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towerone
July 31, 2020
Question

Paypal import - currencies

  • July 31, 2020
  • 1 reply
  • 0 views

Hi, I connected my Paypal account and imported all the transactions. Some payments and receipts are in dollars, and some are in pounds.

 

Q1. Does QB automatically convert the dollars to pounds for the purpose of the tax P&L calculation?

 

Q2. If yes, then where do I find the exchange rate it used? 

 

Q3. Is the exchange rate calculated at the time of the transaction, or at the time of the import?

 

Q4. If it does not convert, then presumably I need to edit every transaction. How do I do this?

 

Any help appreciated.

 

Cheers

1 reply

A
Ashleigh1
July 31, 2020

Hello Towerone, 

 

Welcome to the Community page, 

 

In Quickbooks the way it deals with this is that every transaction that is brought in is brought in as the home currency amount, but is the amount of the transaction. So if something is $20 it becomes £20 when it is brought in. As in Quickbooks multicurrency is not actually supported.

 

So what you will need to do is exclude any transactions that were not in GBP and just record them manually in your Quickbooks. 

 

 

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