Setting financial (assets) accounts – Step 4

Step 4 Mapping asset accounts

We’re still mapping default/preferred accounts in this step. This time it is for asset accounts like your bank account or credit card. In the Accounts window, you see a series of lines just like in Step 3. The process is the same. Click on one of the lines and select the right account from the list. Snap, that’s easy.

• PayPal bank account (for all PayPal activity) – this needs to be a separate asset account in QuickBooks Online to maintain PayPal activity, so it does not comingle with other accounts and purposes.
• Bank account associated with PayPal account – the bank account linked to PayPal to draw payments from and make transfer deposits
• Credit card associated with PayPal account – this is the credit card that can be used as an alternative or backup for the bank account linked with PayPal