Foreign currency transactions in PayPal QBO

Hi LauraMNAQ, 

I'll do all that I can to help you record these PayPal transactions. 

Can you please let me know if you're using the Canadian version of QBO, or the US version? It'd also be useful to know if you have PayPal set up to import into QBO, or if you're just entering the transactions manually while referencing the PayPal statement. 

Please reach back out with this new information, and I'll guide you in the right direction from there. 

Not the OP, but similar situation.  CAD Paypal account, but processing transactions in CAD, USD, EUR, CHF.  Using QBO Canadian version with multicurrency enabled.  

Already using Sync with Paypal, however that is causing more problems than it is currently solving.... :)

Thank you in advance for any insights!

hi ,

i am facing the same issue please guide

Intuit should make it clear that QBO does NOT support multicurrency transactions period. Being able to invoice a customer in USD is not good enought.

QBO completely ignores the currency of all transactions in PayPal and imports them in CAD. It doesn't even convert them to CAD.  For instace, if I have a transactions in PayPal for 40 EUR, QuickBooks imports it as $40 CAD !!! This is fundamentally wrong. It is ourtagious that Intuit adverties their product as a multicurrency accounting system where it fails to recognize the most important factor of transactions, the currency.

hi,

thanks for the reply, can you please guide me to solve that multi-currency issue.I want to record the PayPal multi-currency transactions in the quick book online version, as we know PayPal shows the closing balance of each currency separately.

I facing the issue right now is, how to record /route 

in the quick books.

This still hasn't been fixed.

There are three transactions within PayPal for foreign currency:

1 - home currency out as currency conversion

2 - Foreign currency currency conversion in

3 - Payment out

QBO should pick up the first, not the third.

Could someone from QBO acknowledge that this is an issue, and is being looked at. I raised it as an issue many months ago, and we have not heard back.

Thanks for joining this thread, Devil.

Allow me to step in for a moment and share some information about accepting foreign currency via PayPal.

As mentioned by @Dwayne, the Multi-currency option in QBO is used to set a specific currency for vendors or customers. Once it's turned on, you can send transactions to your customers based on their currency, however, the amount is still recorded in the home currency.

I'm adding a link with detailed information on how the Multi-currency feature helps you manage your business.

We always take our customer's needs into consideration when looking for ways to improve QuickBooks. While we're unable to import the GBP conversion from PayPal, I suggest you send feedback to our engineers to let them know this is a feature you would like to see introduced.

To submit feedback, just go to the Gear icon and select Feedback.

I will also send this idea on your behalf, that way our Development Team will receive multiple suggestions of how beneficial this feature would be.

You're always welcome to visit the Community if you have questions about QBO. I'm always ready to assist you further. Have a wonderful day!

My client has 2 statements for his Paypal account, One in USD and one in CAD.  When he connect his Paypal with QBO, all transactions in USD and CAD are pushed into One QBO account  and all of them are in One currency, CAD which means all USD transactions will be messed up with forex rate.   We can re-set up that QBO account in USD but again, it means that all CAD transactions will be messed up.

Any thought to resolve that?

Regards

Nam Tran, CPA

Hi @Nam_Tran,

Multicurrency allows you to record transactions with different currencies. But you can only match your downloaded banking transactions base from what you've set up as your home currency.

Don't worry, I'll pass along your request to our product developers. This way, they'll know of your need to download and match your online banking transaction into different currencies.

To add, you can check our QuickBooks Online Blog so you'll be updated with the new features and enhancements that our developers are working.

Lastly, you can always visit our Help Articles page for QuickBooks Online if in case you need some tips and elated articles for future reference.

As always, you can leave a comment below or start a new thread if you have any other concerns. I'll be keeping an eye for your response.

All of traditional bank accounts statements has it base currency and we have no issues in set those up in QBO.  However, various merchants accounts statements such as Paypal have 2,3 or more currencies and that's why we can't set them up properly in QBO.  

I understand it's not the problem from existing QBO but it's a matter how you will need to cope with in the future.  Right now, I may need to deal with those stuff manually until hearing a solution from QBO.  Hope to hear from you soon.

Regards

Nam Tran, CPA

hi nam_tran,

What did you do to fix your issue with USD?

I couldn't figure it out in Quickbooks, but I managed to figure out how to do it through Paypal.

Rather than downloading the transaction data under Activity, I went to Reports and generated a series of Financial Summary reports (only works 1 month at a time this way) and set the currency to CAD (can set to whatever your home currency is) and it converted all the transations to CAD. I then downloaded a CSV of this data and uploaded that to Quickbooks.

Not ideal, but works well enough if you absolutely need to import international and multi-currency transactions.

Good luck!

.... Quickbooks, you REALLY need to get on this. This is beyond ridiculous that a currency conversion upon upload isn't the norm by now. Seems a pretty basic thing for  ACCOUNTING software.

Thanks, I will try this one. 

QUICKBOOKS you really need to FIX THIS this!. Advertising as multi currency compatible yet the Paypal  app banks feeds can't even differentiate between different currencies is complete garbage. As a result reconciliation is impossible and the books are a mess. I may as well you an EXCEL spreadsheet.

I know it's important to download the transactions without any issues, Chad17. I'd like to explain how PayPal multicurrency works in QuickBooks Online.

When transactions are downloaded in the system, it causes conversion issues. We're already looking for solutions, so you can download them already. For now, we're unable to support the app's online banking connection.

Although, the automatic download is unavailable, you can still import the transactions manually using an Excel CSV file . 

You're always welcome to post in the Community if you have other concerns. We're here to lend a hand. 

I converted USD to CAD amt manually in QBO. The ex-rate must be the same in paypal stm to make sure its balance is correct.

Hi

Any update on this feature. I am I currently considering moving from qbo due to this...

Let me clarify this situation, Sydneydraper.

We currently do not support multi-currency for PayPal bank feeds. If you download those transactions, it may throw an error that causes incorrect data.

This request was already forwarded to our Product Team. They're enhancing to support this feature, and we're unable to provide he specific estimated time on when this will be released.

To keep you in the loop as to what's new and what's coming, feel free to read through the Product Updates article.

The Multicurrency feature will provide a brief description of the effects on the accounts and balances on your books.

I appreciate your patience and understanding while we look into this.

Thanks. So my only resolve then is to create for example a separate Paypal -USD bank account then manually upload data? Then go back to paypal to look for exchange rate at that point, as that's something QBO does not do??
I'll then have to exclude all other currencies from the automatic feed on the normal account...

Such a shame that it's taking this long if your competition has found a solution.

Welcome to the Community, @Sydneydraper.

Yes, you’ll have to set up an account for each foreign currency to track them for the PayPal bank feeds. Since we don't have the feature to sync PayPal payments from other currency other than the US dollar, the only workaround available is to enter the transactions manually.

In case you need the steps on how to create an account, here's how:

1. Go to the Gear icon at the top menu bar, then select Chart of Accounts.
2. Click on the New button.
3. Fill in the required fields on the screen, then choose the currency you want in the Currency drop-down.
4. Click Save and Close.

We value your ideas and take them into consideration when making improvements to QuickBooks. I’ll personally send feedback on your behalf about the ability to handle foreign currency transactions in PayPal.

If you need other references in the future, you can always check out our site: Help articles for QuickBooks Online.

Drop a comment down below if you have any other concerns while working in QuickBooks. I’m here ready to assist further.