Multi Currency Paypal feed question

[Glenn]

Multi-currency is generally supported on QuickFile in so far as you can create sales and purchase invoices in currencies other than GBP, you can also pay these into GBP bank accounts or accounts denominated in any other currency, e.g. USD, EUR etc.

The PayPal feed however cannot fully handle multi-currency transactions as the PayPal feed does not supply the exchange rate and this is applied several days later. This is something I’ve explained in more detail in other threads. For that reason the PayPal fee will only import GBP entries, any other items will be ignored.

See my quote below:

@Glenn

Firstly I would establish whether you really need to use the feed at all? The simplest way to handle PayPal for accounting purposes is to just lodge, weekly or monthly bulk sales invoices. I.e. go into PayPal pull a report on all sales and all charges and lodge as two entries on your PayPal merchant account and post the former to a client called PayPal Sales and the charges to a supplier invoice.

Simplified way of Handling Payments from Merchant Accounts

Specifically regarding multi-currency it’s not likely we can fully support this unless PayPal change their feed format. One critical aspect for multi-currency is the exchange rates. PayPal post say a USD entry on one day without the GBP equivalent, then they go and modify that entry on the feed 3-5 days later. To make this work we’d have to constantly poll back a week to check for changes which is simply not practical.

Any foreign currency entries will therefore need to be manually uploaded to a separate USD/EUR (or whichever other currency you’re using) denominated merchant account. At this stage, without bulk logging there is no simple alternative.