Thanks for coming back, Michael Rowlands.
For QuickBooks Online (QBO) Simple Plan version, the option to accept and make payments in different currencies is unavailable. This is available in Essential, Plus, and Advanced versions. To learn more about the QBO plans and features, check out this link: https://quickbooks.intuit.com/uk/pricing/#all. If you need to upgrade your plan, just follow the steps below:
- Check out the available pricing plans to see which subscription level is right for you.
- Sign in to QuickBooks Online as a primary or company admin.
- Go to the Gear icon on the top menu and then Account and settings.
- Select the Billing & subscription tab.
- Make sure your payment info is up to date.
- In the QuickBooks Online section, select Upgrade your plan.
- Review the available plans and then select Choose plan.
- Follow the on-screen steps to upgrade your plan.
Once done, follow the steps provided by Ashleigh1 to manually reconcile the balances. Also, when entering transactions with foreign currency, we can only use the home currency bank account or the bank whose currency corresponds to the invoice/bill. To facilitate movement between the two different foreign currencies, we can create a dummy bank account in the home currency.
You can also manually record the transactions in QBO with the correct values. Then, exclude those PayPal transactions that will show on the bank feeds. On the other hand, it would be best to contact Paypal Support Team for assist on how to make your PayPal a business account. Once everything is fine, here's an awesome resource that you can use as a guide in reconciling your account: Learn the reconcile workflow in QuickBooks.
I'd love to know how this goes. I'd appreciate any details you can provide. If you have any other concerns about managing multicurrency transactions in QBO, feel free to leave a reply below. I'm always ready to lend a hand to ensure your queries are addressed. Have a good day ahead and take care.
