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oorla
Level 1

categorising paypal currency conversions on quick books self employed

How do I categorise a paypal currency conversion on quickbooks self employed?

 

8 REPLIES 8
claire19
Level 1

categorising paypal currency conversions on quick books self employed

did you find the answer to this?

JenoP
QuickBooks Team

categorising paypal currency conversions on quick books self employed

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. 

 

claire19
Level 1

categorising paypal currency conversions on quick books self employed

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

FritzF
Moderator

categorising paypal currency conversions on quick books self employed

Thanks for getting back to us in the Community, @claire19.

 

QuickBooks will not calculate the other entries unless you categorise them. In this case, you can exclude them and just enter your currency. To do this, you can follow the steps shared by my colleague above.

 

Just in case, I'll add this article for future reference: Manually add transactions in QuickBooks Self-Employed.

 

Please let me know if you have any other issues or concerns by leaving a comment in this thread. I'll be here to help. Have a good one!

claire19
Level 1

categorising paypal currency conversions on quick books self employed

Hi

 

Thanks for your helpful response.

 

I have done some testing. Leaving all three entries calculates the correct amount in my own currency. Also excluding the two amounts that are not in my currency comes up with the same calculation. I also tested leaving the paypal transaction (in my currency there) versus manually entering the same amount, and it doesnt make any difference. So I think I will just exclude the currency conversions and keep in the amount in my own currency that quickbooks automatically generated from my paypal account.

 

Thanks again

Dhy08
Level 1

categorising paypal currency conversions on quick books self employed

Hi,

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

Thanks

John C
QuickBooks Team

categorising paypal currency conversions on quick books self employed

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
Level 1

categorising paypal currency conversions on quick books self employed

Alright, thanks John C. 

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