We currently do not offer multiple currency bank accounts, therefore in order to import transactions from Paypal any currencies other than your home currency (managed via Settings > Company Details > Home Currency) will need to be converted.
You need to decide when you want the conversion to happen – there are two options. To enable these options, you’ll need to access your PayPal settings go to Dashboard > Imports > Pen Icon on the imports.
Option 1 – When the transaction is imported into your KashFlow account
Here within your Paypal settings you can tick the box If PayPal doesn’t provide exchange rate information for a foreign currency transaction, convert it using public exchange rate data.
This setting will convert any foreign currencies from your PayPal account into your KashFlow home currency, at an exchange rate we’ve collected and updated on that day. We use exchange rate calculations from www.ecb.europa.eu.
Option 2 – Before the transaction is imported into your KashFlow account
Alternatively, you could tick Use PayPal-provided figures for VAT on invoices. This will import your PayPal data exactly as it is shown in PayPal – using their conversion figures. You will need to set up different foreign currencies in KashFlow via Settings > Currencies. Please note with this option we will not use any VAT amounts configured within KashFlow. We will instead import the Sales Tax value provided by PayPal.
Please note that PayPal often doesn’t supply us with exchange rate details, in the event they don’t we will use the rate as published on the day of import from www.ecb.europa.eu.
We recommend you do not have both of these options ticked.