Accounting has never been easy for PayPal merchants. It involves users to manually download PayPal transaction history one month at a time, collate and combine the CSV data in Excel and then play around with formulas to get to final numbers. To make things even more time consuming and difficult, PayPal does not let users download transaction history right away. One needs to select a date range (of 31 days max), and then wait for the data to be collected by PayPal servers. Once ready, PayPal sends an email notification so that users can re-login to PayPal and download a month’s worth of transaction log. Now, we have a smart and faster way to get through this with a PayPal accounting software – PaySketchPaySketch makes it really easy to account for PayPal transactions – numbers, amount, fees etc. There is absolutely no need to download PayPal transaction history – just connect PaySketch to PayPal and it will automatically start pulling in all the PayPal transaction data onto your computer. Within a few seconds you get access to the most recent transaction data, while the rest is being downloaded in the background. At the same time, the analysis engine kicks in with number crunching while refreshing statistics as more transactions are downloaded.
A quick statical summary of transactions is shown right below the transactions grid – Transaction count/Number of transactions, Total Credits, Total Debits and the PayPal fees that has been paid. These numbers are calculated based upon the applied filters and search results generated through them. Otherwise, they show the account-wide details.
Clicking on any transaction gets you split-second access to its details on the right hand side panel. This includes a quick summary, along with order and shipping details if any are involved.
While you can really analyze your PayPal account – sales, payments, products and customers, what really gets PaySketch going is its reporting or accounting capabilities for your PayPal account. It has a dedicated Reporting Dashboard that helps you account for transactions , generate and download report. The accounting section is categorized into 2 primary reports:-
- Financial Report – this includes high level numbers around payments (sent and received), chargebacks & disputes, refunds, credits and debits to and from your account respectively. At a glance, you get to the know the precise standing of your business and can take measures to act upon and make better decisions.
- Sales Report – this report helps you get in-depth numbers for sales, payments, refunds, credits and debits for each of the days, along with a summation to all of the details which will show up at the end. With precision to the second decimal values, this report tells you exactly how the financial machinery of your business is performing and where things need to be fixed.
- Subscriptions Report – this report maps all subscription payments, new signups and cancellation of pre-approved payments. Results are shown in a line-area chart and listed in a grid below.
- Products Report – the products report gives an in-depth view into product sales over time and also includes revenue distribution of these sales by countries.
- Countries Report – this report segments the sales revenue by countries, and further maps it to product verticals within each of those countries
Both the reports can be archived and downloaded in PDF and CSV formats.