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.
In the new app
- Store API/SFTP secrets under Import › Setup › Credentials (use Create Credential).
- Attach the credential to a PSP Source under Import › Setup › Sources.
- Monitor ingestion under Import › Files.
The Actuals - PayPal connector enables daily import of all PayPal transactions for reconciliation in the Actuals platform. To achieve this, API credentials need to be created and added to the Actuals platform. The steps below illustrate how to get the API credential and how to configure Actuals to collect the data periodically.
Setup the Actuals PayPal connector
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 you can add these credentials to our platform. Do this by following the guide below and choosing the “PayPal” credential type:
Adding a credential to Actuals
To add a credential to Actuals:
- Sign in to Actuals and navigate to Import › Setup › Credentials.
- Click Create Credential.
- Provide a desired name for the credential.
As a best practice we suggest to use the combination of the application name and the account the credential is part of. For example “Adyen - European Merchant”.
- Provide the desired credential type.
- Dependent on the type you will be asked to provide one or more credential parameters.
- Click Create to add the credential.
You now successfully created the credential. Please inform your Actuals implementation consultant once you successfully added the credential in Actuals.
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.
If it might not be possible to setup the API integration contact your Actuals implementation consultant for the alternative PayPal SFTP connection.