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Ivan Fed
September 2, 2024
Question

Can't linkn my Payoneer Bank Account

  • September 2, 2024
  • 1 reply
  • 0 views

Hi! I have a Payoneer account registered in US. When I am linking the "All regions excluding UK" option I get an error  message - 

If you need to connect to banks with different currencies, upgrade to QuickBooks Online Essentials or Plus.

BUt I don't want to link different currencies, just USD account. Please assist if there is a way to link the bank account without upgrading to costly Essentials subscription. Thanks.

1 reply

F
FaithA
September 2, 2024

I'm here to help you out, Ivan. I want to provide helpful information about the integration between Payoneer and QuickBooks Online (QBO).

 

Currently, Payoneer connections are only available for customers based in the UK and the European Economic Area (EEA). This is why the error message indicates that you need to turn on the multicurrency feature.

 

Enabling the multicurrency feature requires upgrading your QBO plan to manage multiple currencies and seamlessly integrate your Payoneer account with QBO.

 

However, we understand that upgrading your plan may not be feasible for everyone. As a workaround, you can manually download your transactions to QBO. To do that, we need to request the transaction information or bank statement in CSV or QBO file format from your bank. After doing this, we can manually upload it. Follow these steps: 

 

  1. Go to Transactions, then select Bank Transactions.
  2. Select the blue tile for the account you want to upload the transactions into.
  3. Select the Link account dropdown, then click Upload from file. 
  4. Select Drag and drop or select files and select the file you downloaded from your bank. Then, select Continue.
  5. In the QuickBooks account dropdown, choose the account you want to upload the transactions into. Then, select Continue.
  6. Follow the onscreen steps to match the columns on the file with the correct fields in QuickBooks. Then, select Continue.
  7. Select the transactions you like to import. Then, select Continue.
  8. Select Done once finished.

 

Lastly, I'd like to share this Community article as a future reference for reconciling the transactions that you uploaded: Reconcile transactions that are older than your opening balance in QuickBooks Online.

 

In the Community, we aim to assist you with whatever issues you encounter. With that said, please don't hesitate to come back to this thread if you need further assistance with linking your bank accounts. We'll be here to lend a hand.

I
Ivan FedAuthor
September 2, 2024

Unfortunately this doen't work for me. I have an account for LLC registered in USA but I cannot link it because of this error.  Uploading bank records manually is not an option also. Could you please sort this question out with Payoneer while many of us have US bank accounts. Thanks.

C
CarlSJ
September 2, 2024

I appreciate you for returning to this thread, Ivan. Let me clarify things about linking the Payoneer bank account to QuickBooks Online (QBO).

 

Please note that the data downloaded through sync will be based on your Payoneer bank. However, QuickBooks doesn't offer the option to download only US transactions.

 

Additionally, QuickBooks requires you to upgrade to QBO Essentials or Plus for access to multi-currency features if you're linking a Payoneer bank account with different currencies and need to handle foreign transactions.

 

Also, since you don't want to upgrade your QBO subscription, I'd recommend manually uploading your bank transactions into QBO as a workaround.

 

For future reference, here's an article on creating bank rules so that downloaded transactions will be automatically categorized into correct accounts: Set up bank rules to categorize online banking transactions in QBO.

 

I'll be available to help you with any questions or concerns about linking your Payoneer bank account to QBO. Have a good one.

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