How to Use Quicken 2010 with Your PayPal Account - dummies

How to Use Quicken 2010 with Your PayPal Account

By Stephen L. Nelson

If you use PayPal, you can and should use Quicken 2010 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 by using Quicken, just remember these three 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 selecting a Quicken category in the Category field, you specify the PayPal account.

  • You should reconcile your PayPal account. Just like any other bank account or credit card account. During this balancing act, be sure to record any PayPal charges that you missed or forgot to record initially.

And one final snidbit 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 online support and PayPal’s online help for more information.