ACCEPT PAYMENTS WITH PAYPAL

Transcription

1 ACCEPT PAYMENTS WITH PAYPAL ACCEPT PAYPAL AND CREDIT CARD PAYMENTS USING QUICKBOOKS ONLINE Welcome Guide

2 Welcome to Accept Payments with PayPal 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. CONTENTS 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 Reconciling transfers in and out of PayPal 25 The PayPal service is provided by PayPal Australia Pty Limited (ABN ) which holds Australian Financial Services Licence number 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 Disclosure Statement at before acquiring or using the service. QuickBooks and Intuit s Accept Payments with PayPal app are provided by Intuit, and any use of those products or issue arising therefrom is solely between you and Intuit. PayPal is not responsible for any accounting or tax compliance requirements arising from your use of QuickBooks or Accept Payments with PayPal. 2

3 About Intuit QuickBooks Online apps 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. Apps can be browsed on apps.com and you may find the Accept Payments with PayPal app by using the search bar. Accept Payments with PayPal is only availble in Australia so ensure you are on the Australian app store by verifying/changing the flag on the top right of apps.com. 3

4 SETTING UP THE APP Installing Before you start you will need: QuickBooks Online Sign-in 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 4

5 SETTING UP THE APP 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 Accept Payments with PayPal is an app provided by Intuit, Intuit s terms and conditions and privacy policy applies 5

6 SETTING UP THE APP 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 These permissions will allow the Accept Payments with PayPal app to sync data from your PayPal account to your QuickBooks Online account, as well as enable you to receive online payments. 6

7 SETTING UP THE APP 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. Steps 2 and beyond involve configuring how additional data from PayPal (outside of the invoicing workflow) is imported into QuickBooks Online. Choosing to import customer details will populate your synced transactions with customer details from PayPal where available. If an existing customer is not found in QuickBooks Online, a new customer will be created 7

8 SETTING UP THE APP 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 transactions going forward will automatically be imported to QuickBooks Online 8

9 SETTING UP THE APP 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 notifications from app: This allows you to receive important notifications regarding the app and your transactions. 9

10 SETTING UP THE APP Configuring your app settings Click Connect to finish setting up your app. You are done! Your Accept Payments with PayPal app is now set up. Transactions will be imported from your PayPal account into your QuickBooks Online account If you have enabled the online payments feature, you may now send invoices with a Pay Now button.the following sections will explain how to do so and lead you through an example. 10

11 SETTING UP THE APP Manage your app settings You can access your Accept Payments with PayPal app settings at anytime by going to the Apps tab within your QuickBooks Online account, clicking on My Apps and selecting the Settings link. 11

12 PAYMENT ENABLED ONLINE INVOICES Creating an invoice with payments enabled To create a Payments enabled invoice, open an existing invoice or create a new invoice. 12

13 PAYMENT ENABLED ONLINE INVOICES Creating an invoice with payments enabled Notice you now have a PayPal checkbox under Online Payment. If you d like this invoice to be enabled for online payments, make sure the checkbox is selected. Remember, selecting the PayPal checkbox will allow your customer to pay you online using PayPal, credit or debit cards. Unselecting the checkbox will disable the Pay now button on your invoice. All new invoices created after the app was installed will have this checkbox checked by default, while invoices created prior will have it disabled by default. 13

14 SENDING PAYMENT ENABLED ONLINE INVOICES Sending an online invoice with payments enabled Firstly check that you are setup to send invoices as online invoices. Go to your Company Settings >Sales > Online delivery. Make sure Online Invoice is selected in the dropdown under options for invoices. 14

15 SENDING PAYMENT ENABLED ONLINE INVOICES Sending an online invoice with payments enabled Now open up the invoice you would like to send. Complete your invoice and click Save and send. Click Send and close to send the invoice. 15

16 RECEIVING PAYMENT 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 with a link to view the online invoice Clicking View invoice will open the invoice in a web browser. They can also open up their invoice on a mobile device. If your invoice is online payment enabled, your customer will have a Pay now button available. 16

17 RECEIVING PAYMENT 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. In addition, an expense will be recorded to reflect the fees charged by PayPal. 17

18 RECEIVING PAYMENT Reconciling your online invoice payment To see a list of your payments made using online invoicing, you can go to your Transactions > Sales list. Click the settings cog and enable the Source Column. Payments made through online invoicing will have a source of EInvoice, and a Payment Method of PayPal. 18

19 DATA SYNC 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. Every transaction synced from PayPal will contain the corresponding PayPal transaction ID in the Memo field and/or the reference number field. 19

20 DATA SYNC Sales Your PayPal sales transactions (that were not initiated through QuickBooks Online invoicing) will be imported as Sales Receipts. 20

21 DATA SYNC Expenses Expenses include fees charged by PayPal. 21

22 DATA SYNC Expenses Expenses include payments made to other merchants through PayPal. 22

23 DATA SYNC Refunds If you initiate a refund from PayPal, the refund will be synced over at as a Refund Receipt containing the line items from the original transaction. 23

24 DATA SYNC Multicurrency If you have foreign currency transactions in PayPal, we will import these transactions as using QuickBooks Online multicurrency features. Since QuickBooks Online only allows for a single currency for each account and customer, we will create a new customer or account for each currency that we detect in PayPal. Transactions will be recorded in the currency that the transaction was made in. If you decided to use PayPal currency conversion to save the payment in a different currency than what it was paid in, we will create a Transfer in QuickBooks online to reflect this. 24

25 RECONCILING WITH YOUR BANK 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. If you have your bank account connected to bank feeds, this transaction will be picked up in the list of banking transactionsand you should classify it as a Transfer. You can create a bank feed rule to automate this process for future transfers. 25

26 For help please visit our support page: The PayPal service is provided by PayPal Australia Pty Limited (ABN ) which holds Australian Financial Services Licence number 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 Disclosure Statement at before acquiring or using the service. QuickBooks and Intuit s Accept Payments with PayPal app are provided by Intuit, and any use of those products or issue arising therefrom is solely between you and Intuit. Paypal is not responsible for any accounting or tax compliance requirements arising from your use of QuickBooks or Accept Payments with PayPal.