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.
