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Anonymous
November 7, 2017
Solved

Foreign currency transactions in PayPal QBO

  • November 7, 2017
  • 4 replies
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I have a PayPal account in CAD. On the statement, the account accepts both USD, CAD and THB. The statement doesn't really match the QBO charts. How do I make sure that all transactions are accounted for in CAD? Thank you.

    Best answer by Dwayne11

    Hello KPMaxie,

     

    The multi-currency option in QuickBooks Online is used by setting a specific currency for Vendors or Customers. That will let you send them an invoice in their currency, but it will be recorded in the home currency. Imported transactions and bank feeds will need to be in whatever you have set as your home currency. I hope that gives you some info to work with. 

    4 replies

    AliciaRoy
    AliciaRoy
    November 8, 2017

    Hi LauraMNAQ, 

     

    I'll do all that I can to help you record these PayPal transactions. 

     

    Can you please let me know if you're using the Canadian version of QBO, or the US version? It'd also be useful to know if you have PayPal set up to import into QBO, or if you're just entering the transactions manually while referencing the PayPal statement. 

     

    Please reach back out with this new information, and I'll guide you in the right direction from there. 

    K
    KPMaxie
    January 12, 2018

    Not the OP, but similar situation.  CAD Paypal account, but processing transactions in CAD, USD, EUR, CHF.  Using QBO Canadian version with multicurrency enabled.  

     

    Already using Sync with Paypal, however that is causing more problems than it is currently solving.... :)

     

    Thank you in advance for any insights!

      D
      Dwayne11Answer
      January 18, 2018

      Hello KPMaxie,

       

      The multi-currency option in QuickBooks Online is used by setting a specific currency for Vendors or Customers. That will let you send them an invoice in their currency, but it will be recorded in the home currency. Imported transactions and bank feeds will need to be in whatever you have set as your home currency. I hope that gives you some info to work with. 

      N
      Nikk0Marie
      October 17, 2019

      I couldn't figure it out in Quickbooks, but I managed to figure out how to do it through Paypal.

      Rather than downloading the transaction data under Activity, I went to Reports and generated a series of Financial Summary reports (only works 1 month at a time this way) and set the currency to CAD (can set to whatever your home currency is) and it converted all the transations to CAD. I then downloaded a CSV of this data and uploaded that to Quickbooks.

      Not ideal, but works well enough if you absolutely need to import international and multi-currency transactions.

      Good luck!

       

      .... Quickbooks, you REALLY need to get on this. This is beyond ridiculous that a currency conversion upon upload isn't the norm by now. Seems a pretty basic thing for  ACCOUNTING software.

        J
        joey7
        November 7, 2019

        Thanks, I will try this one. 

        C
        Chad17
        November 13, 2019

        QUICKBOOKS you really need to FIX THIS this!. Advertising as multi currency compatible yet the Paypal  app banks feeds can't even differentiate between different currencies is complete garbage. As a result reconciliation is impossible and the books are a mess. I may as well you an EXCEL spreadsheet.

          J
          jjkr
          December 13, 2021

          Hi All, 

           

          Can someone tell me when multicurrency for paypal (UK) bank feed will be supported again?

           

          This used to work fine but stopped working for me around 2 years ago?

           

          Which is the best thread/feedback suggestion to follow for when this will be fixed?

           

          Thanks,

          M
          MadelynC
          December 13, 2021

          Good day, @jjkr.


          I've seen that you’ve posted twice on the Community. My colleague Ashleigh has already addressed your concern. You can check this link to view her recommendation: https://quickbooks.intuit.com/learn-support/en-uk/transactions/re-my-paypal-bank-feed-appears-to-be-pulling-in-transactions-in/01/989505#M15086.


          Our QuickBooks Support page contains resources, video tutorials, and tips to manage your company. If you need more information, feel free to visit the site.


          Don’t hesitate to tap the Reply button below if you have other questions or concerns. I’ll be here to help. Have a great day and always take care!

          D
          davidepannozzo
          January 17, 2022

          Hello everyone,

          I've asked customer care to assure me if I could import EUR transactions from my PayPal account into QB, and they told me I would have been able to do it with the multi-currency plan, which doesn't work, as I see here in the thread.

           

          Did anybody find a workaround?

          Any news from QB on the option to get implemented?

          Thanks,

          Dave

          M
          MirriamM
          January 17, 2022

          Hello there, @davidepannozzo.

           

          Right now, QuickBooks Online (QBO) currently doesn't support multi-currency for PayPal transactions as any incoming or downloaded items are converted to the bank's home currency. In the meantime, you may consider using a third-party application tool to help you manage your PayPal transactions. While I’m unable to recommend you an app, to view a wide range of options, use specific keywords to narrow down the search. You can check the reviews from other customers to help you decide which app suits your business type and needs.

           

          To look for an app, here's how:

          1. On your QBO account, click Apps in the left menu. 
          2. Go to the Finds Apps tab.
          3. In the search tab, type in the app you're looking for.

           

          In case you need tips and related articles in the future, visit our QuickBooks Community help website for reference: QBO Self-help.

           

          Let me know if you have other questions. I’m always here to help. Have a great day.

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