EXAMPLE: My bank feed populates all my downloaded CHECK transactions with the same Vendor. I change the vendor payee category on any given transaction it will change for all downloaded transactions in bank feed. There is no bank rule setup for this. Is there a way I can turn that off?
Unfortunately, you can’t turn that off in QBO bank feed. That’s the way it is in bank feed for Checks (and other transactions) at this time. QuickBooks needs to do something about this. It’s better to have no vendor name at all than incorrect vendor name.
Just as a workaround you can create a Bank Rule the following way:
1. Create a new vendor named “Unknown” and
2. Create a new condition rule to mark anything containing “Check” to go to Vendor payee “Unknown” and “Uncategorized Expense” account.
This will at least draw your attention to it. It will not add to wrong Vendor and incorrect Expense category tag.
NEW BANK RULE: UNKNOWN CHECKS
BANK FEED PAGE: UNKNOWN VENDOR AND UNCATEGORIZED EXPENSE ACCOUNT
QuickBooks Online allows users to import their credit card transactions via Excel CSV (comma-separated values) files. It will allow importing date, description and amount columns. For the amount, you can use 1-Column field or 2-Column fields. It is recommended to use Debit and Credit with two columns excel file format to import. QBO will not allow mapping additional columns, for example, billable to customer, class, and location.
QBO uses the same “Map CSV columns” fields format for importing both bank account as well as credit card account. It’s a bit confusing for importing credit card liability type account. It could be ended up importing the wrong way. For bank checking account import, you will need to use opposite fields selection of credit card import. Like for example, the expenses were imported as payments and vice versa. See below instructions on how to correct if that happens.
Here is recommended Excel CSV template format: Debit = Expense
Credit = Payment
To import a CSV file (see below for screenshots):
From the left dashboard, select Banking.
Select File upload at the top right corner.
Click Browse and Select the “.CSV file” to upload from your computer.
From the QuickBooks Account drop-down, select the credit card account to which to import.
Map your fields according to your CSV file’s format.
Under Amount, Select 2 Column radio-button.
For Debit Column 3, Select Expense and for Credit Column 4, Select Payment.
Select the transactions to import.
You will receive a notification, stating the number of transactions that will be imported.
When you get confirmation of the import, click Finish.
You will now be directed to the Downloaded Transactions window under Banking, where the imported transactions will appear under the “For Review” tab. You will now need to review account category and appropriate payee and add the transaction to QuickBooks.
How to delete the transaction imported from bank feed if they were imported wrong way?
Like for example, the expenses were imported as payments.
You will first need to exclude and then delete all the transactions.
To exclude a transaction or multiple transactions:
Choose Banking on the left dashboard.
You’ll see the For Review tab, click the checkboxes to the left of the date for the transactions you want to exclude.
Once you’re done, click the Batch Actions drop-down arrow and select Exclude Selected.
The transactions move to the Excluded tab.
To permanently delete unwanted downloaded banking transactions from “Excluded” section of the banking center
From the Excluded tab, go to “Batch actions” and choose to pull down arrow and select DELETE. That will permanently delete downloaded transactions.
1) Match it directly from the bank feed downloaded transactions.
Select a row for deposit in question. The row expands to show you “Find other matching transactions” button. Once you click this button, you will see a long list of possible match transactions. To easily locate your deposits, change payment date as you’ve recorded. Select payments (type = payment) to match with bank feed deposit amount. Make sure difference is zero. Save. Done.
2) Manual. This will take few steps, but you will see green MATCH sign once done.
a) Go back to “Receive Payment” (create+ sign > customer > receive payment > upper left corner clock, locate payment) screen for customer payment you’ve already recorded and change Deposit to: “Undeposited Funds” instead of a bank account. Do the same for other customer payments that you want to match to a batch deposit.
b) Bank Deposit (create + sign > other > bank deposit) – check existing payments from the list to match batch bank deposit. Make sure to check correct bank account if you’ve multiple bank accounts. Save. Done. Save and Close.
c) Go back to banking center (bank feed) and now you should see green Match sign for that deposit. Click Match. It should disappear from the list.
Note: #2 is recommended process in QBO if you’ve merchant card payments or use bank deposit slip from depositing checks from various customers.
If you found our answers useful then please contribute a few bucks to support this forum. Thank you!
“Sync with Paypal” app is for importing PayPal transactions into QuickBooks Online. All import will directly post into Quickbooks, eliminating the need for any double or manual entry. This is quite different from connecting bank accounts and downloading new bank transactions in QuickBooks banking center (transactions > banking). Since it directly posts without your review or approval process, you will have to rely on certain specific reports later in QBO.
This is a well-tested app. It is very easy to setup. It is FREE for all QuickBooks Online customers (up to 100,000). Sync with PayPal is currently available in the United States only.
Before you are ready to click “Get App Now” blue button, let’s analyze more and see if this app is right for your business.
This app is ideal for:
Service-based businesses where you do not invoice your customers.
Product-based businesses where you do not track inventories in QBO. Also, customer invoicing is not involved.
This app is not ideal for:
Businesses tracking inventories in QBO
Businesses need to invoice to receive payment
Companies with QBO plus plan and tracking class and location
Companies using PayPal mainly for purchases
Companies have several PayPal accounts and transfer funds between those accounts
Importing sales transactions
Importing purchase transactions
Importing bank transfers
Importing Paypal fees and posting it to proper account
Importing sales tax and posting it to proper account
Automatically importing customer payment information and filling out “Customer Information” screen in QBO. Big time saver.
Automatically creating Sales Receipt with properly filled out fields. Bank feeds cannot do that yet. You may be able to create Sales Receipt from a bank feed, but not automatically creating Sales Receipt. This is a huge time saver. Most importantly, think of it as if someone is doing behind the screen a great bookkeeping job for you for FREE. You cannot beat that price.
Click on the screenshots below to enlarge them
One more thing before you can click “Get App Now” blue button, you will need to do some homework in QBO.
Decide income account you want to use for sales transactions. Review and set up new accounts to Chart of Accounts if needed. That is the income name (& account if enabled) you will see it later in the Profit & Loss Report
You will also need to enable Sales Tax rate and agency settings (if applicable and not done yet). Left navigation bar > Sales Tax > Sales Tax Center > Related Tasks (right side) > Add/edit tax rates and agencies. In QBO, for sales tax, they use default account setting. So, there is no need to create Sales Tax Payable Account. It does it automatically once you have Sales Tax Agency setup done.
Note: See step#7 for default account for reference.
If you currently connect your PayPal account through QuickBooks bank feeds (Transactions > Banking), it is IMPORTANT to:
Make a note of last downloaded transaction date
Review “New Transactions” column. Make sure all downloaded transactions are posted into QuickBooks. You should see “No transactions to process” note.
Make sure to disconnect it before installing the Sync with PayPal app to avoid duplicate entries.
To disconnect: From the home page screen > Left blue navigation bar > Transactions > Banking, click the PayPal card at the top of the page, click the pencil icon, click Edit account info, select the checkbox “Disconnect this account on save,” and click Save.
Let’s review the process part to get this app now.
To get this App from QBO:
From the home page screen
Left blue navigation bar
Choose “Sync with PayPal” (with PayPal logo)
Click “Get App Now” blue button (upper right)
Your authorization to Start using sync with PayPal with QuickBooks will start
You will need to login to your PayPal account once
The whole process takes less than ten minutes (with careful app settings review)
Step#4 Grant permission to Intuit
Step#5 Review Your App Settings
STOP! DO NOT CLICK “CONNECT” BUTTON YET. Now, it’s time to review your settings from date range to selection of various accounts to post. This is the most important part of the whole “Sync with PayPal” process!
You can download transactions just once. There is no batch actions to fix it once it is already posted into QBO.
Decide transactions date range setting
Review “App Settings” one by one
Step#6 Past Transactions
Click “Change” link under “Past Transactions”
Select Date Range
You can import your past transactions for up to 18 months. You can import from here just once. Select date range carefully. Note: Do not select up to today’s date. Always up to yesterday’s date.
Step#7 App Settings
PayPal Account – PayPal Bank (default)
Choose one from the list if already using PayPal
Sales – Paypal Income (default)
Choose one from the list for income account
PayPal Fees – PayPal Fees (default)
Choose one from the list if you already have preferred merchant fees account
Sales Tax – PayPal Sales Tax (default)
Do not use default one. Use from the list you are using or newly created, the one with correct tax agency name.
Payment Method on Transactions – PayPal (default)
Give them some credit for giving you free app. If not, you can use other payment method
PayPal Customer > All Details Three to choose from
Do not track – no customer selection: It will create Sales Receipt with no customer selection (blank “choose a customer” field). If payment received is from sales, it’s better not to select this one.
Integration Default – All Sales assigned as one customer: This one is perfect if you do not want to track sales by customers like daily sales type of record
All Details – Sales Receipt with entered fields on Sales Receipt form: This one is perfect for customer tracking and running various meaningful sales reports.
You may have noticed that the following transaction types are not mentioned:
It will automatically create “PayPal Funds Transfer Account” and transfer the funds to that account. Since it is coming out from the PayPal account, you should see as negative amount on the balance sheet ( or bank register). So, on the banking center (bank feed), when you see money coming in from PayPal account, you will have to choose this “PayPal Funds Transfer Account” rather than actual PayPal Bank account to clear the balance. If you are entering manually, enter as bank transfer (create + sign > other > bank transfer)
For shipping charges from Sales Receipt, it will automatically create PayPal Shipping as Item and also post to Shipping Income account.
For Purchases – everything goes to Uncategorized Expense (default) accpunt. No choice here. From there, you will have to manually categorize expenses to proper accounts. You will see more details below on how to handle it.
In case you own multiple Paypal accounts and you are transferring money from one PayPal account to another PayPal account (not bank transfer), it may create sales receipt and will record as income. That is incorrect. You will need to pay attention to that type of transactions and handle it appropriately on your books. Be warned!
Step#8 and Final
Once they appear in QuickBooks, you will need to run the following reports (or more) for review:
Account Quick Report for PayPal Bank Account
Left navigation bar > transactions > chart of accounts > PayPal Bank Account > Action > Run Report (pull down arrow next to view register).
This quick account report should show all transactions (sales receipt, expense, transfer) type.
Note: Customized report with few columns removed.
Account Quick Report for PayPal Funds Transfer Account
Left navigation bar > transactions > chart of accounts > PayPal Bank Funds Transfer Account > Action > Run Report (pull down arrow next to view register)
You really need to pay attention to this account. This account should end up with zero balance once transactions are added from the bank feed for “money-in”.
Note: Customized report with few columns removed.
Uncategorized Expense Account
Left navigation bar > transactions > chart of accounts > Uncategorized Expense Account > Action > Run Report
You will need to run this report on a regular basis. You may want to customize this as your own report.
To customize, run this report > change “Transaction Dates” to “All Dates” > select “Run Report” > select “Save Customizations” button > Name of custom report = PayPal Uncategorized Expense > share with other users if needed > OK
Now, it is time to categorize these expenses to appropriate accounts one by one manually until they are all gone. “This report contains no data”. Yes, that’s what you want to see!
Next time you want to run this report again, it comes in very handy. Will save you time.
Left navigation bar > reports > my custom reports > select PayPal Uncategorized Expense under Name column > click it and categorize to appropriate accounts.