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Level 1

Paypal balance showing USD, EUR, GBP and SEK and Chart of Accounts

Please help:

My client's PayPal balances are shown in 4 currencies.  Should I create 4 separate account name in the chart of accounts for Paypal USD, EUR, GBP and SEK? Mention that home currency in Quickbooks is Swedish Krona(SEK). Thanks in advance

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QuickBooks Team

Paypal balance showing USD, EUR, GBP and SEK and Chart of Accounts

Thanks for coming to the community for your concern, @Rashed. Yes, you'll need to create four separate accounts for each of your transactions with different foreign currencies.

 

First off, ensure that your multicurrency feature is turned on to start using it. Then, set Swedish Krona(SEK) as your home currency. Here's how: 

 

  1. In the Settings menu, select Account and Settings.
  2. Go to the Advanced section, then select Edit (pencil icon) in the Currency section. 
  3. Choose Swedish Krona(SEK) in the drop-down as your Home Currency.
  4. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  5. Click Save and close.

 

Once done, you can now add an account that uses a foreign currency in the Chart of Accounts. Here's how: 

 

  1. Go to the Settings menu, then select Chart of Accounts.
  2. Click New, then select the suitable Account Type and Detail Type in the Account drop-down list.
  3. Enter a Name for the new account, and supply any other required fields.
  4. Select the foreign currency to assign to the account from the Currency drop-down menu.
  5. Select Save and Close.

 

For future reference, you can also create a new customer with a different profile to assign a different currency. Check out this article for more insights: Assign a foreign currency or multicurrency to a customer.

 

Let me know if you have additional questions. We're always delighted to assist.