If we talk about cloud accounting software, QuickBooks Online is one of the best accounting software in the world.  We can import and code the income and expense easily through bank feed. But if we talk about PayPal statement. It’s not easy to sort out and import. Because if you are using PayPal for online purchasing. Some time paypal hold the transactions and after careful consideration, they release the hold.

The transactions that PayPal hold for review and release them after review. these are not part of banking. Because actually. Those transactions are not affecting the balance. So we need to sort out first before importing into QuickBooks Online. I am going to share a few important points that will help you to sort out PayPal statement and importing into QBO.

How to Sort PayPal Statement

Before start sorting the statements, I would like to show you a look of PayPal Statements.

PayPal Statement, paypal business

If you will see the above image. I have taken from the statement. If you will see the first 3 rows that I have highlighted. These 3 rows have On Hold Transactions. They have tried to pay but Paypal put on hold for further review. I have assign numbers to those hold transactions 1, 2, 3.

Now move next three numbers 4, 5, 6. Same transactions Reverse. Now we will delete these 6 rows from paypal. Because there is the effect of these 6 transactions. Because first go out and then return back. I know it will take time but this is the best way to sort out unwanted transactions.

Import PayPal Statement into QuickBooks Online

After sorting out the Paypal statement, We need to import int QuickBooks online. Its same as we will import into other bank Statements like Bank & Credit Card statements.

PayPal Statement, Bank Statement, Credit Card statement

Put all statement data into csv, click on file upload

PayPal Statements, Bookkeeping and Accounting

Select the csv file which you are going to import into QuickBooks online

PayPal Statements, Bookkeeping and Accounting

Select the proper field according to the created file like Date in the first column, Description in Second column and the amount in the third column.

when you are importing the csv file, Just keeping in mind that your Date and amount should be correct format. Because the date should be must be correct.

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