these very well automatically.

    When looking into: Quickbooks, Xero, and all the others, NONE of them do this automatically. Every single stupid paypal fee or credit card merchant fee must be manually inputted and reconciled against a bank statement to avoid a complete mess.

    What's the point of software if it doesnt actually automate anything??LOL

    Is there some accounting software that you use that handles paypal fees or other merchant account fees easily, quickly and without a manual addition for each one?

    Thanks
    Xero is okay.

    A few points for others looking at:
    - You can set up Rules so that reconciliation is as easy as clicking OK to reconcile (half automated, but still need to manually do. Probably a good thing with so many implications if something is wrong in my opinion).
    - Paypal fees have to manually imported by csv
    - Can sync with Zapier etc to auto generate invoices if need be.
    - Xero makes it a lot easier for non-US businesses to sell in $USD as it automatically converts the currency you trade in to the currency you report in. e.g. USD to AUD
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  • Profile picture of the author ElventoLabs
    You can check this out. This might be of some help.
    Best Accounting Software in 2016 - The Simple Dollar
    Should be able to make accounting management better!
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  • Profile picture of the author ElventoLabs
    Try QuickBooks pro or maybe Sage50 for account management. It definitely does not require you to fill in the details everytime!

    Hope I could be of help. Thank you!
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  • Profile picture of the author ElventoLabs
    Hello!
    So we know how important account and book management has become!

    So there are many websites or software which serve this purpose. Out of all I would like to suggest QuickBooks Pro and Sage 50 which are easily downloadable.
    Sage 50 has a better or let us say bigger inventory management capacity than QuickBooks Pro.

    Even ERPnext ie https://erpnext.com/ can be helpful

    Thanks!
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  • Profile picture of the author Oziboomer
    Originally Posted by mrdeflation View Post

    Is there some accounting software that you use that handles paypal fees or other merchant account fees easily, quickly and without a manual addition for each one?
    As others have mentioned "Rules"

    We use MYOB and just create a rule for various transactions.

    You can run bank feeds and set up a rule to gross-up the paypal transactions or any other transaction where you need to assign a merchant fee to a specific account or split up various dissections or taxes.

    I'd be pretty sure you could do the same thing in multiple accounting programs for example Xero.

    In MYOB you can bulk approve rules so although the paypal transaction may still require approval you can do all of them at once if you have set up the rule correctly....

    ...so the process is:

    set up bank feed.

    set up rule for paypal (and any other regular transaction)

    retrieve bank feed.

    Approve individually...or approve "all"

    You will need to spend a bit of time to set up the right accounts to match your accountant's recommended account numbers and then very easy to set up the automation.

    Best regards,

    Ozi
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