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A
Anj1
September 19, 2018
Question

Paypal multi-currency

  • September 19, 2018
  • 1 reply
  • 0 views

I want to know the best way to convert my incorrectly PayPal multi currency items into the correct foreign currency.

IE I received USD 150, quickbooks imports this as GBP150.......

how do I change the GBP150 into USD 150 or the correct GBP converted value?

Although paying for multi-currency I would rather report it as USD150

Thanks

    1 reply

    E
    EdwardR
    September 19, 2018

    Hello Anj1,

     

    Welcome to the Community.

     

    That is a good question, now with the Banking tab in QuickBooks Online the bank account can only have one currency per account so whichever currency the account is set at the transactions brought in will appear in this currency. I know this is not an ideal situation normally I would advise manually recording the payments for any transactions which are effected by this particular feature in the banking. This will then allow you to still be able to reconcile accurately.

     

    Please let me know if there is anything else I can help with. :)

      A
      Anj1Author
      September 20, 2018

      That is very disappointing, considering many other systems are able to import PayPal with all the currencies. I thought I had upgraded moving to quickbooks but my old system which was free was even able to do this. 

      Looks like I will be cancelling my subscription as I did not sign up to delete imported data and then manually re-enter in the correct currency. I will go back to Waves or Xero as I know both these systems are capable of basic bookkeeping imports.

      You really should make this clear as looking at the questions asked a lot of people are not aware of this when they sign up!

       

       

      A
      Anonymous
      September 20, 2018

      Hi Anj1,

       

      Thank you for getting back in contact.

       

      I understand this could be frustrating, I would recommend to leave feedback to the developers of the website so this can possibly be implemented in the future. To do this click the Cog wheel and then Feedback.

       

      Thanks, Carly.

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