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If you use PayPal, you can and should use Quicken to track the money flowing into and out of your PayPal account. Fortunately, tracking a PayPal account with Quicken is pretty dang easy.
To track PayPal using Quicken, you want to remember these points:
- A PayPal account is really just another bank account — albeit a special sort of bank account. Accordingly, you want to set up a Quicken PayPal account in the same way that you set up any other Quicken bank account.
- If you use your credit card to pay money into the PayPal account, you're actually transferring money from your credit card account to your PayPal account. To record this transfer, you record a credit card charge into your credit card register. However, rather than use a Quicken category, you specify the PayPal account.
- You should reconcile your PayPal account just like any other bank account or credit card account. During this reconciliation, be sure to record any PayPal charges.
And one final point for people who really want to push the envelope: PayPal will allow you to download your transaction history into a .QIF file, which can then be imported into Quicken. You may want to refer to Quicken's and PayPal's online help for more information.
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