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ACCEPT PAYMENTS WITH PAYPAL

ACCEPT PAYPAL AND CREDIT C ARD PAYMENTS USING QUICKBOOKS ONLINE

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CONTENTS

Intuit QuickBooks Online is enabling small businesses and ProAdvisors to accept online invoice payments from their clients in an easy and convenient way by partnering with PayPal Australia Pty Ltd.

ABOUT INTUIT QUICKBOOKS ONLINE APPS 3

SETTING UP THE APP

Installing the app 4

Configuring your app settings 7

Manage your settings 11

PAYMENT ENABLED ONLINE INVOICES

Creating an invoice with payments enabled 12 SENDING PAYMENT ENABLED ONLINE INVOICES

Sending an online invoice with payments enabled 14 RECEIVING PAYMENT

Your customer’s experience 16

Reconciling your online invoice payment 17

DATA SYNC

How data is synced from PayPal to QuickBooks Online 19 Sales 20 Expenses 21 Refunds 23 Multicurrency 24

RECONCILING WITH YOUR BANK

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Intuit QuickBooks Online apps are add-ons that expand the functionality of QuickBooks Online and allow integrations with 3rd party apps to help save time and improve your business processes.

Accept Payments with PayPal is a new app, developed by Intuit in partnership with PayPal, which extends online payment capabilities to your QuickBooks Online account as well as automatically importing data from your PayPal account into QuickBooks Online.

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Installing

Before you start you will need:

• QuickBooks Online account – you will need to have administration rights to the account • PayPal premier or business account – if you have a personal account, you can download the app but you will need to upgrade to a premier or business account to enable functionality

• If you already use QuickBooks Online with PayPal, disable bank feeds from PayPal in your account set up to avoid duplication of transactions

Click Get App Now on the

Accept Payments

with PayPal app card

.

When prompted, click Sign In

Enter your QuickBooks Online credentials

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Installing the App

Select the business for which you like to install the app

Click Authorize to allow the Accept Payments with PayPal app to integrate with your QuickBooks Online business

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Installing the App

Give permission to the Accept Payments with PayPal app to integrate with your PayPal account by logging in to your PayPal account.

Click Grant Permission to continue

TIP

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Configuring your app settings

Select Yes - Enable invoice payments to enable

online invoices you send to your customers to have a Pay now link. The new functionality will allow your customers to pay you via Visa, MasterCard, American Express or their PayPal account. Existing invoices already sent out will need to be resent.

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Configuring your app settings

PayPal will be added to your Chart of

Accounts as a new account. If you have already been manually entering your PayPal transactions and recording your PayPal balance in an existing account in your Chart of Accounts, then please choose that existing account from the dropdown list

You can import up to 18 months of existing PayPal transactions. If you’ve been entering your PayPal transactions, either manually or through bank feeds, select No - Do not import past

data to avoid duplicate transactions. All PayPal

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Configuring your app settings

Configure how you’d like PayPal transactions

to be imported into QuickBooks Online

Sales Transactions: Your PayPal sales transactions

will be imported as Sales Receipts with line details. This option determines which account your sales transaction lines items are associated with. The default option is PayPal Income.

Fees: PayPal fees will be recorded as expenses

in QuickBooks Online. Select how you would like fees to be handled. By default, fees will be associated with a PayPal Fees account.

Default GST for Sales/Expenses: In the case

we can’t determine what type of tax was applied on your PayPal transaction, we will resort to the default setting chosen for the GST option. If you do not have GST enabled, you do not need to select an option.

Allow email notifications from app: This allows

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Configuring your app settings

Click Connect to finish setting up your app.

You are done!

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Manage your app settings

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Creating an invoice with payments enabled

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Sending an online invoice with payments enabled

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Sending an online invoice with payments enabled

Now open up the invoice you would like to send.

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Your customer’s experience

To the right is what your customer will

see when you send them an online payment enabled invoice. They will receive an email with a link to view the online invoice

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Reconciling your online invoice payment

This Payment will initially be deposited to your Undeposited Funds account while we update the information.

You’ll see your transaction updated in QuickBooks Online, typically within 15 minutes. Once updated, your payment will show the PayPal transaction ID in the Reference no. field. The Deposit to account will be set to your preferred account based on your app settings, PayPal by default.

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Reconciling your online invoice payment

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How data is synced from PayPal to QuickBooks Online

By using Accept Payments with PayPal, all your PayPal transactions (whether they were initiated in QuickBooks Online or elsewhere) will be automatically imported.

We have gone through how online invoices will be recorded in the previous section. In addition, the following transactions will also be synced from PayPal:

Money-in: Any money-in transactions (other than funds transfers) that we detect in your PayPal account will be recorded as Sales Receipts. Money-out: Any money-out transactions (other than funds transfers) that we detect in your PayPal account will be recorded as Expenses. Fees: Any processing fees charged by PayPal for your transactions will be recorded as Expenses

Discounts & Shipping: Any discounts and shipping will be recorded as line items on your Sales Receipt/Expense. Refunds: Any refunded transactions will be recorded as a Refund Receipt with line item details.

Tax (applicable if GST enabled): Any tax supplied by PayPal will be matched to tax codes in your QuickBooks Online or the default tax code is

applied by us.

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Sales

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Expenses

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Expenses

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Refunds

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Multicurrency

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Reconciling transfers in and out of PayPal

When money is transferred out of PayPal in to a bank account, this transaction needs to be manually added as a Transfer transaction in

QuickBooks Online. The Accept Payments with PayPal app does not automatically create transfers in or out of PayPal in order to avoid duplicate transactions. If you do not have your bank account connected to bank feeds in QuickBooks, manually create a Transfer appropriately setting the From and To accounts depending on whether you are transferring in or out of PayPal and the corresponding bank account.

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https://help.quickbooks.intuit.com/en_AU/contact

The PayPal service is provided by PayPal Australia Pty Limited (ABN 93 111 195 389) which holds Australian Financial Services Licence number 304962. Any information provided by PayPal Australia Pty Ltd is general only and does not take into account your objectives, financial situation or needs. Please read and consider the

Combined Financial Services Guide and Product

References

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