PayPal is a payment platform with a website and a phone app that enables online money transfers, allowing users to send or receive payments, make purchases, and connect their accounts to checking or credit cards.
Data integration
Actuals has a fully automated integration with PayPal. With this integration Actuals is able to extract all PayPal transactions for reconciliation purposes on a daily basis. To retrieve data from PayPal Actuals uses the:
- API integration method.
If it might not be possible to setup the API integration contact your Actuals implementation consultant for the alternative PayPal sFTP connection.
API integration
Prerequisites
- Access to PayPal user interface with administrator rights
Create API key and set the rights
- Go to https://developer.paypal.com and sign in with your paypal user.
- Go to “API Credentials”
- Hit the toggle to go to “Live” mode.
- Create App with App name “Actuals”
- Update the Features and check the “Transaction search” feature. All other features may be disabled, except the “Vault” feature since this cannot be deactivated. To update the rights press “Save Changes”.
- Copy both the Client ID and Secret key 1.
When you created the API credentials please share this information with your Actuals implementation consultant, who will use it to establish the necessary data retrieval connections:
- Client ID
- Secret key 1
PayPal data verification
To support the month end close process Actuals provides reports that have a structure similar to PayPal reports. This makes it possible to easily verify the correctness and completeness of the registered PayPal data and save supporting documentation that can be used for the month end close process.
1. Verify balance mutation
- Sign in to PayPal
- Move to tab “Payments”
- Select the “Statements - Monthly and custom” report
- Select the desired period. When performing a month end close for example a full month.
- Download the report as “PDF” file.
- Open the PDF report and verify the “Activity summary against the “Actuals - Paypal Statement” report.
To match the reports set the desired timezone for PayPal inside Actuals. Actuals can adapt the reports to match the timezone setting inside PayPal.