Etsy U.S. Tax, Bookkeeping, QuickBooks, and Business License Topics Quickbooks and Paypal = Frustration

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Original Post

Trying to figure out how to balance my 1099K from Paypal with my quickbooks files. When I import the IFF data from Paypal into quickbooks it creates 3 income accounts. None of whihc add up to the figure on the 1099. How do you make heads or tails of this info I can;t seemn to get it to balance with the 1099.
Michelle
p.s. plus I got errors 7 errors while importing

Posted at 11:55am Apr 11, 2012 EDT

Responses

Quickbooks is crazy, it's just so much work. I've actually worked in depth with Quickbooks and I find it to be such a pain for things related to online (paypal) and currencies etc.

You should give Outright.com a try. You just submit your information (all secure) such as Paypal account or bank account and then they import each record and give you reports so you know your profit/loss AND they have a tax feature so you know how much you need to pay.

Outright also has a cool little Paypal 1099-K help area here:

outright.com/1099-Taxes/

Good luck!

Posted at 9:45am Apr 12, 2012 EDT

outright has its issues too, i have heard of several issues here in the forums.

one is that outright automatically deducts all supplies and materials from gross sales, which is wrong, and shows less profit than you really have. because materials, supplies, and product on hand are not expenses, they are inventory. materials and product do not count as expenses until they have been sold, and supplies , not until they have been used/consumed by the business

Posted at 10:25am Apr 12, 2012 EDT

When you import from Paypal into quickbooks, here is what I learned (confirmed by other users AND by paypal):

- If you did a partial refund on a transaction, the complete transaction will not export. It is just gone.
- All money movements (to and from your bankaccount to and from PP) are not included in the exported information.

Posted at 1:37pm Apr 12, 2012 EDT

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