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T
TheProuddad
September 30, 2022
Question

How do you set up Zelle, PayPal, Venmo etc. in QBO?

  • September 30, 2022
  • 2 replies
  • 0 views

I'm not an advanced user and haven't used categories in QBO. I'm reasonably adept at using Income & Expense Accounts & Sub-Accounts.  If I want to continue (for reports) Income & Expense Accounts & Sub-Accounts, how do I set up and identify deposits and payments using Zelle, PayPal or Venmo?  I want to know that one of these services was used, but I don't want to lose identifying the Account used (ie. office expense, phone, subscriptions, etc.).  I will appreciate your advice on this.

2 replies

T
TirzahC
October 1, 2022

I'll assist you in connecting three payment providers to QuickBooks Online (QBO), TheProuddad.

 

To start, let's make sure that you've added the correct bank in QuickBooks by using the sign-in URL. Also, the bank does not connect to all types of accounts. You may verify with your financial institution how they send this information.

 

Here's how: 

 

  1. Go to your bank's website and log in to your account.
  2. Then, copy the URL located at the address bar of your web browser.
  3. Log in to your QuickBooks Online account.
  4. Go to the Banking page and then click on Add account.
  5. Paste the URL.
  6. Click on the bank's name and sign in to your account.
  7. Follow the onscreen instructions.

 

Also, In QuickBooks Online, there are 3 ways to connect your PayPal account. The main difference between the connections is the way certain transactions are handled and the transaction details that are imported. 

 

Let's also take note that for PayPal Bank Feeds, users won't be able to get a detailed breakdown of their sales transactions. To ensure that you'll be able to obtain the details that you need, you'll want to use the Connect to PayPal or Sync with PayPal Integration  instead.

 

Once everything is good, we can review the imported transactions by matching or adding them to avoid double entries in the system: Categorize and match online bank transactions in QuickBooks Online.

 

We can also check our third-party applications that could perfectly fit your needs, we can see them in Apps Center or go to the Apps menu in QuickBooks. From there, we'll have the option to read the app's description and check out the reviews to better give you an idea of selecting the app that works best for you to connect and integrate it to QuickBooks Online.

 

Here's how to find apps:

 

  1. From the left menu, select Apps.
  2. Go to the Find Apps tab.
  3. Enter the app name in the search bar, and then the suggested apps will appear.

 

Here are some helpful articles you can refer to when connecting bank accounts in QuickBooks Online:

 

 

If we need more help connecting your bank account to QuickBooks, don't hesitate to contact us anytime. We're always here to help you.

T
TheProuddadAuthor
October 3, 2022

Thank you for your effort to help me.  I was not clear in what I wanted.  I am already set up in QBO to sync with PayPal, for example, so I am able to access my transactions.  My confusion begins at this point.  A given transaction will be displayed in PayPal and a transaction for the same amount will also show in the bank account that is attached with PayPal. 

 

What now?  Must I categorize the transaction in both PayPal AND the bank?  Please tell me the most efficient way to handle this part of a transaction.

 

Re. Zelle:  Should Zelle be set up as a separate account, a vendor or as a customer????? 

Re. Venmo:  Should Venmo be set up as a separate account, a vendor or as a customer?

G
GebelAlainaM
October 3, 2022

Hello there, @TheProuddad. I'm here to help you sort things out with your Paypal transactions.


In your case, you'll need to match the Paypal transition to the bank account in QuickBooks Online. This links them together so you can avoid duplicates when reconciling your account in QuickBooks. Here's how:
 

  1. Locate the downloaded transaction with the Match option from the Action column.
  2. Take note of the Date, Description, Payee, and amount spent or received.
  3. Click the downloaded transaction to expand the view.
  4. Review the Matching records found in QuickBooks. To match the transaction you already entered in QuickBooks.
  5. Select the link next to each match to get more details.
  6. Review the Deposit to, Payment method, and Bank account fields on forms for the existing transaction in QuickBooks, to make sure this is the correct match.
  7. Then select Match.
     

You can refer to the following articles for more details:
 

On the other hand, with regard to your Venmo and Zelle concerns, I'd suggest consulting your accountant for the right process to set up your Venmo and Zelle transactions.

Moreover, please refer to this article for future reference: Reconcile an account in QuickBooks Online.

Please post a reply if you have any further clarifications with the process provided above. I'll get back to you as soon as possible. Take care!

C
ChipHunz
October 23, 2024

What if our bank account is connected to Quickbooks and we use Zelle to pay a vendor or contractor?  Do we initiate the payment in our bank account?  If so, how does this post in QuickBooks?  Example.  I have a contractor I want to pay with Zelle.  My bank account is already connected to Quickbooks.  I pay the person from my bank account using Zelle, how di I assign that payment to the correct contractor's account?  

K
KayePe
October 24, 2024

Once you pay your contractor from your bank account using Zelle, you can match that payment to to the bill you created in QuickBooks Online (QBO), ChipHunz. I'm here to guide you with a detailed explanation of how to process your payment, ensuring the process is smooth and accurate.

 

With Zelle linked to your bank account, and that bank account is connected to QBO, you can easily make payments through the Zelle app. Once the payment is made, the transaction will sync in the bank feeds as a money-out transaction.

 

After that, create a bill in QBO if you don't have one yet and match it to the downloaded payment to mark it as paid. This will ensure that all transactions are accounted for and correctly allocated, allowing for a streamlined and accurate record-keeping process.

 

Here's how to create a bill:

 

  1. Go to the +New button and hit Bill. 
  2. Choose the correct contractor in the Vendor dropdown and the bill terms in the Terms dropdown. 
  3. Put the Bill date, Due date, and the Bill no. 
  4. Enter the bill details under Category details, select the appropriate expense account from the Category dropdown, and add a description.
  5. Have the Amount and tax. 
  6. If done, hit Save and close.

 


Afterwards, you can match the bill to the payment transaction from your bank account.

 

  1. In Transactions, go to Bank transactions.
  2. Find the downloaded record in Assign to column if you're using Business view, and Category or match column if you're using Accountant view.
  3. To expand the view, click the Downloaded record. Note the date, Description (or Bank detail), and amount spent or received.
  4. Review the suggested matches to locate the transaction recorded in QBO.
  5. Click the link next to each match for details. Suggested matches will match the amount and date range of the downloaded transaction. Ensure accuracy, and if incorrect, select Find other matches to explore other transactions.
  6. See the match if it's correct, then select Match to match it.

 

 

On the other hand, you can categorize your online bank entries in QBO to ensure your accounting records are accurate.

 

Once you complete these steps, the payment will be accurately assigned to the correct contractor's account. If you have any further questions about processing payments or other QuickBooks Online features, please feel free to reach out. I'm always here to help.
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