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V
vitalisapps
February 5, 2021
Question

Paypal with other currencies

  • February 5, 2021
  • 1 reply
  • 0 views

Hi, I've just achieved to import from Paypal USD, TransferWise USD and TransferWise EUR. My problem is that I don't find any option to add Paypal EUR (€) as a Bank account inside my QBO. When I added TransferWise, it automatically detected that I had two accounts, one in dollars and one in euros. The problem is that in Paypal it didn't detected the EUR account, just the USD account.

 

I tried to add Paypal European but said is not compatible. My Paypal account is from USA and have USD as main currency but also have EUR available as a secondary currency. I need to find a way to be able to import the EUR account as I'm receiving lots of sales in EUR and sometimes I send money also in EUR.

 

Thanks,

Dani

1 reply

Fiat Lux - ASIA
Fiat Lux - ASIA
February 5, 2021

You may need an additional app to reconcile PayPal multi currency transactions. Yet we prefer using TW to accept multi currency payments than PP. 

https://transferwise.prf.hn/l/75dqNgB

  

V
vitalisappsAuthor
February 5, 2021

Yes I understand but there are lots of times that Stripe doesn’t work in some countries and the credit cards are denied. And then Paypal accept them. Apart that there’s a 40% increase of sales if you add Paypal as an option in checkout, and as we also have lots of sales in Spain, euros is what is better.

 

There’s any way to do it? Thanks!

Fiat Lux - ASIA
Fiat Lux - ASIA
February 5, 2021

Some of our clients are using this connector to deal with multi currency transactions from PayPal.

https:// synder.grsm.io/quickbooks

 

It offers 2 options:

1. Syncing everything into one account (recommended)

2. Syncing each currency to its own account

 

Keep in mind, if you picked 2nd option, you will have to manually create balancing transactions between separate clearing accounts in your QBO. You can create transfers or journal entries to put the remaining amounts into your clearing account in the home currency (you should consult with your accountant about the best way of doing this). 

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