Hello there,
I'm here to help you fix your PayPal currencies when pulling up transactions in QuickBooks Online (QBO).
When making transactions with foreign currency, you should use either the home currency bank account or the bank that uses the same currency as the invoice or bill. To simplify the process of transferring between two different foreign currencies, you will need to create a dummy bank account in the home currency.
Here's how:
- Select the Gear icon, then select Chart of Accounts
- Select New
- Under Account Type column, select Cash and cash equivalent. Under Detail Type column, select Cash on hand. And under Name column, type in Dummy Bank
- Before saving and closing, make sure that it is in the home currency.
After that, you can visit this article to proceed with the next steps (this is for ZA but the process is still applicable in the UK): Receiving and making payment for a foreign invoice/ bill with a foreign currency.
Also, you can consider recording transactions manually with the correct values in QBO and exclude those PayPal transactions that will show on the bank feeds.
Moreover, I'm adding this article as your reference in categorizing your transactions in QBO: Categorise and match bank transactions in QuickBooks Online.
Return to this post if you have other concerns about pulling up your transactions and your currencies in QBO. I'll be here to lend a hand.
