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Michael Rowlands
Michael Rowlands
October 29, 2022
Solved

QB Simple Start - PayPal Currency Issue

  • October 29, 2022
  • 1 reply
  • 0 views

Hello,

 

I recently started using QB's simple start plan, and have never used accountancy software before just excel.

 

When I link my personal PayPal account to QB, it auto pulls in all transactions ok, my issue is that the majority of PayPal payments are in my default currency GBP, but I occasionally receive payments in USD or Euro too. QB is recording the dollar or euro amount as GBP, hence the amount is higher than it should be.

 

E.G I got paid $10.50, QB is saying the PayPal transaction is for £10.50 when it should be for £8.96. Is there any workaround for this? I really don't want to pay to upgrade to the next version of QB as it will cost more than the foreign income I actually receive each month.

 

Thanks in advance,

Michael

Best answer by Rubielyn_J

Let me provide some information and fix your PayPal currency issues in QuickBooks, @Michael11_2.

 

Currently, multicurrency in PayPal feeds is unsupported in QuickBooks Online. As a workaround, you'll want to exclude the transaction and then enter the converted amount manually. 

 

Let me show you how:

 

  1. Proceed to the Banking menu, then select the Banking tab.
  2. Click the tile for the PayPal account.
  3. Go to the For Review tab.
  4. Mark the box next to the transactions you want to exclude.
  5. Choose Exclude from the pop-up at the top.

 

Once done, transactions are moved to the Excluded tab. To permanently delete them, put a checkmark on it, then select Delete.

 

Then, follow the steps outlined in this article to help enter transactions in QBO: Manually add transactions to account registers in QuickBooks Online.

 

Additionally, I'll be sharing these links you can utilize to help manage your bank transactions: 

 

 

Fill me in if you have other questions about payment currency issues in QuickBooks. I'm always around to help. Keep safe!

1 reply

Rubielyn_J
Rubielyn_JAnswer
October 29, 2022

Let me provide some information and fix your PayPal currency issues in QuickBooks, @Michael11_2.

 

Currently, multicurrency in PayPal feeds is unsupported in QuickBooks Online. As a workaround, you'll want to exclude the transaction and then enter the converted amount manually. 

 

Let me show you how:

 

  1. Proceed to the Banking menu, then select the Banking tab.
  2. Click the tile for the PayPal account.
  3. Go to the For Review tab.
  4. Mark the box next to the transactions you want to exclude.
  5. Choose Exclude from the pop-up at the top.

 

Once done, transactions are moved to the Excluded tab. To permanently delete them, put a checkmark on it, then select Delete.

 

Then, follow the steps outlined in this article to help enter transactions in QBO: Manually add transactions to account registers in QuickBooks Online.

 

Additionally, I'll be sharing these links you can utilize to help manage your bank transactions: 

 

 

Fill me in if you have other questions about payment currency issues in QuickBooks. I'm always around to help. Keep safe!

    N
    notanaccountant12
    February 16, 2024

    Hello!

     

    How is it going with multi-currency paypal feed? ETA?

    A
    Aldren18
    February 16, 2024

    It's my pleasure to provide insights and workarounds about PayPal Bank Feeds @notanaccountant12.

     

    Currently, PayPal Bank Feeds and Connect to PayPal don't support multiple currencies. QuickBooks Online (QBO) hasn't given us an ETA for this feature. For now, as a workaround, you can either manually mark it as cleared in the bank register if it's already in QBO or manually enter the transaction if it hasn't been added yet.

     

    For detailed steps on how to mark it as cleared, here’s how:

     

    1. Go to the Accounting menu.
    2. Select Chart of Accounts.
    3. Find the account holding the transaction, then select View Register.
    4. Select the appropriate transaction to expand the view.
    5. Review the checkmark column.
    6. Keep selecting the box until it shows the letter C.
    7. Click Save, then close the account register.

     

    If you need help in manually entering transactions in QBO, check this out: Manually add transactions to account registers in QuickBooks Online.

     

    Furthermore, you can also read this article for the complete details: Connect to PayPal FAQ.

     

    I'm also sharing this link that helps you manage your bank transactions: Categorize and match online bank transactions in QuickBooks Online.

     

    Fill me in if you have other questions about payment currency concerns in QuickBooks. I'm always around to help. Keep safe.

     

     

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