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I have run into a major hiccup and have no clue how to get around it.
I have read over and over the issues others have had with Quicken and Paypal. I thought I was armed with all my information to get it going. Not.
Issue is.....I have just installed Quicken 2012. I realize that Paypal no longer allows any web connect auto updates to my Quicken account (boo!) so I proceeded with the download in the only Quicken format Paypal provides, which is .qif.
Hiccup....Quicken no longer support .qif file anymore, but that is the ONLY Quicken option to download a file.
I desperately need to use an accounting software, but cannot seem to find one that will streamline with Paypal and how they provide their downloads.
I have emailed Paypal informing them since the new IRS reporting structure it's more important than ever to provide the tools needed for small businesses. I suspect I won't "be heard" but hoping maybe out there in Paypal land is an answer. I am even willing to switch accounting software options if need be as I have just begunt this process. But, unsure what program will be feasible to use with Paypal and how they provide their transaction history.
Thanks in advance for any input!
I am a one of many business owner who happen to use PayPal for some or all of their credit card processing for e-commerce or if you sell items on E-bay and who also happen to use Quicken for their accounting package.
This issues is that almost every financial institutions (that I use) provides the QFX (web connect) format which allows users to download, their transactions into Quicken so that you can manage. review, audit, report etc your financial picture.
The biggest issue is... PayPal does not seem to care. They know it is an issue. They have always known it was an issue. AND THEY DON'T SEEM TO CARE.
If you google this you can find a number of people who have this issue, so I know that it is widely known
I always seem to get the the run-around when I contact PayPal who basically say in a nice way. "We are not not compatible with the newer version of Quicken, and this is really your problem. If you you need help with any other issue, please don't hesitate to contact us"
I thought I found an online solution...but it did not work.
So what can we to do.
1) Manually enter in every PayPal transaction into Quicken.
2) Shop for and pay for a utility that will take one of the PayPal formats and create a QFX file.
3) Complain to PayPal corporate.
I am encouraging that everyone affected by this to write PayPal corporate and demand that they provide a solution to it's users.
I have been requesting that Paypal add the format .QFX for over a year. They still have not updated. I am about ready to cancel Paypal and go to something else.
The only work around is to cread a cash account in Quicken...and import PayPal into it...then manually edit the category of all the transactions.
It should not be rocken science for PayPal to add the QFX that every other financial institution offers
I have been downloading my Paypal transactions to Quiciken since 2005 without a hitch. I would download the file, save it to my desktop, then open it with Quicken (qif). Last evening I tried every avenue for about 1 1/2 hours and finally decided that the program was down so I gave it another unsuccessful try tonight then read a reply to your post that the qif format is no longer a part of Paypal.
I did download my daily report by month and will use those as best I can to file my tax returns. Otherwise, after depending on Paypal for many years, I'm up a creek and looking for a paddle!!