If you’ve ever tried to reconcile monthly paypal statements in any accounting software, then you know the pain I am about to solve for you. Keep reading. I’ve solved it.

Before there were monthly PayPal statements you had to run a report on the detailed transactions, and cut it off by a calendar month. Then you had to sort by Date, and within that, by time to be sure the balance associated with the last transaction was truly the last transaction (made that mistake).

When PayPal introduced monthly statements, this was a big help, but it did not solve the problem entirely.

The first real problem is in how you get the transactions INTO QuickBooks Online in the first place. You can set up the bank feed, but this has problems. Your sales will come in as separate transactions from the related fees. This is not how PayPal reports the transactions in the monthly statements, or activity details. All sales come in as one transaction, Gross, Fees, and Net. So if you use the QuickBooks Online bank feed for PayPal you will not be able to reconcile monthly paypal statements in minutes. It will take much longer.

When you reconcile monthly statements in PayPal there are also issues of holds and other non-posting items.

The best way to handle Paypal is to import the transactions, and I recently found a tool that makes this process very easy. In the video you will see precisely how I can reconcile monthly PayPal statements in minutes.

The product I am using to reconcile monthly PayPal statements is called SaasAnt Excel Transactions. I found it well reviewed in Apps.com, when I was looking for a better solution for deleting transactions. I had been using another tool, and found I had imported an entire year of sales twice. SaasAnt provides a solution that includes both importer, deleter, and exporter in one product.

The pricing for SaasAnt also makes a lot of sense – $30/month for 15 users and 30 companies. You do have to add users by company – it would be great if you can batch add users to your companies, but not the end of the world.

Once I started using this tool, and set up my initial mapping, I started blasting through all of the months. I was able to reconcile monthly PayPal statements in minutes, and get an entire year of PayPal transactions posted and reconciled in a couple of hours.

Need help?

Get a 1:1 with me, and I will get you set up with SaasAnt Excel Transactions. Once we build your mapping, it will be a cinch to reconcile monthly paypal statements with QuickBooks Online

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