Question

PayPal Foreign Transaction are not correct

Forum|Forum|7 years ago
November 8, 2018
12 replies
19 views

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)

Any know how to fix this?

QuickBooks Online

V

VivienJ

Hi there, Dean Anderson.

I’m here to help with your PayPal transactions.

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.
Click Save.

To set up the foreign PayPal bank account:

Go to Accounting in the left panel, then Chart of Accounts.
Click New.
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.

Here’s how:

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:

That’s it! Your foreign transactions should be posted accurately in the program.

Let me know if you’re referring to something different, or if you have questions with the process. I’ll be around.

S

sbo1Author

Hi,

The client is using the US version of QB and I believe that they connected to PayPal via QB. The account on QB is also USD denominated PayPal account.

This is only a recent thing as up until mid-September and the start of October the transaction were all coming into QB in USD so it a very new issue.

Thanks

Dean

C

CharleneMaeF

QuickBooks Team

Hi, We are also facing same issue we did a transaction in PHP for which the USD amount is mentioned in Paypal. However, QBO imported the PHP value instead of USD value.

FYI - We are using US version of Quickbooks and the paypal account is connected through QBO.

Also Quickbooks is also not importing entries of money transferred from Checking to Paypal Account.

Thanks for joining us here, @vikash200418.

Imported transactions will be assigned to the home currency that you have set up. To correct the transactions in QuickBooks Online (QBO), you can follow the steps given by my colleague, VivienJ.

Also, all PayPal transactions can be imported to QBO. Since the transfers from the Checking account didn't appear, I suggest contacting PayPal. This way, you'll be able to confirm if you need to update some settings.

Also, you may want to consider assigning a foreign currency or multiple currencies to a customer. From this, you'll learn how to assign certain customers to the right foreign currency.

As always, you can leave a comment below if you have any other QuickBooks concerns. I'll be around to help.

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