Paypal provide a number of ways to download transaction history, for QuickBooks they provide an IIF file format, but many business who use QuickBooks find the IIF file format either lacks the necessary flexibility or does not import the data in the way they want. In particular the IIF format does not cater well for the following:
- Importing Paypal transactions as Sale Receipts
- Statements that contain multiple currencies, for example non US Dollar currencies remain in the original currency denomination.
- Update of customer address and contact details
- Recording of Paypal fees on transactions
- Importing of additional custom information contained in Paypal statements
An alternative to the IIF download can be achieved by downloading a Tab delimited - completed payments
file and import the transactions using Zed Axis
. The benefits
being transactions can be imported as Sales Receipts
, reducing the need to enter the sale in the first instance, unmatched Inventory and Customer records can be added on the fly, easier to cater for multiple currencies, customer contact details can be updated and additional information can be recorded on sales.
Exporting your transactions from Paypal.
- Login to Paypal and select the menu option for History > Download history
- Select the date range for the transactions that you want to download
- Select the format of the files that you wish to download, Text Delimited - Completed Payments, if you wish to update shopping cart details select the option to include shopping cart details.
Importing your transactions into QuickBooks
- Open Zed Axis and connect to your QuickBooks company file.
- Browse to where the Paypal download file was saved and select the Tab delimited option.
- Setup a mapping between the fields in the Paypal download file and the QuickBooks Sales Receipt. You can map the data as you wish, but as a minimum you must provide a Sales Receipt reference number and Item and a Customer.
- You have a number of advanced features to manage the way that you import the Paypal transactions into QuickBooks , you also can choose to update address and contact details in QuickBooks, skip if the transaction already exists in QuickBooks.
- Finally, click the import button to commit the import directly into your QuickBooks company file.