PayPal transactions, withdraw and currency conversion

Welcome to the Community, @mihaita.

Let me help you with your concerns about recording transactions in QuickBooks Online.

For the first scenario, you can create a deposit and include the bank fee. Choose the sales or income account for money in transactions.

Here's how:

1. Open the invoice and click the More Actions dropdown arrow. 
2. Choose Receive payment.
3. Enter the Payment date and the Payment method.
4. Select Undeposited Funds in the Deposit to field.
5. Click Save and close.

Then, deposit the amount to a specific bank.

1. Hit the + New button and select Bank deposit.
2. Select the bank account in the Account field and enter the Date.
3. Under the Select the payments included in this deposit section, mark the invoice payment.
4. Go to the Add funds to this deposit section and select the bank fee account in the ACCOUNT column.
5. Enter the bank fee as a negative amount and click Save and New.

For the second scenario, you can turn on the multi-currency feature. This way, it would be easy for you to convert the amounts to another currency. Once you turn this on, you cannot turn it off again.

Here's how:

1. Go to Settings and select Account and Settings.
2. Select Advanced.
3. In the Currency section, select Edit ✎.
4. From the Home Currency ▼ dropdown, choose your currency.
5. Turn on the Multicurrency switch and confirm that you understand that you can't undo this option.
6. Select Save, then Done.

In QuickBooks Online, you can't directly transfer between accounts in different currencies. However, you can create a holding account with the currency you want to transfer to before transferring the funds to its final destination. Follow the steps below:

1. Click the Gear icon.
2. Select Chart of Accounts and click New.
3. In the Account dialog, select the appropriate Account Type and Detail Type.
4. Enter a Name for the new account and an optional Description.
5. Select the currency to assign to the account from the Currency dropdown menu.
6. Hit Save and close.

You can then read this article to guide you in transferring the funds between accounts: Transfer funds between accounts.

For future reference, you can read these helpful resources about multi-currency in QuickBooks Online:

• Multi-currency FAQ.
• Enter home currency adjustments for your foreign balances.
• Frequently asked questions about home currency adjustments.

Feel free to click the Reply button below if you have questions about using multi-currency and recording transactions in QuickBooks Online. I'm always here to help.

Thank you so much for both solutions.

Best regards,

Also I see if i try to import one .csv file with invoices I have troubles if one customer paid me in USD then he also paid me in EURO, invoices cannot be imported because platform recognize customer and seems it cannot accept for one customer more currencies.

I'm glad the solutions given by my peer above were helpful to you @mihaita. Let me share additional information about importing invoices in QuickBooks Online.

We can import invoice data using a CSV file. If multicurrency is turned on, you can import invoices in foreign currencies. In your case, make sure to turn it on first by following the steps provided by my peer above for the second scenario. Then, create two customer profiles - one for USD and another for EUR - to import invoices in both currencies. Here's how:

1. Go to Sales and select Customers.
2. Click New customer.
3. In the Customer display name field, enter the display name for your customer (this is a required field).
4. Then, review each section and enter any other important customer info.
5. Hit Save.

For the second profile, you can add special characters to the customer's name to avoid duplicates.

You can map each of your column headings to the invoice fields during the import. Take a look at what's required to import invoices or download this sample spreadsheet for your reference.

Please know that you can always go back to this post if you have additional questions on importing data. Just hit the Reply button and I'll provide the necessary help. 

Thank you Nicole for your message, but if in .csv file I have customer Mike Kemp with one invoice of 50USD and same customer with one invoice of 100euro, then I get trouble and not work to import.

Here is error: https://prnt.sc/PYeY4hgEAQ5L

Multi-currency is ON., here is proof: https://prnt.sc/CXaoDiYVZG4I

Hello there, @mihaita.

Let me chime in on his conversation to provide insights about importing transactions using CSV files in QuickBooks Online (QBO). Please note that when manually importing transactions, only one currency per file is supported. Even if you have turned on multi-currency, QuickBooks will not allow it.

Moreover, let me provide you with this article as your guide in categorizing your imported transactions in QBO: Categorize and match online bank transactions.

Return to this post if you have other concerns in importing your transactions in QBO. The Community is always here to help.