PayPal
Uncat resolves accountant and bookkeeper’s issues with PayPal’s uncategorized deposits
PayPal and Uncategorized Deposits
PayPal is an online payment system that securely helps you make purchases online through many stores and even send or receive money from others. While Venmo is a popular payment app for peer-to-peer payments—which PayPal also offers—PayPal reigns supreme for online payments through hundreds of stores like Etsy, Walmart, Home Depot, Best Buy, Dick’s Sporting Goods, and more for over 426 million users (Business of Apps). PayPal is such a popular payment solution that PayPal handles 22% of all online transactions in the United States (Statista) and processed 19.3 billion transactions in 2021 alone (Business of Apps).
With many stores selling hundreds of different products/services—similar to Walmart, Costco, Amazon, Etsy, and others—and money transactions having an indefinite possibility of descriptions, it is inevitable to face uncategorized deposits in PayPal. For example, one description of a payment deposit to your client might mean something to the client or the customer, but when you’re looking at the transactions, the description might mean something entirely different to you. In addition, you can send money for any product, service, or reason. All of this leads to uncategorized expenses and deposits from PayPal transactions for accountants and bookkeepers to agonize over.
How Does Uncat Fix Uncategorized Deposits from PayPal?
Uncat works to alleviate the issue of uncategorized deposits from PayPal. Uncat takes these uncategorized deposits from PayPal—missing key information or having ambiguous information—that come into the accounting software (i.e. QuickBooks Online, Xero, or QuickBooks Desktop) via bank feed and are reconciled into the general ledger and syncs them into Uncat. After syncing the uncategorized transactions, Uncat notifies your client and retrieves the necessary information back from your client. Once your client updates the transaction by submitting the required information (i.e. description, receipt, customer), you—as an accountant or bookkeeper—can easily review and categorize uncategorized deposits. After you’ve categorized the deposits, Uncat syncs those transactions back to the general ledger so you can complete the month-end close. Through this process, Uncat saves you time, productivity, and money—an average of 12 hours and $238 per month so you can prioritize tasks worthy of your energy and attention.
