Paypal bank feeds in USD

Let's figure out why you're only seeing the USD transactions in your bank feeds, 193514534020.

QuickBooks Online often relies on how the bank presents the data and your multi-currency configuration. If your bank account in the Chart of Accounts is incorrectly set as USD, that would explain why only USD amounts are appearing instead of AUD.

With this, we can verify your PayPal account and review if it's set up as an AUD bank. For more details on managing multiple currencies, please refer to the following link: Use Multicurrency in QuickBooks Online.

While excluding and manually adding the transaction ensures accuracy, you can also set up the supplier in USD and establish an exchange rate as an alternative workaround.

When you create or edit a supplier, you can assign a default currency to it. Then, set the supplier's default currency to USD as QBO will automatically pull in the current exchange rate when creating a bill or expenses. Then, you can override this exchange rate to match the actual rate used by your bank for that specific transaction.

To guide you in creating home currency adjustments, refer to this article: Frequently asked questions about Home currency adjustments. It also contains an explanation of the fees to track exchange rate gains/losses.

Please note that you can always return to this page if you require further assistance. We're here to assist you 24/7.

I have tried to use the workaround of setting up the supplier in USD and using an exchange rate.

But this does not apear to work because the primary issue is, QBO thinks the USD amount is AUD, and you can never change this amount, i.e. the exchange rate will only change the USD Amount and not the AUD amount.

So whilst the issue is that QBO is pulling the USD amount into QBO, QBO thinks it is an AUD amount.

There apears to be an issue with script QBO uses when pulling these amounts in from Paypal.

In QuickBooks Online (QBO), the imported transactions will be set as your home currency by default, @193514534020.

When using the multicurrency feature in QBO, imported transactions are automatically converted to your home currency. For example, if your home currency is AUD, all transactions in USD will be treated as AUD.

If you have any further questions or need assistance, please don't hesitate to reach out by clicking the Reply button.

Based on your post, all bank feeds will come into QBO as the home currency. And my home currency is AUD.

The problem I am experiencing is that the amount coming in as AUD, is actually the figure that the purchase was in USD.

example:

1. I made a purchase for $10 USD

2. The exchange rate is .64AUD TO 1 USD

3. The inverted rate is 1.5625

3. The AUD amount after exchange rate is $15.62.

4. But the bank fees is for $10

so it is the USD amount of $10 that is showing in QBO with no conversion, and the $10 cannot be changed.

However the USD amount showing in the exchange rate calculation can be changed by entering the exchange rate.

the roles of the AUD and USD are reversed on the bank fees screen.

we cannot use the bank feed for these transactions, we manually create the correct entry and exclude that transaction.

Thank you for keeping us updated, 193514534020.

If this behaviour is only affecting the transactions you mentioned, we can temporarily use the workaround of creating the correct entry while excluding the bank transaction.

If the issue of being unable to change the exchange rate persists, we recommend reaching out to our Live Support Team. They can investigate further and perform additional troubleshooting to identify the root cause of the behaviour.

We're here if you have any other questions or need further assistance.