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LA2A
Level 1

Is there still no way to pull Paypal transactions in Quickbooks in the right currency? Up to now USD transactions show up as GBP which is a big accountancy nightmare.

 
5 REPLIES 5
GenmarieM
QuickBooks Team

Is there still no way to pull Paypal transactions in Quickbooks in the right currency? Up to now USD transactions show up as GBP which is a big accountancy nightmare.

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:

 

  1. Select the Gear icon, then select Chart of Accounts
  2. Select New
  3. 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
  4. 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.

4Gal
Level 11

Is there still no way to pull Paypal transactions in Quickbooks in the right currency? Up to now USD transactions show up as GBP which is a big accountancy nightmare.

@LA2A  

You need a 3rd party connector to reconcile Paypal with multi currency transactions.

LA2A
Level 1

Is there still no way to pull Paypal transactions in Quickbooks in the right currency? Up to now USD transactions show up as GBP which is a big accountancy nightmare.

Thank you for the response. 
what would that be? Any suggestions?

LA2A
Level 1

Is there still no way to pull Paypal transactions in Quickbooks in the right currency? Up to now USD transactions show up as GBP which is a big accountancy nightmare.

Thank you for the response.

 

however this begs the question: why is this so complicated still with Quickbooks where on the Quickbooks Self Assessment all the PayPal transactions are pulled in the correct currency and converted too and also the PayPal charges show up as expenses too?

 

why is this not still the case with the professional version of Quickbooks and should we expect this to be implemented or should I be looking into switching to a different platform altogether?

 

I have hundreds of PayPal transactions to file per month, doing this manually when my self assessment software does it automatically is definitely going backwards and would require tremendous amount of time.

4Gal
Level 11

Is there still no way to pull Paypal transactions in Quickbooks in the right currency? Up to now USD transactions show up as GBP which is a big accountancy nightmare.

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