QB Simple Start - PayPal Currency Issue

Michael Rowlands · ‎October 29, 2022

Hello,

I recently started using QB's simple start plan, and have never used accountancy software before just excel.

When I link my personal PayPal account to QB, it auto pulls in all transactions ok, my issue is that the majority of PayPal payments are in my default currency GBP, but I occasionally receive payments in USD or Euro too. QB is recording the dollar or euro amount as GBP, hence the amount is higher than it should be.

E.G I got paid $10.50, QB is saying the PayPal transaction is for £10.50 when it should be for £8.96. Is there any workaround for this? I really don't want to pay to upgrade to the next version of QB as it will cost more than the foreign income I actually receive each month.

Thanks in advance,

Michael

Rubielyn_J · ‎October 29, 2022

Let me provide some information and fix your PayPal currency issues in QuickBooks, @Michael.

Currently, multicurrency in PayPal feeds is unsupported in QuickBooks Online. As a workaround, you'll want to exclude the transaction and then enter the converted amount manually.

Let me show you how:

Proceed to the Banking menu, then select the Banking tab.
Click the tile for the PayPal account.
Go to the For Review tab.
Mark the box next to the transactions you want to exclude.
Choose Exclude from the pop-up at the top.

Once done, transactions are moved to the Excluded tab. To permanently delete them, put a checkmark on it, then select Delete.

Then, follow the steps outlined in this article to help enter transactions in QBO: Manually add transactions to account registers in QuickBooks Online.

Additionally, I'll be sharing these links you can utilize to help manage your bank transactions:

Fill me in if you have other questions about payment currency issues in QuickBooks. I'm always around to help. Keep safe!

View solution in original post

Rubielyn_J · ‎October 29, 2022

Let me provide some information and fix your PayPal currency issues in QuickBooks, @Michael.

Currently, multicurrency in PayPal feeds is unsupported in QuickBooks Online. As a workaround, you'll want to exclude the transaction and then enter the converted amount manually.

Let me show you how:

Proceed to the Banking menu, then select the Banking tab.
Click the tile for the PayPal account.
Go to the For Review tab.
Mark the box next to the transactions you want to exclude.
Choose Exclude from the pop-up at the top.

Once done, transactions are moved to the Excluded tab. To permanently delete them, put a checkmark on it, then select Delete.

Then, follow the steps outlined in this article to help enter transactions in QBO: Manually add transactions to account registers in QuickBooks Online.

Additionally, I'll be sharing these links you can utilize to help manage your bank transactions:

Fill me in if you have other questions about payment currency issues in QuickBooks. I'm always around to help. Keep safe!

notanaccountant12 · ‎February 16, 2024

Hello!

How is it going with multi-currency paypal feed? ETA?

Aldren18 · ‎February 16, 2024

It's my pleasure to provide insights and workarounds about PayPal Bank Feeds @notanaccountant12.

Currently, PayPal Bank Feeds and Connect to PayPal don't support multiple currencies. QuickBooks Online (QBO) hasn't given us an ETA for this feature. For now, as a workaround, you can either manually mark it as cleared in the bank register if it's already in QBO or manually enter the transaction if it hasn't been added yet.

For detailed steps on how to mark it as cleared, here’s how:

Go to the Accounting menu.
Select Chart of Accounts.
Find the account holding the transaction, then select View Register.
Select the appropriate transaction to expand the view.
Review the checkmark column.
Keep selecting the box until it shows the letter C.
Click Save, then close the account register.

If you need help in manually entering transactions in QBO, check this out: Manually add transactions to account registers in QuickBooks Online.

Furthermore, you can also read this article for the complete details: Connect to PayPal FAQ.

I'm also sharing this link that helps you manage your bank transactions: Categorize and match online bank transactions in QuickBooks Online.

Fill me in if you have other questions about payment currency concerns in QuickBooks. I'm always around to help. Keep safe.

--MadHats21 · ‎July 19, 2024

This is a really big issue. What is the ETA on paypal transaction in QB being recorded correctly?

Eg We receive $100 in paypal however the receipt reflects in QB as £100 rather than the correct exch rate.

If other banking platforms can get it right in their connection with QB - when will the Paypal bug be fixed?

Anonymous · ‎July 19, 2024

I can see how the feature you're looking for would benefit and empower your business, @MadHats21. Let me share some insights about PayPal bank feeds in QuickBooks Online (QBO).

For now, the multicurrency in PayPal bank feeds is unsupported in QuickBooks Online. While this feature is still unavailable, the good thing is that we value your input, as it can contribute to shaping future updates. With this, I highly recommend providing direct feedback to our product engineers.

Click on the Gear icon.
Under Profile, select Feedback.
Enter your suggestions.
Then hit Submit.

For the ETA on PayPal transactions, I recommend following the workaround steps given by my colleague Aldren18.

Moreover, you can check out these articles for future reference that'll walk you through the steps to categorize your transactions and reconcile your account seamlessly:

Feel free to leave a comment if you have additional questions about managing your bank or any QuickBooks concerns. I'm always ready to help you here.

StuartL · ‎August 28, 2024

If I have understood correctly, QB does not (for the moment) recognise that PayPal, (a huge payment provider), offers multi-currency payments to every online merchant in the world - a segment that is coincidentally a huge target market for QB. That's a little disappointing to say the least.

Still, we are where we are. Having migrated all my data in QB, I, of course, discovered that the PayPal register made no sense. So, first, I manually excluded all the "internal" PayPal currency conversion transactions. Then, I sought out any foreign currency transactions (thankfully I had only chosen to import the last 8 months) and excluded those, as QB had taken the foreign currency amounts and inputted them as home currency amounts. I also discovered that I had purchased some inventory, using a currency balance in Paypal, which QB of course regarded as a home currency transaction. So, I've excluded that too. Phew! I think I've managed to exclude all those pesky foreign currency transactions. Yay me!

As a precaution, I have turned off multi-currency in PayPal, so now, customers will not have the choice, they can pay in my currency or go fish. (Yay for QB).

Still, here I sit with 71 transactions in foreign currency and no idea how to get them into QB. Also - the opening balance of the Paypal account is off - did QB take only the home currency figure? Or all the currencies together (pretend they are one currency) or maybe some sort of conversion? Who knows? I guess I'll have some lunch and then a think about the most efficient way to fudge the accounts to balance - should anyone at QB have some pointers for me, that would be great.

MariaSoledadG · ‎August 28, 2024

I can see how you want QuickBooks to work the way you want it to. I'll guide you on how you can send feedback about this, StuartL.

QuickBooks Online (QBO) only recognizes one home currency. You can let our product team know how this is useful for your business by sending a request.

To do so, follow the steps outlined below:

Go to the Gear icon, then Feedback.
Enter your comments or product suggestions. Then select Next to submit feedback.

This goes to our Product Development team to help improve your experience in QuickBooks Online. You can also track feature requests through the QuickBooks Online Feature Requests website.

As a workaround, you can follow the steps provided the my colleague @Rubielyn_J by entering the converted amount manually.

In addition, QuickBooks provides several reports that cater to your business needs. You'll only have to make sure to customize them so you'll get the data you need. I've added this article for more details: Customize Reports in QuickBooks Online.

Keep me posted if you have any other concerns about PayPal currency. We're always here to assist you further.

StuartL · ‎August 28, 2024

Hi Maria,

Thank you for coming back to me. I appreciate it.

I'm afraid I'll have to pass on trotting around Intuit and giving various teams my feedback. I've given it to you, as a representative of Intuit. I don't have time to navigate the org chart of your company.

For others experiencing the same issue - my solution was:

1. Stop Paypal accepting currency payments. Quickbooks can't reconcile them.

2. Convert all your Paypal balances to home currency

3. For those TX already done - exclude them from your PayPal "account" in QB.

4. Setup a new account for each currency - and enter all the transactions either individually or consolidated

5. Setup a transfer to your home currency Paypal acct in QB from each FX acct

6. Match the transfers in the home currency

Because of the currency issue - the imported opening balance will be incorrect - so you will need to amend that too.

StuartL · ‎August 28, 2024