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oorla
December 23, 2019
Solved

categorising paypal currency conversions on quick books self employed

  • December 23, 2019
  • 2 replies
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How do I categorise a paypal currency conversion on quickbooks self employed?

 

Best answer by payment after leaving

Hi Dhy08 The self employed product only deals with transactions in GBP you'll have to manually work out the exchange rate/amount of the transaction and add it to the transactions page.

2 replies

C
claire19
January 28, 2020

did you find the answer to this?

JenoP
JenoP
January 28, 2020

I'll help you categorize your PayPal transactions, claire19.

 

For now, QuickBooks Self-Employed does not support multi-currency. You'll need to convert the amount of the transaction to your home currency before manually recording it in your account.

 

If the transactions are automatically downloaded from your bank, you can exclude them first before manually entering them in. Follow the steps in this article to remove transactions: Exclude or delete transactions.

 

Then, follow these steps to manually record transactions:

 

  1. Go to the Transactions menu and click Add transaction.
  2. Enter the date of the transaction, description, and amount.
  3. Select a business category and click Save.

You can add another reply below or tap on us again if you need more help with your customer payments. 

 

C
claire19
January 29, 2020

Hi

 

Thanks for coming back to me.

 

Paypal does this for me. When I have had a payment go in or out in Paypal, it shows three entries - the amount i was charged or paid in the other currency, the conversion to my currency and how much i paid. All of those entries come into Quickbooks. I assumed, it evens itself out because paypal balances it out?

So for each of those types of transactions I have three entries - what is quickbooks doing with these in the calculation? Is it ignoring figures that are not in my currency? Because if so it needs to be clearer about this.

If this is the case, can I exclude the two entries that are converting the cost and just log the entry in my own currency?

If not, do I keep all three entries, and if so how to I categorize the the conversion entries?

 

Thanks

Claire

Dhy08
Dhy08
November 20, 2020

Hi,

Do I need to record a commission expense then reversed by general currency conversion? 

Thanks

P
payment after leavingAnswer
November 20, 2020

Hi Dhy08 The self employed product only deals with transactions in GBP you'll have to manually work out the exchange rate/amount of the transaction and add it to the transactions page.

    Dhy08
    Dhy08
    November 20, 2020

    Alright, thanks John C. 

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