Reconciling Multi Currency PayPal Transactions - Shopify Store Owner

You need a 3rd party app to reconcile Paypal transactions in multicurrency to QBO.

Have you got any examples of apps that can do this? I have looked in the App Store and spoken with the developers of A2X and they have confirmed they can’t reconcile this. There is one other app from SaasAnt that looked like it might solve my problem but I am waiting for a reply from them. Thanks 

Explore this one

https://synder.grsm.io/quickbooks

Thank you. I have just contacted the developers. I’ll be sure to update the thread if they can solve this issue.

Any news on this? I have the same issue too. I've been manually amending the incorrect USD figures to the correct amount in GBP on the bank feed, but then it throws it out and when reconciling I now have to minus money and it's thrown it all out. So annoying!!

@Michael Rowlands 

You still need a 3rd party app as a workaround.

https://partnerstack.synder.com/quickbooks

Hi there, Michael.

At the moment, reconciling multi-currency PayPal transactions is still not available in QuickBooks Online. Similar to Fiat's suggestion, you'll want to explore third-party applications that offer similar services. 

Here's how to look for accredited apps in QBO:

1. Go to the Apps menu and proceed to the Find Apps tab.
2. Click the drop-down list for Browse category and select a category.
3. Choose an app and click on it to view more details and what they offer.

You can also add your feedback or suggestions about being able to reconcile multi-currency PayPal transactions. Customer voices are collected and reviewed when new updates and features are designed. Here's how to send it in QBO: 

1. Go to the Gear icon and select Feedback.
2. Type in your feedback and suggestions about multi-currency PayPal transactions in QBO.
3. Click Next to submit them.

Let me know if you have other questions for us. We're always here to help. 

Hello,

thanks for the replies, I've looked at the app suggestion and it isn't feasible for me to spend £9.99. I take 2 USD payments per month and they are both usually under $10. So I might as well just stop even selling in the US rather than pay for the app if that makes sense?

Is there any way to sort this manually so that when I reconcile it balances? I don't mind doing a couple of transactions manually every month personally (although I will be putting a suggestion into QB still!)

At the moment I've amended the PayPal transaction from the amount pulled in by QB, and changed it to the correct GBP amount. E.g a payment of $10 would show as £10, I've gone in and changed it to the exchange rate for the day, so for example £8.80. But then that put my PayPal out by £1.20. Then when reconciling I now have an extra deduction on the profit/loss report showing minus another £1.20. 

Surely there is a way I can even exclude the PayPal transactions and add these 2 manually without it needing to minus more money when reconciling? 

I'm trying to get everything sorted and ironed out before the new tax year so I don't need to run a spreadsheet alongside QB otherwise I might as well not bother with QB at all!

Thanks,

Michael

Hello  Michael Rowlands, thanks for coming back to us on this thread, so I think  the reason why the transaction is showing as GBP even though it should be foreign currency is because the PayPal account on the Chart of accounts was setup with GBP currency. We can't track transactions with different currencies in an account with one currency in Quickbooks. So what you will need to do is you would have to setup a PayPal account in Chart Of Accounts with say for example AUD currency and import the AUD transactions into it. After that you can exclude those AUD transactions showing under the PayPal GBP and should then be able to reconcile that account with no issues. 

Hi Ashleigh,

Is this possible on the 1st tier of QB online? Or do I need to upgrade and pay an extra £15 roughly per month to do this? I've literally taken $50 in payments this tax year over 12 transactions, so upgrading really isn't worth it, this is why I'm looking for a manual workaround that still makes my books balance.

I've tried to find where to change the currency on the chart of accounts and I can't see any option on my plan.

Thanks,

Michael

Hello Michael, what Quickbooks online account do you have with us exactly is it our simple start, essentials, plus or advanced plus? 

Hey, I have the simple start plan as I'm only a sole trader with less than 10k revenue and 99% of my income is royalty-based, with very little being USD which goes into a PayPal personal account. (PayPal won't allow me to have a business account for some reason and won't tell me why so upgrading that isn't an option either).

Thanks for coming back, Michael Rowlands.

For QuickBooks Online (QBO) Simple Plan version, the option to accept and make payments in different currencies is unavailable. This is available in Essential, Plus, and Advanced versions. To learn more about the QBO plans and features, check out this link: https://quickbooks.intuit.com/uk/pricing/#all. If you need to upgrade your plan, just follow the steps below:      

1. Check out the available pricing plans to see which subscription level is right for you.
2. Sign in to QuickBooks Online as a primary or company admin.
3. Go to the Gear icon on the top menu and then Account and settings.
4. Select the Billing & subscription tab.
5. Make sure your payment info is up to date.
6. In the QuickBooks Online section, select Upgrade your plan.
7. Review the available plans and then select Choose plan.
8. Follow the on-screen steps to upgrade your plan.

Once done, follow the steps provided by Ashleigh1 to manually reconcile the balances. Also, when entering transactions with foreign currency, we can only use the home currency bank account or the bank whose currency corresponds to the invoice/bill. To facilitate movement between the two different foreign currencies, we can create a dummy bank account in the home currency.

You can also manually record the transactions in QBO with the correct values. Then, exclude those PayPal transactions that will show on the bank feeds. On the other hand, it would be best to contact Paypal Support Team for assist on how to make your PayPal a business account. Once everything is fine, here's an awesome resource that you can use as a guide in reconciling your account: Learn the reconcile workflow in QuickBooks.

I'd love to know how this goes. I'd appreciate any details you can provide. If you have any other concerns about managing multicurrency transactions in QBO, feel free to leave a reply below. I'm always ready to lend a hand to ensure your queries are addressed. Have a good day ahead and take care. 

Hi Michael, did you ever resolve this issue for your store? I’m still struggling without any real resolution. 

I installed Paytraqer an app in the intuit store, which works well, like you I only have a handful of foreign currency transactions so I can use the free account. However, it doesn’t work without a lot of manual actions. Excluding transactions from the PayPal integration, syncing and deleting the duplicate sales receipts. 

just wondering if you found something easier?

Thanks,

Guy

Hi Guy,

Yes, I did thanks, but unfortunately, it wasn't with QB. I unsubscribed and now use different software (free with a UK business bank) as I refused to upgrade packages to £30 a month for a few dollars worth of currency every month, I spent hours trying to get around the issue to no avail.

Thanks for the swift reply! What software did you go with? It’s quite unbelievable that QuickBooks and PayPal haven’t worked this out yet. Some of the largest players in their respective markets. There must be a lot of other people in the same boat.

Will QuickBooks Online multi-currency with if I have Shopify Integration?

QBO help on Multi-Currency says "If you connect QuickBooks Commerce with QuickBooks Online, multicurrency won’t work." Is Shopify integration the same as or dependent on QuickBooks Commerce? I don't want to screw up my Shopify Integration by turning on multi-currency.

Thanks, Jody [Removed]

Hello there, @Jeff20. I'm here to share some insights about integrating Shopify with QuickBooks Online (QBO).

You have the option to not enable the Multicurrency feature when integrating Shopify. To connect it, refer to the steps in this article: Shopify and QuickBooks Online Integration Guide.

Also, Shopify is not dependent on QuickBooks Commerce. The latter is used to manage your Shopify products, stock levels, and sales orders. You can connect Shopify using QuickBooks Connector. 

If you have any other concerns integrating Shopify to QBO, please don't hesitate to leave a reply below.  Have a good one and stay safe. 

@Jeff20 

You can explore a 3rd party connector to reconcile Shopify with multi currency transactions into QBO.

Thanks. I don't need multi-currency for Shopify; I don't sell international. I only need it for purchases and credits from international manufacturers. 

Can I also ask what software you went with in the end, Michael? I'm seriously struggling with this and have grappled with Quickbooks for hours and hours. This is absolutely a dealbreaker for me and likewise, I don't want to spend another tenner a month to be able to reconcile my PayPal USD receipts and still have to fiddle with the transactions. I might as well go back to a spreadsheet!

It's a shame, as I was hoping to save myself some time on the bookkeeping.

Yeah, I went with freeagent, it's free with a mettle business account if you do 1 transaction a month. Does what I need, you can easily setup different accounts for seperate paypal currencies :)