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Frequent Explorer *

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?

Solved
Best answer 02-19-2019

Accepted Solutions
QuickBooks Team

Re: 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!

 

 

 

View solution in original post

5 Comments
QuickBooks Team

Re: 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!

 

 

 

View solution in original post

Frequent Explorer *

Re: 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).

Frequent Explorer *

Re: Connect to PayPal missed "Currency Conversion" transactions

Joyce,

 

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!

QuickBooks Team

Re: 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. 

Anonymous
Not applicable

Re: 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.

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