How I Manage My PayPal Income

Paypal LogoEarlier this month I wrote about how much income I generate from Paypal subscriptions and donations – so far this month over $2,600. What I did not mention in that post is that each month these subscriptions and donations come in the form of hundreds of individual Paypal transactions each month – and because I like to keep track of every penny of my income (so I can report it to Uncle Sam, of course), keeping track of all of these transactions is a real nightmare.  At the beginning of 2007, when my monthly earnings began to regularly exceed $5,000/month I started using QuickBooksPro (for Mac). Quickbooks allowed me to track every donation, ebook sale, subscription and donation, as well as my expenses such as server hosting and paying my writer that works on an up-and-coming website of mine. Using QuickBooks is easy, but manually entering all of the PayPal transactions, even without recording individual details now consumes several hours per week and results in so many errors, I can never get my numbers to balance.

There Had To Be A Better Way!

I finally got tired of wasting so much time doing data-entry and started searching for an automated method of getting my Paypal data into QuickBooks. After reading up on a few products I stumbled across SimplePort from SimpleBizsystems.com. They have a web-based system that promised to fully (and mostly automatically) import all of my PayPal data directly into QuickBooks (even the Mac version). They offered a 15-day free trial, so I decided to try it out.

In short, this product is great. It’s not “fully automatic”, and requires me to download my PayPal history to a text file, run it through their web-based system, then import the resulting file into QuickBooks. This has reduced my “PayPal time” from 20-30 minutes per day down to about 1 minute, and I have don’t have to worry about data-entry errors anymore.

You can try SimplePort at simpleBizsystems.com.

Disclaimer: Unlike most other bloggers, I have nothing to disclose. There are no affiliate links in this post.

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