Best Setup for PayPal

Philip107

What's the best account setup for interfacing with PayPal?

I currently have a regular PayPal account for online purchases and a Savings, Crypto, and Credit account. The PayPal account is linked to a credit card and my Wells Fago checking. When I make an online purchase, I enter the transaction directly into those accounts instead of the Quicken PayPal account. I have a Quicken account for each of the Savings, Crypto and Credit and manage them manually.

I'm wondering if it's possible to turn on Online Services for PayPal and have it correctly link to the corresponding Quicken accounts for PayPal or do I need to restructure the whole PayPal existence in Quicken? Is there a "Best Practices" for linking between Quicken and PayPal?

BK

My PayPal is linked to my CC and bank account (within PayPal) like you. As a result, I have not bothered to add PayPal to Quicken at all. Because if I pay for something via PayPal, it gets charged to my CC anyway. And when the CC transaction is downloaded into Quicken I categorize it accordingly.

So if I were to add PayPal to Quicken, it will be one additional account to manage, completely unnecessary for me. In my case, I do not hold any $ in PayPal and instead set it up such that all transactions are debited/credited to my CC immediately such that my PayPal balance is always zero.

I am sure there are other approaches as well.

Philip107

One reason I ask this is I'm closing a Barclays online savings account due to technical difficulties with Quicken and wondered about using my PayPal savings instead. But it doesn't seem like you can get One Step Update online functionality with just the PayPal Savings account.

BK

couple of thoughts:

Savings accounts typically do not have too many transactions, making them a viable option to setup as offline accounts in Quicken and manually enter the transactions, or export/import them.

Consider creating a new post seeking feedback very specific to "PayPal Savings" (when I hear PayPal, I don't think of a savings account, and frankly didn't know they had one which I just learned is thru Synchrony)