Paypal Accounting Currencies - Monthly

Support
1

What is the preferred way to tally up accounts in PayPal… I have decided to use the monthly statement which makes things a lot easier, I then account for any payments sent individually by doing a search in PayPal , so I can tag and reclaim vat back on eligible purchases… Is this an ok way to do things ?

Also I have some purchases and sales in Euro and USD currencies which the monthly statement tallies up separately but it can get confusing as there always a zero amount at the end of the month and anything different is classes as a transfer in or out of the account…

I have just been converting these currencies myself using PayPal info for each currency rate at the time, but it can be a little time consuming as each one is different…

Should I create an individual PayPal Merchant account for each currency in Quickfile then allocate them separately or just use the once account and work it out myself ?

2

Hi @Blackwood

You can use the QuickFile PayPal feed if you wish, as this imports all transactions overnight. Anything not in GBP will be converted so things like bank transfers marry up.

However, you may find it best to use a separate PayPal bank account on QuickFile for each currency in use (1 x GBP, 1 x USD, etc.)

There’s more information on this feed here: Setup PayPal automated feed

3

Thanks for that my only concern if using different accounts is if there’s an exchange rate difference as it changes constantly as we know … Also PayPal charge some weird transfer/currency fee … at the end using different accounts it would be out slightly maybe ?

4

The PayPal feed tries to automatically match up the GBP payment with the non-GBP payment, so any feeds and PayPal’s own currency rate is taken into account with this. I would still recommend reconciling this account on a regular basis however.