Hello, I turned on multi-currency option but I don't see paypal transactions in other currencies in the banking section. How can I view those transactions?

tgmrecords · ‎March 22, 2019

Kristine Mae · ‎March 22, 2019

I will provide you what I know about Paypal multi-currency transactions, Tgmrecords.

In QuickBooks Online, the multi-currency feature is used by setting a specific currency for Vendors or Customers. This lets you send them an invoice in their currency, but it will be recorded in the home currency. Imported transactions and bank feeds/online banking will need to be in whatever you have set as your home currency. That being said, all transactions are already converted. That's why you're unable to view those transactions with different currencies.

I've got you a helpful article that you can check: Multi-currency tips and tricks.

If you have further questions, you can always get back to this thread. We're just a comment away.

Aleh - CloudBusiness · ‎March 22, 2019

Hello tgmrecords,

There is also a possibility to use the apps that would help you to reflect transactions coming from your PayPal in multi-currencies.

Using such app, transactions can be set to be synchronized into the specific Quick Books Online account depending on the currency such transactions have on them . Thus, currency A will be synced with the account A, currency B with the account B and so on. Then, you can reconcile such accounts.

tgmrecords · ‎March 22, 2019

Hi Kristine,

Thanks for the info. You said: "all transactions are already converted. That's why you're unable to view those transactions with different currencies.". I don't quite understand how to view the converted transactions. For example, I received a payment in AUD on March 20, the transaction is simply missing from the banking section. Only USD transactions are present. Also currency conversion transactions are missing as well. How can I view and categorize them? How can I automatically download transactions in AUD and assign them to an AU PayPal account inside quickbooks?

tgmrecords · ‎March 22, 2019

Hi Aleh, thanks for the tip. Do you know any free apps that can do that by any chance?

Anonymous · ‎March 23, 2019

Hello tgmrecords,

Thanks for coming back. Let me add some more information about what Kristine is referring to.

Transactions downloaded from any payment merchant services such as PayPal, Square, etc., they are already converted in to your home currency when downloaded to your QuickBooks. That's the reason why you can't match with the entries. Instead you'll manually exclude and reconcile them.

Here's how to exclude them:

From the Banking page, go to the For Review tab.
Select the transactions and click on Batch actions.
Choose Exclude Selected.

From the register, here's how to manually reconcile the entries:

Go to Accounting and choose Chart of Accounts.
Click on View register link for the bank account (PayPal for example).
Double-click on the transaction to show the "R" or "C" letter.
Click on Save.

Letter R means transaction is already reconciled, while C means transactions are cleared from the bank.

There are a few third-party applications that you choose from that reflect transactions coming from payment services. Please go to https://apps.intuit.com.

If you have any questions, please let us know. We'll be right here to help.

tgmrecords · ‎March 23, 2019

Hi GarlynGay,

Thanks for the information but I still can only see transactions in USD in the banking section. All transactions in other currencies are simply missing. I used connect to paypal app to connect my paypal account. I would be happy if I could see the transactions converted into USD but they simply don't show up in the table. The system also only shows my USD paypal account balance not including foreign currency balances converted into USD.

Anonymous · ‎March 24, 2019

Hello tgmrecords,

Thanks for coming back in this thread.

Just for clarification, do you have a bank account in different currency that is connected to QuickBooks Online? If so, try to select the correct bank account from the Banking page. It could be that you're looking at a different bank account that is why you're not seeing other transactions. Please see the screenshot below.

Then, go ahead and match them with the records. Let us know if you have any questions. Thanks!

tgmrecords · ‎March 24, 2019

Hi GarlynGay,

Thanks for the tip but no, I only have two accounts and that's a USD paypal account connected through "connect to paypal" app and a GBP paypal account I created manually where I manually uploaded some transactions. I keep balances in several currencies in my paypal account because I have international customers. Here's a screenshot of my banking page: http://prntscr.com/n2d3nl

Anyways, I just tried a demo of zoho books and implementation of paypal multi-currency seems to be perfect there. They even have automatic paypal data uploads in multiple currencies. I wish quickbooks could offer the same because I like the workflow better in quickbooks.

Angelyn_T · ‎March 25, 2019

Hi there, @tgmrecords.

Allow me to join the thread and help share additional information about PayPal multi-currency transactions.

As of now, QuickBooks Online (QBO) only handles one currency per bank account. As a workaround, you'll have to upload the transactions using the WebConnect process with the converted amount to USD.

You may read this article to know more about WebConnect: How to upload more than 90 days of bank transactions.

Please know that I'll be always here to help you if you have any other QuickBooks or multi-currency concerns, feel free to add a post/comment below. Have a wonderful day ahead!

Aleh - CloudBusiness · ‎March 27, 2019

Dear tgmrecords,

The Business Payments app is absolutely free unless you have more than 50 transactions to sync monthly. Nevertheless, the support team will be glad to assist you with even more possibilities.

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Hello, I turned on multi-currency option but I don't see paypal transactions in other currencies in the banking section. How can I view those transactions?