Paypal accounting with Quicken

7 replies
Does anybody use Paypal with Quicken for accounting? What a nightmare! I was really hoping to get this this set up to be fully automated, but it doesn't look like that is going to be possible. I really don't want to have to manually input transactions every single day.

I noticed that when I import transactions, the amount for each transaction already had the Paypal fee deducted from it. So that's not going to allow me to track my sales properly, and I won't be able to see how much I'm spending in fees.

Also, when I use my Paypal debit card, it downloads the stupid "temporary hold" and credit for every purchase I make. So if I bought something at OfficeMax for example, I'd have 3 line items for each transaction. 1 temporary hold, 1 completed transaction, and one hold credit. What a pain!

Anyone else experience this? How do you handle this?
#accounting #paypal #quicken
  • Profile picture of the author Myles Sinclair
    Originally Posted by SpiderT3 View Post

    Does anybody use Paypal with Quicken for accounting? What a nightmare! I was really hoping to get this this set up to be fully automated, but it doesn't look like that is going to be possible. I really don't want to have to manually input transactions every single day....."
    I think Quicken is a package intended more for personal finance, which might explain why it doesn't quite have the feature you want.

    Have you looked at Quickbooks? Made by the same company, but aimed at business users. I'm not saying it will do what you want, but well worth an email to them to find out.
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  • Profile picture of the author BradVert2013
    I use Outright, now called Godaddy Bookkeeping. It links directly to your Paypal account. The free version comes with all the basic reports and tracking of your account.

    Then for $9.99/month it will generate tax worksheets/reports, annual summary, Schedule C, estimated tax, sales tax, etc.

    I've never had a problem with it. It is pretty much automated since it links to your Paypal account. VERY easy to use.
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    • Profile picture of the author LABEShops
      I use Paypal and quickbooks, but I manually input everything in quickbooks (other than my orders as I have a plug in for opencart that exports to quickbooks). Yeah, it takes a bit longer, but I found trying to use the import thing from Paypal was more of a hassle. I ended up having to go thru every transaction anyway so just made more sense for me to input it.

      Over the years, I've simplified what I input into quickbooks more and more. I don't bother with using it to track inventory (I keep very little anyway and have a barcode scanner/inventory program on my tablet I like instead), so just track the basics of item sales, sales tax collected, shipping charges, bills, and bill payments. Makes it a lot faster.
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      Owner of LABEShops.com & 20+ Niche Online Stores as well as Scifispace.com and other sites. Recommended Host: Evolve

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  • Profile picture of the author Rok Solid
    I've been meaning to sign up for a free account with WaveAccounting.com. I hadn't thought of the PayPal specific option but I see no reason why this wouldn't work with Wave.

    ...

    Just checked and they do integrate with PayPal. Here's the article they posted on it https://www.waveapps.com/blog/PayPal-integration/

    I've never even thought to use a third party service to track PayPal income so thanks for the idea

    Al the best
    Ricky
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    I don't send traffic traffic to opt in pages anymore. I Do This instead...

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  • Profile picture of the author drem
    Originally Posted by SpiderT3 View Post

    Does anybody use Paypal with Quicken for accounting? What a nightmare! I was really hoping to get this this set up to be fully automated, but it doesn't look like that is going to be possible. I really don't want to have to manually input transactions every single day.

    I noticed that when I import transactions, the amount for each transaction already had the Paypal fee deducted from it. So that's not going to allow me to track my sales properly, and I won't be able to see how much I'm spending in fees.

    Also, when I use my Paypal debit card, it downloads the stupid "temporary hold" and credit for every purchase I make. So if I bought something at OfficeMax for example, I'd have 3 line items for each transaction. 1 temporary hold, 1 completed transaction, and one hold credit. What a pain!

    Anyone else experience this? How do you handle this?
    I bought Quicken with the hopes of it working well with Paypal, and I have had the same terrible experience. It takes more work to fix up all of the holds than it would to manually do it myself.
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  • Profile picture of the author WillR
    Yeah, I use Outright with Paypal as well. It's been pretty good for me with organizing all of my Paypal stuff for tax.
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  • Profile picture of the author SpiderT3
    Thanks guys. I'm using Quicken Home & Business. I tried Quickbooks, but it has so many features that I simply do not need. It's more for traditional type businesses. I like Quicken I guess, but this Paypal integration is just terrible. I'll check out that GoDaddy service.
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