Foreign currency conversions and Paypal balance

Hi,

I have just withdrawn all my funds from my Paypal Account into my Bank Account, and then imported the Paypal transactions into Quickfile.

However, for some reason QF has added an extra ‘Money In’ transaction which means my QF Paypal Balance doesnt match my actual Paypal balance.

Could someone look into this for me,

Thanks,

Andy

There is some manual intervention required in order to keep your PayPal balance inline with the balance held in Quick File when using multi-currency transactions. This is due to the way PayPal reports foreign currency conversions in their feed (or rather doesn’t). I would recommend having a word with your bookkeeper or accountant to look at making any necessary adjustments.

Unfortunately I am only a very small business and cant afford an accountant. Can I just delete the extra transaction?

The conversion items on the statement can usually be deleted! If everything else is tagged that should be fine.

After deleting the transaction I have worked out where it came from. When I requested the withdrawal of funds some of the funds were still in USD so when they were converted to GBP it created an extra transaction which although was recorded in my Paypal Account as part of the withdrawal transaction, QF recorded as an extra transaction.

I now need to edit the original transaction, I dont see a way of doing this, will I have to delete and re-enter it manually?

Glad you sorted it! Yes to modify the transactions just delete it from the bank, re-enter and re-tag.

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