This is such a disappointing response. Essentially, if your customers pay you via PayPal in different currencies, you have to manually exclude and record every transaction?

Surely the "sync" feature of PayPal could support also pulling in the currency of that transaction. That's pretty basic API functionality...

It is a huge issue with PayPal not importing foreign currency transactions.  From what i researched, this is what we are doing:

1. Created a new Bank Account: PayPal Bank EURO.  This account is NOT connected with PayPal, it serves only as an account to save the EURO PayPal transactions.

2. Exported all EURO transactions only from PayPal.  The feed contains ALL transactions, so you will need to remove USD (and other currencies)

3. Importing the PayPal EURO transactions file into QuickBooks >> PayPal Bank EURO

4. Then match the transactions.

5. When matching the transactions, you may get an error (shows only in PayPal) transactions. To resolve, see this step by step guide: https://www.likecoolstuff.com/fix-you-must-specify-a-different-number-this-number-has-already-been-u...

5. We did the same for our GBP:  PayPal Bank GBP, and repeated the steps.

Let me know your thoughts.

This is not correct, If the home currency on the Balance Sheet account is set to USD then all transactions for that account will convert back to USD, not CAD, etc...

You may need to setup a new Balance Sheet Account called say Paypal (USD) and set the Home Currency on that account to USD.

I have the currency set up as cad but when i have a transaction in usd it syncs the payments to quickbooks in the usd. for example, i paid $100 usd (but really paid $135cad) from paypal...when that tranaction goes into my quickbooks it goes in as $100 not $135. All the cad transactions work perfect. Is there a way to change the transactions in quickbooks to show the cad amount paid? 

Hello there, @arkelly.

I'm here to ensure you're able to change the multicurrency transaction from USD to CAD in QuickBooks Online (QBO). This way, you can keep your account accurate and effectively manage your foreign currency transactions.

The Multicurrency feature in QBO will let you send a payment in your vendor/supplier's currency (USD). Then it'll be recorded in your home currency (CAD). However, the multicurrency bank feeds for PayPay isn't currently supported in the system. 

Since the payment syncs the opposite way, I'd recommend manually recording the PayPal transaction to correct it. Then, the exchange rate must be the same in Paypal (135) to make sure you're recording the right amount. 

Additionally, you can refer to this article to learn more on how the multicurrency feature works in QBO: About Multicurrency. It also contains related articles about it in the More information about Multicurrency section.

Please let me know if you have other concerns. I'm just around to help.

Hi,

I've read through all the comments on this feed hoping to find a solution for uploading multi-currency transactions from Paypal to QBO, however It looks like multi currency bank feeds for PayPay are still not supported? 

Regarding uploading the data via csv file, i guess i would have to delete some of the transaction lines prior to upload in order to avoid duplication of data, has anyone successfully done this ?

Thanks

For my experience, it is not a matter of multicurrency. Let's suppose you are running the business in QBO and in Paypal in EUR and you are charged by the vendor with Paypal in USD. Paypal sends three values for multicurrency transactions:

a) the amount in the vendor currency (USD)

b) the conversion rate

c) the final amount in your currency (EUR)

When you import the transaction in QBO, it takes the value a) recording it in the c) currency instead of the value c).

It is not a matter of "QBO supports that or not", just a mistake with the record you are looking at when syncing the transaction.

If you could fix the bug, it should be great.

Zeno

Hi Zeno - that makes sense although i haven't tried uploading via csv as i read about the issues people were having. I've been manually entering the transactions! In my case i have a QBO file in GBP and the paypal transactions are in USD.

Quickbooks - please can you fix this bug described by Zeno below asap ?

2020 is almost over and this bug still exists. I wish as much time was spent fixing them as was spent explaining why they don't think it's a bug.

@Dwaine You have no clue what you are talking about.
You just threw out there a BS generic answer.

Thank you for acknowledging the issue contrary to other mods who posted non-sense generic answers.
this is a real big issue.

My paypal is linked in CAD.
A client paid me in USD and paypal kept it in USD.
A supplier was paid in EUR and converted from USD balance.

Now my QB is going nuts and making a mess by forcing all transactions in CAD and not allowing me to fix it in the transaction feed.

Hi, which competition are you talking about?

QB will definitely loose a customer over this major issue if I can find an alternative.

thank you

zzz ...
Plz less talking and more fixing.

+1 on that.
I just wrote a similar but more rude answer saying the same thing before seeing your.
It is unbelievable.

Good luck getting Quickbooks to do anything other than provide lip service been telling them about this for over a year. Our engineers are looking into it blah blah. Fact is Quickbooks does not offer multicurrency if you use paypal. All transactions will be recorded as USD regardless if it is another currency. This is textbook false advertising I got suck in and now I am being charged $42 a month for this garbage. None of my accounts reconcile as a result none of my financial statements are accurate. Huge fail for quickbooks stay away. Currently looking for an alternative to this mess they have created.

I'm sorry but this thread should not say SOLVED.  This is not a scalable solution when dealing with large amount of USD+CAD transactions in PayPal/QBO.

They need to push this higher up with the developer team it's been 2 years!

@peteyuw 

Consider having an additional paid app for the time being.

More info to the issue

6. Still need to do manually.

7. The FEES need to be added in different column and as separate import.

8. Many times, there is an issue with PayPal invoice #, see solution here: https://www.likecoolstuff.com/fix-you-must-specify-a-different-number-this-number-has-already-been-...

Couldn't believe when I went searching for a solution to this problem and found this thread has existed for so long with no solution! Luckily our home currency is USD, but we do have foreign transactions in paypal and the sync with paypal to QBO simply IGNORES foreign transactions; they get left off the import like they never existed. QBO this problem is STILL not fixed as of August 2021 !

I now have to scrub my paypal statements and manually enter in every single transaction that was not made in USD. 

Everyone is right...it's absolutely ridiculous that a product we are paying decent money for doesn't know how to import foreign currency transactions when the all the information IS included on the paypal transaction, including the currency conversion rate at the time of the transaction and the actual amount in USD. Why does can you not develop an API that picks up this information so these transactions can be imported? For USD customers, you wouldn't even need the foreign currency option because QBO could import the transaction as USD because paypal provides that information in the details.

Quite frankly a system that is NOT syncing with 100% of the transactions is BROKEN! I feel terrible for the customers who do not have USD as their home currency. But don't feel bad, even us American customers don't even has a properly working paypal sync with QBO. 

@StraylightMusicGroup 

You may need an additional app to reconcile PayPal transactions in multi currency as a workaround.

What app would you recommend to reconcile a bank account in QBO?

The way we do it is, we have a balancing account, and transfer the difference to that, which is essentially our gains and losses. Works easily enough as it was doing our heads in before that.

Thanks for joining this thread, @nathanelcoate.

We’re unable to provide any suggestions or recommendations as to which third-party application to use. However, you can visit our App Center to check for a supported app that allows you to reconcile a bank account.

To narrow down your search, you can browse the apps per category or just enter a keyword in the search field. For example, reconciliation in the drop-down.

You can also log in to your QuickBooks account and go to the Apps menu. Let me show you how.

1. Login to your QuickBooks Online account.
2. Go to Apps from the menu tab.
3. Enter a keyword in the search field.
4. Click the magnifying glass to search.
5. Then once you've picked one, click Get app now. 

I also recommend visiting our  Firm of the Future. This is where we share recent happenings and future developments, such as updates to newly added features.

For detailed guidance in reviewing your opening balance, start reconciling, and comparing our statement with QuickBooks, check this article: Reconcile an account in QuickBooks Online.

In case you'd encounter any errors while reconciling your accounts, the following article will guide you in fixing them: Fix issues at the end of reconciliation in QuickBooks Online. 

I'm always here if you need more help in reconciling your transactions in QBO. Just let me know by leaving a reply below. Take care and have a wonderful day!

Thanks I am aware of that, 

@nathanelcoate 

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