The Main View is where you work your magic. To make that easy, we present the transactions broken out under the headings below. Remember, we pull this from PayPal. Our magic cleans the data up, makes it presentable, and breaks out stuff the free PayPal connector doesn’t.
Main Table features:
Every transaction populated in the Main table is color-coded according to its type. After processing, you will see each one presented as shown below. Working in the table, you can take a variety of actions which we describe next.
Checkbox: When checked, the transaction is selected for processing. Click wisely, because it cannot be undone once the transaction has been successfully processed into your QuickBooks Online accounting system. We do this for double posting protection. Clicking it also removes the Hide checkbox.
Note: Once processed, the check mark cannot be removed. Again, this design is there to prevent double posting.
A. Date: This is the date the transaction was processed by PayPal.
Types: Classification of the transaction – more on this in another tutorial.
B. Transaction/Reference ID: A PayPal generated id that is unique to each transaction for issue resolution and other needs.
C. Name/email: Customer/vendor/payee name and email.email: Email of the above.
D. Gross: Transaction amount including everything, sales tax, fees, S/H, and insurance.
E. Fee: PayPal fees.
F. Tax/Shipping: Sales tax collected (if any) and costs for shipping and insurance (if any).
G. Net profit: Like it says and under that, the home currency
H. Account: The QuickBooks Online account that the transaction is currently mapped to for recording data.
Edit account icon: Click on this, and your QuickBooks Online chart of accounts pops up. Here you can select an account to record the transaction against. Our connector remembers this for all future transactions with this entity. Previous transactions are not changed.
I. Hide: Click this to hide the transaction. Clicking this hides the click to process checkbox. Once a transaction is processed or has been reviewed like an Other, check the Hide box, so they do not clutter up your view.
Submit: The accounting magic happens when you click this button. First, you check the transactions you want to process. The number selected shows in parentheses next to the word “Submit.” Also, you can choose between submitting the complete transaction or PayPal fees only. Then, you click the Submit button. Who said accounting had to be hard?
Example of Fees only processing: Let’s say you sell through Shopify but process payments through PayPal. Shopify pushes the sales data to your QuickBooks Online but not the PayPal Fees. If you use the Complete transaction, you double post the sales amount. With other systems, entering fees is manual, yuck. Our software is the only application available that does this for you.