 QuickBooks Online 2022 paypal and bank feeds get ready because it's go time with QuickBooks Online 2022. Here we are in our bank feed practice file we set up with a 30-day free trial holding down control scrolling up a bit to get to the one two five percent currently and the home page otherwise known as the get things done page in the business view as compared to the accountant view switching to the accountant view is something you can do by going to the cog up top switch to the accountant view down below we will be toggling back and forth between the two views either here or by jumping to the sample company file currently and the accountant view back on over to the bank feed practice file opening up a couple tabs to put reports in by right-clicking the tab up top duplicating it back to the tab to the left right-click it again and duplicating it and as that is thinking we're gonna jump on over to the sample company file just to locate where the reports are at which is on the left-hand side under reports back on over to the business view we're in the second tab reports here are gonna be under the business overview and we're just gonna open up a couple reports in the reports section closing up the hamburger it's thinking here hold on a second people my computer's thinking there it is it's going into the balance sheet that's the one that's the one we want going up top we're gonna do the range change from 0101 to 1231 to 1 and run and tab to the right and then we're gonna go to the business overview again and reports closing up the booger hamburger and going to the profit and loss the P&L the income statement changing that range in 0101 to 1231 to 1 and run let's go to the first tab now we've been working on our bank feed information on the left and we could find that is located if in the business view under the bookkeeping on the left-hand side transactions up top banking if you were in the accountant view it would then be in the banking information up top and the banking up top double banking if you're in that view going back on over you'll recall that in prior presentations we've been putting together the bank feeds for the checking account we then did bank feeds for the credit card account and now we're thinking about what about like those PayPal account which is oftentimes thought of as kind of an intermediary type of platform one which if you do an online type of work you might be using in order to get your payments from say like other platforms that you are working with so there's a couple ways you might deal with that you might say okay I waited what if I just wait until that information I'm gonna go down here to the checking account clears to to my actual my actual checking account and so that's one method that you can use and say look I'm just gonna wait till the PayPal goes into the checking account I'm just gonna use it as an intermediary type of system to collect from whatever platform I'm collecting on whoever's paying me that I got to get paid through through there and then when it hits the checking account in other words when I transfer it from PayPal to the checking account then I'll just record it as income at that point in time that's one method you could do which is fairly easy method that you can use but what if you're getting paid by multiple different people through PayPal and you want to break that information out into multiple income statement accounts if I go to the right for example I want to add multiple income statement accounts and who's paying me type of information into QuickBooks and also what if I'm using PayPal more as a bank account now and I'm making payments out of PayPal now it's working not as just a collection type of platform but also it's working kind of like a bank or checking account because I'm making transactions both in and out of it so therefore I have more of a need to connect the bank feed so let's go ahead and see that process I don't think you could do this yet on the desktop version connect PayPal that is and so that's really nice that you can be able to do it online hopefully they get the desktop version up and running with that as well so we can go ahead and you go to the link account here and you would go into another link account and you would say okay PayPal it's right there I could see it already and possibly be linking up the PayPal you got the different basically PayPal options you'd want to be looking at the correct PayPal once again you'd have to verify your account of course and go through the verification process to connect PayPal but the fact that they have that kind of lined up option is nice you have the same kind of thing where you might be able to upload the transactions to the system however PayPal on their end have do not have at this point in time the capacity to download like a QBO type of file as we saw with the checking and credit card account but you can download a CSV file which is kind of like an unformatted Excel worksheet so that's what we'll practice here so if we if we were to say I want to go to the link and I want to say upload from a file for example then we might have a file that looks something like this jumping over to the desktop and this file is looks like an Excel file but it's a dot CSV file so if I was to go to the properties here then it would be a CSV type of file I believe which is right here the the Microsoft Excel comma separated values otherwise known as the dot CSV so we'll try to upload that one into our system and so I'm going to be on the left hand side get a manually upload this is just like what we saw before except that we're using a slightly different file type you can see here that the dot CSV or dot QFX dot QBO dot OFX dot TXT or the files that possibly could work in this process if you're not connecting to the bank once uploaded we'll have the information in place it'll be in what I call bank feed limbo included in the system but not yet used to create the financial statements and will be in the same spot whether we connected directly to the bank or if we uploaded if everything runs the way it should let's see if everything will run the way it should I'm going to go over here and go to the desktop how should it run I know how things should run if it doesn't run the way I say it's not running the way it should that's how you know so I'm going to say continue and it's going to try to put it in a QuickBooks account so I don't have one set up so I'm going to hit the drop down I'm going to add another one another QuickBooks account it's going to be a bank type of account because I need the bank feeds for it I'll call it just a checking account here that second item doesn't matter too much you got to make sure the first one's on the bank it account PayPal pay up how PayPal there it is let's go ahead and save it and close it that's the one we want you to put it in to QuickBooks there we go and then let's set up your file in QuickBooks tell us about the format of your data is the first row in your file a header so I'm going to say now before we upload it it's a little bit more tedious when we're looking at the CSV file from PayPal because it adds a lot of detail in the information that we don't really need for the bank feeds so you can open it up if you were going to do this format you don't need to do this obviously if you were to connect directly to the bank and possibly clean it up a bit and all we really need for the bank feeds is the date the increase and the decrease and then a name is the minimal information we typically want to have so that we can record the transactions going up and down have the name record the customer and the vendor and then be able to assign it to the correct account so I'm just going to delete everything that is not that so in other words I'm going to delete the time I'm going to delete the time zone just delete those items I'm going to have the name here the transaction type I don't need the status the currency the gross I don't need what I want what I really want is the net and this kind of comes into a problem with the fees you got an issue with the fees but I'm going to put it in here net of the fees so I'm going to just pick up the net and I'm going to right-click and delete that information and then I'm going to be deleting all of this other stuff that's basically all I want to be uploading into the system I'm going to delete all this other stuff and delete so now we've got just the date the name and the net amount which is basically what we what we want to be using to pull it in I'm going to close this out I'm going to save it and so now we've got the information necessary I'm going to save it to the desktop I'll put it on the desktop and say this is going to be PayPal and I'm going to say this is the ADJ one I want to save it as a dot c as v file so comma deliminated so let's save it there so that should be good let's go back in selecting that file so now I'm going to go back in and say it's the PayPal adjusted item here so now it's added I'm going to continue go to the next step it says which account are these transactions from I'm going to put this into a new account if you don't have one which is going to be a PayPal account that you want to make sure that just set up as a bank type of account which you could set up as you go if you don't have one set up already by going to the add new up top and then you could say it's a bank account and name it as a PayPal type of account so I'm going to choose that item continue and then it says it's going to tell us about this information that we're uploading is the first row your header I'm going to say yes the first low row is the header how many columns show amounts so only one column has amounts in it in other words I'm not showing increases in one column decreases in another but showing the decreases with a negative number what's the date format used in the file type the date format month month day day year year I believe that's going to be the proper one there and so the date is coming from now it's mapping out to the actual columns that are on the on the worksheet so the date column is that one that looks correct the description I'm going to net out to the name column that I have in my worksheet so I could have changed it to description to make it populate easier but I'm just going to map it out that's what I want to go in the description column and the amount is going to be the amount that says net that I put in the description item and so there we have it let's continue and so it's picking up the information now it's having a problem with these items that didn't have anything in the name these being transfers so what I'm going to do is I'm going to adjust that I'm going to put into my Excel worksheet that these are going to be transfers in the description so it'll be able to put something in that column and pick it up okay so I'm going to close it out and try it again I'm going to close it out let's do it again and I'm going to go up top and say I want to upload I want to upload from the file it's going to upload the file which I have now have populated something in every cell PayPal continue and then the account is PayPal and continue and then yes one column what's the date format the date format is going to be that one and then date column description is in my case the name column the amount is net let's see if it does it this time continue on which transactions do you want to add I'm going to basically I'm going to add all the transactions selecting all of them all of them looks like they are add a bowl and then I'm going to scroll down that looks good so I'm going to continue let's add them all quick books will import 44 using fields you choose I'm going to say alright let's do it add the 44 import complete done and so now we've got three tabs up top the PayPal the checking and the credit card and we've uploaded the PayPal now we've got this information just like we saw with the checking account we'd have it in the bank feed limbo information down below and we can add it just like we would within the other kind of checking account it's not yet being used to populate into the financial statements at this point in time and we'll go through and add them and we'll focus primarily on just adding you know different kind of accounts and seeing how it might differ from adding it from PayPal versus waiting till it hits the checking account and we'll take a look at those enter those interbank fee transactions between PayPal and the checking account for example when you transfer in from PayPal to the checking account now you've got a transaction that's going to go into two accounts both of which are being driven by the bank feeds so we'll see that in future presentations