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G
Giovanna1971
August 21, 2022
Question

Transferring between different PayPal currencies

  • August 21, 2022
  • 1 reply
  • 0 views

Hi there,

 

I have enabled multi currencies.

 

I have multiple PayPal currencies and I can transfer between CAD and other currencies but cant seem to transfer between USD and other currencies?

1 reply

M
Mich_S
August 21, 2022

We appreciate for sharing details about your concern and the snapshot, @Giovanna1971. I'd like to provide my insights about transferring funds between different PayPal currencies.

 

The option to transfer funds using two foreign currencies is currently unavailable in QuickBooks Online. That's the reason why you're getting the error. 

 

Alternatively, you can navigate to the Apps menu within QBO or visit the Intuit Marketplace. And look for a third-party application that allows you to transfer your funds between two foreign currency accounts. You can then integrate it with your QBO account. 

 

When you're ready, read these articles that might help you maintain your accounts in order: 

 

 

We're always available 24/7 for assistance. Post back if you need extra help with this matter or QuickBooks. Keep safe!
 


 

 

 

G
Giovanna71
August 21, 2022

Hi Mich,

 

Thank you for your response. Why is one able to trf between CAD and other currencies with the exception of manually inserting the conversion rates. 

 

Is this because CAD is my home currency?

Jen_D
Jen_D
August 22, 2022

Thanks for reaching out to us regarding this fund transfer concern between multiple currencies, Giovanna.

 

Yes, since Canada is your home currency, the system won't allow you to make a transfer directly between non-home currency accounts. You'll need to transfer from USD to CAD, and then CAD to EUR to complete the process. This method also works when you create a journal entry instead of transfers.

 

For this, you'll need to create a dummy bank/clearing account. Here's how:

 

  1. Go to the Accounting menu, then select Chart of Accounts.
  2. Select New.
  3. From the Detail Type ▼dropdown, select Cash on hand.
  4. Complete the account details, and choose CAD for the currency.
  5. Select Save and close.

 

You can see these screenshots to help you with the process of transferring funds in your accounts.

 

To transfer funds from USD to EUR:


 

To transfer funds using journal entries:



 

Please message me again if you need further guidance with the process. I'll be right here to provide some more insights about transferring funds involving different currencies. Have a wonderful day.

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