Accounting for multi-currency PayPal transactions

Integrations
1

I have PayPa accounts in 3 currencies. The transactions in EUROS don’t seem to be being imported automatically whereas other currency transactions are coming in.

2

The PayPal feed can only import GBP transactions so the foreign currency transactions will need to be entered manually.

There’s a more detailed explanation here:

http://community.quickfile.co.uk/t/paypal-feed-foreign-transactions/1468/2

3

Hi can I have an update on this?

4

We don’t plan to change the way PayPal imports work for now, we can’t feasibly write specific code to handle multi-currency PayPal transactions as it deviates radically from the way bank transactions work (i.e. you can’t have mixed currencies in a single account). There are some suggestions on the thread posted above.

Also have a read here:

http://help.quickfile.co.uk/main/1/accounting_for_income_from_payment_service_providers.htm#5

For accounting purposes you can just lump all sales for a period, normalised to GBP on a single invoice.

5

Okay, what can I do then? I can have multiple accounts 1 for each currency?

BTW you closed my other question but i didn’t get the specific answer I was looking for unless the answer was you can’t,

Thanks,
Paul

6

You can have multiple PayPal merchant accounts for each currency. Or if you want wanted to make it even simpler just bulk log all your PayPal sales weekly/month converted to GBP. Unless you’re actually issuing the invoices from QuickFile to PayPal customers, bulk logging will save you a lot of time.

http://help.quickfile.co.uk/main/1/how_do_i_handle_payments_from_an_online_payment_provider_like_paypal_.htm

7

Hi,

I’ve tried the above suggestion - multiple PayPal merchant accounts for each currency. However, when I setup the feed on the USD one, it appears the feed breaks on the GBP one (I get the prompt to set up the feed again). Is there any way to get around this?