This is a stab in the dark and hope my client deals with over 400 transactions per month but they are multi currency transactions from euro to usd and aus dollars and cad so could we use the bank feed for paypal and it will bring it all in and put into the 4 paypal accounts euro,gb stering,usd and aud or does it only come in as one bank feed or is it possible to separate these?
Hi @jhanks1170
Unfortunately it’s not possible to split the account up into multiple currencies using the feed.
You can use multiple currencies, and enable conversion to GBP, but these only the exchange rates from xe.com and may vary to those used by PayPal.
If there are many transactions per month, you may find it easier to import a CSV file on a monthly basis, or even create one lump payment on a regular basis to record all PayPal sales.
Hope that makes sense, but if you have any further queries, please don’t hesitate to ask.
but these transactions are all over the world so have vat and none vat being in different countries so not going to help on that score .there is over 400 to 600 transactions go through paypal as he sells uk,usa,australia,canada,spain.norway,poland,france but some pay in usd some aud and euro so could we set up 4 different accounts and transfer totals to each is that better? or do able?
You could set up one main PayPal account in GBP to log the transaction after conversion and the transfers to the bank account, and have several other accounts in different currencies.
In this case, you would probably find it easier to record sales in an invoice (logged against a general client like PayPal Sales), and their transactions coming in on a weekly or monthly basis, by entering the foreign currency transactions into their respective accounts. Then finally, tag a transfer to the current account.
So you would have, for example,
$500.00 into the USD PayPal account, tagged to an invoice for PayPal Sales
$10.00 tagged out as normal to a PayPal supplier
$490.00 tagged as a transfer to GBP current account.
Hope that makes sense?
i see what your saying but client he produces a sales invoice then gives all information on a csv file for the month but i would need to dissect the data to usd aud and euros etc so paypal cant do this then
With PayPal we can import a single feed into a QuickFile bank account. With multi-currency enabled for the PayPal account we would convert any USD, EUR, CAD or foreign currency items to GBP.
What we don’t support at this time is having multiple individual PayPal feeds all importing into different bank accounts on QF, denominated in different currencies, everything is normalised to GBP.
The method described previously is a manual process and involves batching together all sales for each currency and posting a single bulk sales invoice to capture the income in each case. Usually once per week/month.