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PayPal currency recognition
I've uploaded a statement (in Quicken format, as OXF wasn't available) from my PayPal account, and it isn't recognising the currencies as USD/GBP/Whatever. How do I deal with this issue?
I’m confused
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Simon,
Thanks for sending over the sample. We're taking a closer look (the CSV file looks more promising) and we'll let you know when we have an answer...
I’m confident
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Simon, we don't currently handle multi-currency transactions and our Paypal support extends to the CSV files produced by PayPal Manager.
We're starting work on our multi-currency handling soon, but it may be that we just need to tweak our QIF import code to pick out the correct currency amount which I assume is in there somewhere.
Could you just clarify if that's the case, and/or send over a sample (anonymised of course if you like - ed at freeagentcentral dot com)?
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Inappropriate?Simon, we don't currently handle multi-currency transactions and our Paypal support extends to the CSV files produced by PayPal Manager.
We're starting work on our multi-currency handling soon, but it may be that we just need to tweak our QIF import code to pick out the correct currency amount which I assume is in there somewhere.
Could you just clarify if that's the case, and/or send over a sample (anonymised of course if you like - ed at freeagentcentral dot com)?
The company says
this answers the question
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Inappropriate?Simon,
Thanks for sending over the sample. We're taking a closer look (the CSV file looks more promising) and we'll let you know when we have an answer...
I’m confident
The company says
this answers the question
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Inappropriate?Hi Ed,
I've got same issue - my paypal account's base currency is in GBP but I've made occasionally purchases in USD or EUR. When this occurs, the CSV file looks like this:
28/03/2005, 22:27:23, BST, Overseas company Inc, Web Accept Payment Sent, Completed USD, -100, 0, -100, {other transaction details}
28/03/2005, 22:27:23, BST, From British Pound, Currency Conversion, Completed, USD, 100, 0, 100
28/03/2005, 22:27:23, BST, To US Dollars, Currency Conversion, Completed, GBP, -54.99 0, -54.99
FAC treats these all as GBP - but since the USD purchase and the credit for USD cancel each other out, the net effect is a debit of 54.99GBP - so balance is correct. The trouble is with the descriptions and therefore allocation to the relevant accounts "bucket".
Could you build in logic to detect/filter currency conversions and allocate the base currency value to the non-base transaction so it would effectively be like loading this:
28/03/2005, 22:27:23, BST, Overseas company Inc, Web Accept Payment Sent, Completed GBP, -54.99, 0,-54.99, {other transaction details}
Regards,
James
I’m happy
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This answers the question
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BTW Tip for other users - when downloading CSV from paypal, select the "Balance Affecting Payments" option - the "Full" option also includes pending transactions, disputed payments etc that skew your account balance in FAC. Likewise Completed Payments excludes all funding of your paypal acct from your bank account/credit card and foreign currency transactions are not cancelled out by currency conversion legs as above -
Inappropriate?Hi Simon
We'll look into excluding these transfer lines this week. Excluding any lines which are not in GBP would work, but of course it wouldn't retain the description of the USD transaction so we probably need to be a bit cleverer than that. Watch this space.
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Inappropriate?It'd be great to have this functionality -- I take payment in both USD and GBP, but FreeAgent doesn't currently let me reflect this. :(
The exported QIF files show amounts in both dollars and pounds; when imported into FA, they all become pounds. Would it be possible to map the first character of PayPal's QIF "amount" field to the currency in FreeAgent?
I’m holding out for a solution!
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Inappropriate?Hey Nick
Unfortunately we don't support multiple currencies in this way in FreeAgent right now, although it is on our radar and we'll be working on it in the coming months.
Presumably you're receiving USD payments into a USD denominated Paypal account, as opposed to the option whereby Paypal convert payments to GBP automatically? -
Inappropriate?Thanks for letting us all know, Olly. Two quick follow-up questions from this:
1) How do I we tell PayPal to convert USD amounts to GBP automatically?
2) Is there a way of adjusting the last 7 months worth of transactions in FAC to reflect that they were made in USD and not GBP?
Right now FAC is telling me I have a PayPal balance of about £1400, when it should be at 0 due to the currency difference.
I’m still puzzled
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Inappropriate?Hi Nick
1. You do this somewhere in the Paypal account settings -- I can't remember off-hand, but this article should help: https://www.paypal.com/us/cgi-bin/web...
2. FreeAgent now supports currency conversions for uploaded Paypal statments provided your Paypal account is just in GBP. Here's the post about it from our blog: http://www.freeagentcentral.com/centr.... Unfortunately if have two accounts, one GBP one USD, you won't be able to take advantage of this automatically for your prior statements.
I do think there might be a workaround for you, although it's not that straightforward. If you download all your prior transactions in a CSV file from Paypal (using the 'Balance Affecting Payments' option) you could edit it (using Excel or a text editor) to manually remove all the USD-specific transactions as well the 'From US Dollars' transactions. When you import this edited file, you'll get all the GBP transactions and all the GBP balance transfers from your USD account (these will appear with the description "To British Pound"), which should result in the correct balance appearing in FreeAgent.
Does this make sense at all? Feel free to email me at olly at freeagentcentral dot com if you'd like to go through it in a bit more detail.
I’m confident
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Inappropriate?Is there an update on when the multiple currency support might be available? Unfortunately I don't think we will be able to use FreeAgent fully until it is, as all our income comes through PayPal, and in 3 different currencies.
Converting it automatically to GBP is not really a problem, but doesn't help for all the transactions that we've done previously (thousands of them).
I do realise this is likely a large task for you, but it would be great to get some idea of the timeframe.
I’m concerned
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Inappropriate?salted,
Our current work on multi-currency is on multi-currency invoicing and being able to reconcile the differences when payments received in your native currency aren't the same as you expected because of currency movements. So far so simple ;0>
What we're not doing yet is handling bank-accounts (or indeed paypal accounts) which are in other currencies and payments which are received against invoices into those accounts. Or purchases made from those accounts. Or transfers between accounts of different currencies.
This second step is significantly more complex to generate the accounts for.
The instantaneous conversions that paypal does if you maintain a single GBP account but take payments in USD - something we already deal with - is like 'Hello World' in comparison.
We're up for it, it's just going to take a little longer.
Is it that second step you're needing, then? Could we somehow script the conversion of those Paypal transactions into GBP? -
Inappropriate?Thanks for the followup Ed. Yes, it's the second step we would need.
I have spoken with our accountant today and for the meantime we're going to keep records for the individual PayPal transactions outside of FreeAgent. That will be fine for now, as long as we keep copies of all the invoices ourselves, and record which include/exclude VAT.
Thanks for your help.
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Inappropriate?Hi Bish,
Work on multi-currency support in FreeAgent is still slated for later this year but we can't be any more precise than that I'm afraid -
Inappropriate?Same problem here. I really like free agent but the responses we get for lack of support for multiple currencies makes me start looking for alternatives. Anyone know good alternative to freeagent which can handle this issue?
I’m dissapointed
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Inappropriate?I'm keen to see this functionality as soon as possible. I'm in purgatory here, adding bank transfers, payments and refunds as manual entries for PayPal!
I’m really hating doing my PayPal account by hand
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Inappropriate?I cannot emphasise how difficult this is at the moment. Can you suggest a workflow to identify the transfers between my current and PayPal accounts, where I can upload statements for my current account but have to create manual entries for my PayPal account.
I’m so incredibly frustrated
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Inappropriate?I've got about 4 years of bank accounts + paypal transactions to go through and reconcile. I've been putting it off because I'm sure it will be very painful.
I too would appreciate some help in working out the best way to reconcile everything (I have USD + GBP paypal transactions, possibly some EUR too)
I’m apprehensive
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Inappropriate?Just wanted to add to this that some transactions in paypal can be paid jointly using few currencies. For example to pay 500$ bill if you have 300$ and 1000£ on your account paypal will take 300$ and will convert another 200$ from pounds. I noticed that freeagent only see part of such a transaction.
Looks like multi-currency in invoices is done so there should be a smaller step to add multicurrency to paypal hopefully :)
I’m optimistic
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