QBSE is the accounting software’s version for freelancers and self-employed individuals. As these individuals have to manage invoices and payments, using PayPal along with QuickBooks Self-Employed can introduce simplicity. You should connect PayPal to QuickBooks Self-Employed to enjoy various features and benefits offered by their synchronization. This not only reduces your efforts and time but also provides you with the details of transactions made through PayPal. You can access QBSE settings to integrate or connect with the software.
In this blog, we will go through the method in more length. We will discuss several features and benefits offered by QuickBooks Self-Employed and PayPal sync.
Why Connect PayPal to QuickBooks Self-Employed?
We can give you 4 reasons to connect your PayPal and QB Self-Employed accounts. These are:
- Connecting or synchronizing QuickBooks Self-Employed with PayPal makes your work easier.
- The users are able to record their transactions made via PayPal into their QuickBooks Self-Employed accounts.
- Also, you can keep a track of all the transactions that have taken place.
- The invoices are sent by QBSE to your customers. This is a direct process.
Steps for Connecting PayPal to QuickBooks Self-Employed
QuickBooks Self-Employed and PayPal can be connected via the Settings of the software. From QBSE’s Settings, choose Bank Account and then find PayPal. Press Connect Another for adding another account. Now, mention the correct account and push the Continue to PayPal button. Soon, your account will be connected with PayPal.
The following steps will help you understand more about the process:
- Select the “Settings” of “QuickBooks Self-Employed”.
- Tap on “Bank Account”.
- Find “PayPal”.
- Choose “Connect Another” if an account has already been connected.
- Pick the account you want to connect from the suggestions.
- Select “Continue to PayPal”.
- You will be directed to their website.
- Fill in the user’s sign-in details.
- Click on the option saying “Connect Securely”.
You can now categorize the PayPal transactions in QuickBooks Self-Employed.
Must Read : How to Import PayPal Transactions into QuickBooks and QuickBooks Online
Features Expected with QBSE and PayPal
When you connect PayPal to QuickBooks Self-Employed, you get the given features:
Auto-import Transactions
PayPal automatically imports all the transactions to your QuickBooks Self-Employed account. Without any delays, the import process starts.
Faster Cash Flow
QB Self-Employed directly sends invoices to the customers. In turn, the customers also pay back through an online medium via debit/credit card or bank transfer. Faster payments help to increase your firm’s cash flow.
Saves User’s Time
The whole process, being automatic, saves time. This can add more accuracy and efficiency to your work.
Fees are Low
The transaction fees for using the card payments are low and cost-friendly when PayPal and QBSE combine. It costs 1.45% of the total amount of the transaction. 0.41$ per invoice can be paid.
Automatic Reminders Can Be Scheduled
In QuickBooks Self-Employed version, you can set reminders that are automatic so that they are sent to the customers. The reminders notify them about the upcoming/due invoices.
Acts as a Bank
You can easily reconcile the QuickBooks Self-Employed balance with your transaction statements in PayPal. Money can be withdrawn from PayPal into a bank account that is real. This helps PayPal and the accounting software to act as banks.
Easy to Handle
PayPal can be observed as a payment processing or sales/invoice tool where the account does an online checking. The users can handle it easily when synced with QuickBooks SE as it is versatile.
Transactions can be Tracked
You can track all your transactions made via the payment processing app when QuickBooks Self-Employed PayPal sync/connection is complete.
Protected Processes
Both platforms’ main focus is on the security and protection of the data of their customers. The companies monitor the transactions so that no customer faces fraud. Additionally, sales are also protected through seller protection.
Conclusion
PayPal, when connected to QuickBooks Self-Employed, can serve as a brilliant way to maintain the transactions of your account. For those who are self-employed, the features of QBSE and PayPal can make work more organized too. With the steps given here, we hope that you see no failures in connecting your accounts.
You can learn about reconciling your PayPal account in QuickBooks with our next post. In one of our readings, we have also shared the ways for recording PayPal transactions in QuickBooks.
