PayPal bank feed errors with currency conversion

Accounting
1

I have been checking over the PayPal bank feed and noticed there is a small difference between what QF has and what my PayPal monthly statement shows.

It appears that the values that are posted for currency conversions are slightly different. I only have 1 or 2 payments that go out in USD but these are constantly different by a small amount.

For example:

A $10.80 payment is shown in the Transaction History - USD as -$10.80 and then a General Currency Conversion of +$10.80. Subsequently there is a General Currency Conversion of -£8.57 in the Transaction History - GBP.

On QF there is a single related transaction for -£8.21, a difference of £0.36 which for the same transaction each month accumulates.

For a larger payment of $299.00 the PayPal value shown is -£238.92 and on QB £228.28 a difference of £10.64

I am unsure how this is happening if the feed is just reading the PayPal data.

Is my only option to manually change every currency converted transaction?

Edit to change QB to QF, brain fart.

2

Hello. You mention QB which I presume you mean quickbooks. Is that what you meant or did you quickfile? If it’s the latter my understanding of it is it uses xe.com rates from this post although unsure of when it was posted PayPal Multi-Currency Support

3

Hi Spike, Yes I meant QF not QB sorry.

Thanks for the link to the article. It might explain the difference if they are using a different exchange rate than PayPal. What I don’t understand is that the PayPal statement has the USD transaction in and out and then a corresponding GBP transaction with their calculated exchange rate.

It’s going to be a pain if I have to manually change every transaction.