USD PayPal payments

Support
1

Hello There

I’ve been reading through some of the many references to PayPal on the Knowledgebase scattered over a number of years and can’t find a definitive answer to what I want to do. Put simply…

I want to create invoices that offer clients the option of paying via PayPal.

This needs to include clients based in the US who pay me the GBP equivalent of the agreed USD fee.

So I also need Quickfile to account for and reconcile any PayPal fee’s and/or exchange rate conversion fee’s.

I’d also welcome guidance on best practice regarding the itemisation and/or recovery of PayPal and/or exchange rate fee’s. So, for example, can they be automatically added to the invoice and if so how?

In summary, I’m asking for a QF ‘How To’ in one place that enables me to create what I (and maybe others) need.

Many Thanks

2

Hi @Archie123

You can enable PayPal as a payment method (Account Settings >> Manage Payment Options). This will be available on all invoices, but can be disabled on a client-by-client or invoice-by-invoice basis.

We also offer a PayPal feed which can import all your transactions for you.

Would you be taking all the payments through QuickFile, or accepting them directly or through another channel (e.g. your own website)?

3

Hi Archie123

Yes you can do this. Enable the paypal feed in quickfile and enable this option for your us clients in the client section (which should be automatically enabled)

This needs to include clients based in the US who pay me the GBP equivalent of the agreed USD fee.

Is this a USD Paypal account or GBP Paypal account? If it is a GBP account then paypal exchanges the USD amount automatically in GBP and vice versa, and they will provide you with the exchange rate they used. Is your paypal account in USD, you can enable your quickfile account for multi currency and click USD. Quickfile uses an 3rd party tool to calculate the exact GBP amount on that day. Sometimes there are small differences. But you can adjust this by changing this manually and record this in a separate journal.

4

Thank You Mathew

I would be taking all payments through QuickFile

Any thoughts on my other questions?

Mike

5

Thank You RHC

I have a GBP Paypal account and that sounds fairly straight forward

Any other thoughts?

1 Like
6

Hi @Archie123

Thanks for coming back to me.

If someone pays a non-GBP invoice through QuickFile, unfortunately we won’t tag this automatically due to the exchange rate element. If they are paid outside of QuickFile, then PayPal provides us with both the GBP and non-GBP values, so we can match them up.

The fees can be reconciled monthly or weekly, depending on your volume of transactions. You should be able to obtain an export or a total from PayPal on a regular basis and bulk log these.

7

Thanks Again Mathew

I’ll be invoicing in GBP via QF - so that looks like it’ll be okay

And the volume and newness of what I’m planning suggests an opportunity to initially log fee’s as I go along.

I’m going to give it a go and see what comes up

Any other Support team and/or user input welcome

Mike

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