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Connect to PayPal missed "Currency Conversion" transactions

I recently set up Connect to PayPal and imported last year's transactions. I have discovered that "Currency Conversion" transactions, where I had expenses in foreign currencies, were not imported at all. Is there a way to re-import those transactions?

8 Comments 8
QuickBooks Team

Connect to PayPal missed "Currency Conversion" transactions

Hi there, sewliberated.


Re-importing the transactions can cause duplications. I'd suggest importing your Paypal foreign currency expenses to a new bank in the Chart of Accounts instead. Before doing so, we'll have to turn on  the multi-currency feature in QBO. 


Here are the steps:

  1. Go to the Gear icon, and choose Account and Settings.
  2. Click Advanced.
  3. In the Currency section, turn on Multicurrency.
  4. Click Save.
  5. Select Done.

Then, here's how to add an account:

  1. Go to Accounting, then choose Chart of Accounts.
  2. Click New.
  3. Enter the Account information.
  4. In the Currency drop-down, choose a foreign currency.
  5. Click Save and Close.

Once done, you can go back to your foreign currency expense and import them to QuickBooks. Also, let's make sure that it will be imported in the account having the same foreign currency.


For references, you can check on these articles:

Feel free to reach the Community team again if you've additional questions. Have a good day!




Not applicable

Connect to PayPal missed "Currency Conversion" transactions

thanks ... it looks like a choice between redoing the work I've already done in this account or manually adding these transactions. I think I will do the manual add.


Putting on my Web dev hat, I'd suggest a clearer paragraph in the Connect to PayPal making it clear that if you do it before during on multicurrency, you won't import any Currency Conversion transactions. I realize multicurrency is in the docs, but I didn't realize that it applied to me (since in my head, *I* always work in dollars).

Not applicable

Connect to PayPal missed "Currency Conversion" transactions



So, I turned on Multicurrency and I misunderstood, thinking that this would allow "Currency Conversion" transactions to come into QuickBooks. Reading more carefully, I think you are actually recommending that I set up a separate bank account to hold, for example, any PayPal transactions in Canadian dollars. And another for British pounds. Etc.


But this isn't my experience in PayPal. PayPal does conversion using its own exchange rate, and the total is added to my single PayPal Bank balance.


If I set up different accounts, will the conversion itself automatically be imported, or will I now have to manually enter the conversion anyway (which now will be a transfer between my accounts in QuickBooks)?


Thanks for your help!

Kristine Mae

Connect to PayPal missed "Currency Conversion" transactions

I will add a few details, Sewliberated.


In your case, since Paypal does the conversion, you don't have to create different accounts for each currency.


If you set up different accounts, you still have to manually enter or transfer the transaction to the specific account.


Here's how:

  1. Click Banking, then choose Banking.
  2. Go the bank account.
  3. Look for the transaction, then click to open.
  4. Choose Record transfer.
  5. Click the Select transfer account drop-down arrow, then choose the bank account.
  6. Click Record transfer

If you need more help, just visit us. We're just around. 

Not applicable

Connect to PayPal missed "Currency Conversion" transactions

At this time, the Connect to PayPal app does not support Multi-Currency. However, our teams are working diligently to implement the support of Multi-currency.

Level 1

Connect to PayPal missed "Currency Conversion" transactions

Are there any updates about this ?

I am not sure what to do because I am not seeing any of the transactions of Paypal payments received in EUR. Are those discarded and I have to add them manually ?

QuickBooks Team

Connect to PayPal missed "Currency Conversion" transactions

Thanks for joining the thread, aderium.


Currently, we don't have the feature to sync PayPal payments from other currency other than the US dollar, the only workaround available is to enter the transactions manually.


In case you need the steps on how to create an account, here's how:


  1. Go to the Gear icon at the top menu bar, then select Chart of Accounts.
  2. Click on the New button.
  3. Fill in the required fields on the screen, then choose the currency you want in the Currency drop-down.
  4. Click Save and Close.

We value your ideas and take them into consideration when making improvements to QuickBooks. I’ll personally send feedback on your behalf about the ability to handle foreign currency transactions in PayPal.


If you need other references in the future, you can always check out our site: Help articles for QuickBooks Online.


Let me know if you need further assistance. I'm here to back you up. Take care.

Fiat Lux - ASIA
Level 15

Connect to PayPal missed "Currency Conversion" transactions


As additional option, explore this payment service to deal with multi currency transaction. It supports QBO.


Hope it helps.

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