Multicurrency PayPal feeds are not currently supported in QuickBooks Online. If you have USD transactions you can enter these manually or upload a CSV statement to a bank Chart of Account setup in USD currency.
Thanks for your response. Although it's very dissapointing your system doesn't support this. Obviously businesses are likely to make a multicurrency purchase at some point, and this needs to be default functionality. You're causing unnessesary fuss for customers, and you're net even generating a relevant error to explain the issue. I'm slowly starting to regret using your platform for my business.
I have the exactly same problem with Paypal bank feed and I cannot understand this reply.
Because Paypal bank feed did not have any problem on this issue before, and I found this problem very recently.
This is foreign currency transaction but final value amount in my Paypal account is converted to GBP.
Before I found this issue very recently, this feed was correctly pulled as converted GBP amount.
But something has been changed now and this is very much annoying.
Can you please check this agian?
Hi Shin1, What is it that you wish for us to check again? The system is working as designed, If a bank account ( Paypal) is set up on a GBP feed then the transactions will come in as GPB as QuickBooks does not read currency as such. So if you had set up a USD bank account on a feed the transactions will come over as dollars, As Georgia pointed out you can upload these manually via a CSV file into the chart of account for that currency. Becky
Thank you for your reply but I do not think the system is working as designed.
I have only GBP account in Paypal and it is connected to my GBP Paypal account in QBO.
I know I can upload it manually but I'd like to let you know the system is not working properly now.
When I checked my paypal statement, if I paid as USD, it recorded 3 lines as below.
|General Currency Conversion||Completed||GBP||-9.02||0||-9.02|
|General Currency Conversion||Completed||USD||9.99||0||9.99|
Then the system should pull out GBP line only. 2 USD lines are just internal conversion history. Or at least it should pull out all 3 lines then I can manage it easily no matter what currency it is.
But unfortunately the system only pulls out first line only now. Then I should check the data in my statement and revise them manually.
I am not a expert about this kind of issue, however I think data coding of this feed is not correct now.
Thanks for getting back to us on this, shin1,
This is unusual, and I know it wasn't an easy task for you. While QuickBooks Online currently doesn't support multi-currency for PayPal transactions, any incoming or downloaded items are converted to the bank's home currency.
What I can suggest for now is reviewing your PayPal statements and see if there are other transactions prior, that were posted with the wrong currency.
If in case you find anything, please contact PayPal Support. The data received in QuickBooks is based on the command sent by their system. There are settings they can double-check for you to make sure the data is downloaded in QBO correctly.
However, if this is the only affected transaction, what we can do is to delete the entry from the Banking page and manually uploading it into the system. This way, the register's balance is correct.
Check out the following links to help you import transactions and other tips to manage your Banking:
Also, we haven’t received any reported issues about this at the moment. If the issue persists, I’d recommend reaching out to our Customer Care team. Here's how:
Let me know how things go in your end. I'll be right here if you need further help. Have a wondrous day!
I've had the same problem recently. Up to now PayPal transactions have always come across as GBP, even when the merchant was paid in USD from the PayPal account. PayPal does a conversion from USD to GBP in the PayPal account and then QBO used to pull in the GBP value only. Recently though QBO is pulling in the USD value instead of the GBP value and I can't delete the transaction. I guess I can exclude it and then add a manual entry, but that seems to defeat the purpose of the automated bank feed.
Answers above like “the system is working as designed” aren’t helpful and is a really unfriendly response. Reminds me of “Computer says no”. How about either changing the system or giving users real world workarounds with detailed steps?
I also followed the steps outlined here to speak to someone on web chat; they were equally unhelpful just saying that it's working as designed. I tried to explain that it hasn't been a problem until now only to be told the same again, not helpful at all. I left the chat.
Other accounting packages offer multi-currency in the same bank account, so this is pretty disappointing. I hope QBO are going to address both the customer friendliness of their support when presented with tricky issues and their ability to handle multi-currencies in the same account.
We appreciate your frustrations and that the answers given may have not been satisfactory. At the present time we do not support PayPal Bank Feeds that download multi-currency transactions (PayPal feeds with both GBP and USD, etc). The feed will either download incorrect data, failing to convert the transaction amount to local currency (for example, USD10 may appear as GBP10) or else go into Error state -1 or 123. An email should have been sent out to all our PayPal customers advising customers of this issue and providing instructions on resolution steps.
Our engineers or liaising with Paypal and looking into supporting the connection. We are not able to provide any time frames at the present time as we are still in the consultation process. We appreciate that this may not be ideal however we want to maintain all our customers that use Paypal and hopefully the connection will get implemented.
Thanks for the update. I didn't get an email from QB about this issue but that may be because we've just started using QBO in the last few weeks.
Can you explain the best thing to do then? Should I Exclude the transaction (I can't see a way to delete it) and then add a manual entry which is correct?
This is a relatively new problem. There was quite a long period of time where a payment in Paypal for say EUR 10, would be pulled into QBO at the correct GBP amount as stated in the transaction detail in Paypal, so £8.87 for example.
Something has either changed on Paypal's end or QBO's end to cause this problem where the amount being pulled into QBO is GBP 10.
Thanks for joining in on this thread. We're aware of the issue and frustration being caused with the PayPal accounts where foreign currency transactions are not converted to the GBP currency.
Our technicians are currently exploring ways in which we can support a multi-currency PayPal account, and we've created an investigation status page here which you can monitor here for updates on this.
In the meantime, please continue to update your PayPal account by excluding the multi-currency transactions and upload these via a CSV or enter manually. 👩💻
There shouldn't be a need for your technicians to explore... QBO used to be able to support a multi-currency Paypal account only a matter of months ago.
You just need to figure out what changed to prevent it from working.
Hi, just wanted to also put in a request for this to be added. I work as a freelance designer so I require for my Paypal account to accept multiple currencies, but also have to purchase things in other currencies (such as tutorials and design resources) This is very common for a lot of businesses, and having to constantly check for these transactions, exclude and replace individual entries is time consuming, & inefficient. Whilst it may not be officially supported I actually think there should be a much bigger warning somewhere notifying people of this too. My Paypal account is not currently balanced in Quickbooks (due to the connection not working for a very long time)
I only stumbled across this whilst matching up some transactions, and could have made balancing the account an absolute nightmare if I hadn't spotted it.
If other competing products have managed to include this, then I really would have expected the likes of Quickbooks to be able to support multi-currency accounts.
Hi Digilocker, Thanks for your feedback regarding the multi-currency for the Paypal connection. At the moment we can only connect to the accounts that Paypal allows us to pull through, we will pass this onto our banking engineers along with the other comments on this thread.
Hi thanks for your message. I already have synder and wondered if you would be prepared to offer some further advice relating to using the Synder app? You can get me on [email address removed]. Regards, Brian
We have a client who uses several currencies through their PayPal account. The workound is to download the transactions monthly, split the spreadsheet into separate csv files per currency, then upload them into dummy PayPal Accounts (We use names like PP USD, PP EUR, PP AUD, PP GBP etc.). Everything labelled 'currency conversion' is then a transfer between the PP GBP account and one of the other dummy accounts. Ridiculous that it should be necessary but I do accept that QBO doesn't cater for multiple currencies in one bank account. even if the currency per transaction is clearly labelled. My other gripe is that rules are close to useless now as they don't automatically post, and when thy did then even from the single-currency dummy accounts everything was given a 1:1 conversion rate.
Let me join in
I agree with the above said and I am very frustrated! Now here is what I found ... and I am surprised that the QBO team does not know this. This is not good enough guys!
Anyway here is what happened to me
Up to December 2019 Transactions paid in other currencies got into my GBP account - converted - tip top, problem solved, this is how it should be!!! I was happy!
Then for 3 days in January 2020, I have transactions where I have both amounts showing but in GBP. Ie. somebody spend Euro20. That would show twice as £20 and £19.70 (or whatever the conversion was on that day) so obviously the £20 should not show.
Now from 3rd of January I have only the wrong amount showing, so Euro 20 would just show as £20.
I cannot believe that you guys in QB do not know this and that you are rather " what do I care" about this and it has always been like this, because it has not. This is really bad and causes so much extra work.
I do not even want to mention the fact that since April you do not show bank charges in paypal anymore.
Just say... QBO does not connect automatically to Paypal, that would be more honest, then us having to find all this out by ourselves.
I hope you find a solution fast, saying that you have no idea when this gets solved is just not good enough, this has been going on for 1 year!