Hi everyone,
I am struggling to reconcile PayPal transactions made in foreign currencies on QBO. Regardless of the currency I am paid via PayPal the figure always pulls through to QBO in GBP. For example if a customer pays me $500AUD on QBO I see £500GBP despite the value of the two currencies being very different!
My Shopify sales are synced to QBO via Shopify Connector by Intuit which creates sales receipts for the transactions in GBP at the time of the sale occurring. I have done some research and seen older posts but I can't believe such an important feature does not exist for this to be automatically synced in the correct currency. Am I missing something?
I have a few questions:
1. I have looked at the various multi currency apps (A2X) and have been told they can't handle currency conversions. I'm not sure I need the amount converting? I have a PayPal balance in AUD which will correspond to the transaction if it was synced in AUD?
2. If the amount does need to be converted into GBP how can I do this manually (step by step please)?
3. My PayPal balance on QBO only shows me my GBP balance and not the other currencies I hold. How do I sync other currencies to QBO?
4. Because of the above my sales figure on QBO is far greater than on Shopify (my only source of revenue, however this is best solved, is there a way of correcting this retrospectively?
5. Are there other apps that can handle this for me, if so any recommendations?
Many thanks, any help will be greatly appreciated!
Thanks,
Guy
