PayPal transactions tagging where there is mismatch in currency

Support
1

Situation where is a purchase invoice issued in USD and paid by PayPal account in GBP vhere PayPal uses auto conversion.

Proceeding in following order doesn’t work:

  1. PayPal feed is refreshed
  2. Invoice is in the system and correct FX rate is set (matching to PayPal auto conversion).
  • In this case tagging is not able to find a match, even dates and values in GBP are matching.
  • I haven’t found any manual way how to match it.

Using the reverse order works better:

  1. Invoice is in the system, correct FX rate is set, and manual payment from PayPal account is filled at Purchase screen.
    2 When PayPal is refreshed, transaction that was already manually typed is not redundantly imported and all is OK

It would be great if there was a chance to tag those entries that are matching e.g. in GBP = FX * USD

2

Hi @Jimbo1

At present, it’s not possible to tag an invoice in one currency to a transaction in another using the QuickFile tagging system. The only way to achieve this is to log the payment through the invoice itself.

If both are the same currency, then it will work all OK (as you’ve experienced).

Opening up the tagging this way can cause a few issues. While we use xe.com exchange rates, PayPal uses a different one again, as do many banks. So even doing a check on invoice value x todays exchange rate wouldn’t necessarily match that from a bank statement.

The only suggestion that I have at the moment, is to continue tagging the invoices using the ‘log payment’ button on the invoice itself.