Paypal with other currencies

You may need an additional app to reconcile PayPal multi currency transactions. Yet we prefer using TW to accept multi currency payments than PP. 

https://transferwise.prf.hn/l/75dqNgB

Yes I understand but there are lots of times that Stripe doesn’t work in some countries and the credit cards are denied. And then Paypal accept them. Apart that there’s a 40% increase of sales if you add Paypal as an option in checkout, and as we also have lots of sales in Spain, euros is what is better.

There’s any way to do it? Thanks!

Some of our clients are using this connector to deal with multi currency transactions from PayPal.

https:// synder.grsm.io/quickbooks

It offers 2 options:

1. Syncing everything into one account (recommended)

2. Syncing each currency to its own account

Keep in mind, if you picked 2nd option, you will have to manually create balancing transactions between separate clearing accounts in your QBO. You can create transfers or journal entries to put the remaining amounts into your clearing account in the home currency (you should consult with your accountant about the best way of doing this). 

Okay I think that would solve the issue, but for $40/month it's the same I'm paying to quickbooks, it's just too much... There's no official solution without having to pay that? Thanks.

Hello there, @vitalisapps.

You can manually add your PayPal UK account and connect it with QuickBooks. First, let's make sure to enable the multi-currency in your account. I'm can guide you on how this works. 

1. Go to the Gear icon ⚙️.
2. Choose Account and Settings.
3. From the Advanced menu, go to the Currency section.
4. Click Edit ✎.
5. Select your Home Currency.
6. Mark the Multicurrency checkbox and confirm that you understand that you can't undo this option.
7. Click Save and close. 

Now, you'll have to set up your PayPal UK account manually to QuickBooks. 

Then, connect it to your PayPal online banking. Here's how:

1. Go to the Accounting menu.
2. Choose the Chart of Account tab.
3. Locate PayPal account that you've manually added.
4. From Actions column, click the drop-down arrow.
5. Select Connect Bank.
6. Pick Connect to a different bank.
7. In the Connect an account window, enter PayPal on the search box. 
8. Choose PayPal for UK users, then click Continue.
9. Follow the onscreen instructions to complete the process.

Once your account is connected, 90 days worth of your PayPal will be downloaded automatically. You can start reviewing and categorizing it in the For Review tab. 

By following the steps above, ensures that you're able to track your multicurrency transactions.

Don’t hesitate to leave a comment below if you have other questions about receiving automatic bank updates. I’m always here to help.

Hi, thanks for your reply. I thought maybe that would work but no luck. I get this message from Paypal after logging in to sync: Your account is not supported for this action.

So I can only sync Paypal USD and not EUR. That's really not that good :(

Hope there's another workaround,

Dani

Thanks for following up with the Community, vitalisapps.
 

Since you're receiving an error from Paypal when trying to connect your account, I'd recommend getting in touch with their support team. They'll be able to help you research this message further.
 

As a workaround, you can manually upload the transactions into your books.
 

Here's how:

1. In the left navigation bar, go to Accounting, then Chart of Accounts.
2. Find your account and click View register.
3. Take note of the oldest transaction's date. Usually, an account's most aged transaction will be its opening balance.
4. Sign in to Paypal's website.
5. Follow their instructions for how to download CSV/QBO/QFX files of your transactions.
6. Review the date range for your download. It should be at least one day before the oldest transaction's date.
7. Save a copy of your file.

Next, you'll need to review the file's size and format, then you'll be prepared to import your transactions.
 

I've included a few useful resources about working with bank transactions that may come in handy moving forward:

• Opening balance overview
• Categorize & match transactions
• Reconcile an account

If there's any additional questions, I'm just a post away. Have a lovely day!

Hi Zack, in reality the problem is not with Paypal because I think the error is normal as my account is from USA. The problem is that you don't sync other currencies transactions and balance. So I could connect Paypal US without problem but only syncs USD, not EUR (my second currency). So if I try to add Paypal European Account, it jumps an error because my account is not European. So the problem is with the sync you do with Paypal.

So there's any workaround to solve this?

Thanks,

Dani

Hello there, @vitalisapps.

We can set up a Bank Account with EUR currency in your Chart of Accounts to download the transactions you need.

If prompted to enable your Multicurrency settings, go to the Accounts and Settings page. Please note you can no longer turn this off once activated. 

To create a bank account:

1. Go to the Accounting menu, select Chart of Accounts.
2. Click New Account.
3. Enter necessary details, then in the Currency field, select EUR.
4. Click Save and Close.
5. Once you’re back on the Chart of Accounts page, locate the newly added bank.
6. Click the Account history drop-down in the Action column.
7. Choose Connect bank.
8. Follow the prompts to connect your bank account.

Check out this article for future reference: How to add and connect bank and credit card accounts.

Once done, set those customers and suppliers affected to EUR so transaction currency will also be in EUR.

Here’s an article to guide you through: Multi-currency tips and tricks.

These steps should help connect the Bank account in EUR and track the transactions needed in your QBO account.

Leave a comment below if you have other questions. I'm always here to help. Take care!