Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
A
Anonymous
February 20, 2019
Question

Connect to PayPal missed "Currency Conversion" transactions

  • February 20, 2019
  • 8 replies
  • 35 views

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 replies

J
Joyce_P
February 20, 2019

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!

 

 

 

A
Anonymous
February 22, 2019

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).

A
Anonymous
March 29, 2019

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.

A
aderium
February 16, 2020

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 ?

    MarsStephanieL
    MarsStephanieL
    Level 6
    February 16, 2020

    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.

    Need QuickBooks guidance?
    Log in to access expert advice and community support instantly.
    Terms & ConditionsAccessibility statement