Paypal in two currencies and holding a balance

RoxanneRichardsRoxanneRichards Member Posts: 2

My Paypal account has both USD and CAD transactions posted in it. I also usually hold a balance in the Paypal account and only pay out to my CAD bank account periodically.
How can I post income and expenses from Paypal to Wave and also account for a USD and CAD balance held in Paypal?

Comments

  • KristenVKristenV Administrator Posts: 90 admin

    Hi @RoxanneRichards , sorry for the late response here!

    To start, are you able to tell me a bit more about your PayPal account set up? Specifically, are you referring to a single PayPal account with multiple currencies or two separate PayPal accounts?

    In Wave, you would be able to add your PayPal account to your Chart of Accounts through Accounting > Chart of Accounts. Each account added in your Chart of Accounts is only able to support a single currency. If you have transactions from PayPal in multiple currencies, this will require separate accounts for each currency.

    For any payments to your PayPal account directly, I recommend using Wave Connect to have those transactions imported to Wave. This is because Wave cannot actually track payments to your PayPal account unless you add those transactions in Wave manually. Wave Connect is our Google Sheets Add-On tool which allows you to upload/download data to/from your Wave account. You can learn more about Wave Connect in this Help Centre article.

    As for getting transactions from PayPal to your bank account into Wave, you are able to connect your bank account through Banking > Connected Accounts. With your bank account connected there, your transactions will automatically import to Wave, showing any payouts from PayPal to your bank account. Once those transactions come in from your bank account, you are able to create a transfer expense transaction, showing the movement of funds from your PayPal account to your bank account. This Help Centre article can provide more information on creating a transfer.

    Alternatively, Wave does offer a PayPal integration through Zapier which you may find helpful. More information on this can be found here.

  • RoxanneRichardsRoxanneRichards Member Posts: 2

    Hi @KristenV ,
    It is a single Paypal account, I'm fine with uploading transactions manually to Wave, and understand that I need two accounts in Wave for my two currencies in Paypal, however, do I have to manually separate out transaction history for each currency and upload these separately into their respective Paypal currency accounts in Wave?

  • AlexLAlexL Administrator Posts: 2,822 admin

    Hey @RoxanneRichards , I'm afraid you would have to do so, yes. Wave doesn't currently support the scenario where a single account supports two different currencies. Let us know if you have any further questions!

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