One of my clients, their PayPal transactions are coming into QB at the currency they were paid in rather than USD. An example is that if they pay someone in 15000 PHP it comes into QB as 15000 PHP and not 300 USD (rough figures)
Are you using the US version of QuickBooks, or the International version, such as QBO Philippines? Did you connect your PayPal account as a Bank account in the program? Also, are these transactions imported into the program, or you’re manually entering them while referencing the PayPal statement?
If you’re using the International version and you’ve connected PayPal as a Bank Account, you'll first enable the Multicurrency feature of the program so all foreign transactions will calculate correctly. Then, set up the vendor your client needs to pay with a USD currency.
You can then create a USD PayPal account in your Chart of accounts. This way, you’ll be able to transfer those transactions from the Php PayPal account to the foreign account.
To set up your vendor in foreign currency:
Go to Expenses in the left panel, then Suppliers.
Click New Supplier.
Enter the necessary vendor details.
Choose USD in the I pay this supplier with dropdown.
To set up the foreign PayPal bank account:
Go to Accounting in the left panel, then Chart of Accounts.
Enter some relevant information.
Select USD under Currency, then click Save and Close.
Once the PayPal in Php transactions come over, transfer the transactions you need in the PayPal USD account.
Click the Create button (Plus icon), pick Transfer.
In the Transfer Funds From drop-down, select the PayPal in Php.
Choose PayPal in USD in the Transfer Funds To drop-down.
Ensure the currency is in USD.
Enter the Transfer Amount.
Click Save and Close.
For more details about how the Multicurrency feature works in QuickBooks Online, check out this article:
Thanks for getting back with more details about the PayPal sync concern.
The transactions must be converted first in USD from your PayPal account so the currency will translate in QuickBooks Online. Another thing I suggest is checking the PayPal account and reviewing how those transactions were posted up until mid-September.
If they are posted differently from those in October transactions, please contact PayPal. There may be settings and mapping we need to double-check to make sure they’ll be downloading in QBO correctly.
However, if they are posted in USD from the PayPal account, they should show the same currency in the program. Since we haven’t received reported issue on this, I’d recommend reaching out to our Customer Care team.
They have the necessary tools, such as screen sharing session to investigate what’s causing this to happen on your client’s account.