No what is happening is this:
Let’s say I receive 140 USD as a sale. Paypal will keep this 140 USD in the Paypal USD account and won’t touch it until I send it back to my bank account(in euro).
So each month I keep all my earnings in the GBP and USD accounts and only transfer them to my EURO(local) bank account when it is the right time based on the currency status, this is why they created paypal this way, to give you more freedom of movement and not change your currency on the day of the sale).
Now the statement from Paypal is awful because it shows:
140 USD when not yet transferred.
140 USD conversion to EURO when I withdraw the money to my local bank account(and not my euro paypal account).
So the confusion arise when I have this situation:
Sale number 1 200 USD
Sale number 2 300 USD
Sale number 3 500 USD
The USD account shows as "1000 USD"
The Paypal Euro account shows as “0 EURO”.(You expected to see this EURO account as 945 Euro but…no unfortunately).
Now I do a transfer from my Paypal USD to my EURO Bank account(and not Paypal Euro account), things now show as:
PAYPAL USD NOW shows this on the statement:
Sale 200 USD
Sale 300 USD
Sale 500 USD
On the Paypal EURO statement it shows:
Conversion 945 EURO(Nothing telling you that the 1000USD matches the 945 EURO)
So things start to become ridiculous when you have multiple transfers of the same value.
My problem is this:
I can set the 3 USD sales in the account of “SALES”, no problem. But when I do this, I also need to get my gain or loss from the conversion of 1000USD to 945 EURO. Manager on the statement shows the Conversion 1000USD as “suspense” and the Conversion 945 EURO in the Paypal EURO account as “suspense” too.
With Xero I used to do this:
Set all 3 USD sales as “Sales” and leave them there.
Create a new manual entry of a transfer of Paypal 1000 USD to 945 EURO to my Local Bank account, then Xero was calculating automatically my gain or loss based on the sent amount and the amount that landed in my bank on that particular day, this is what I am trying to achieve with Manager but I just cannot work it out.
I am looking for a Panel quiet identical to Xero like below(imagine input fields):
Transfer account name 1(Paypal USD)
Value 1 -> 1000USD
Date 1 = 12/01/2016
Transfer account name 2(Local bank account EURO).
Value -> 945 EURO
Date 2 = 14/01/2016
Conversion loss/gain = 4 Euro
Rate = 0.94522
So visually you could see what was going on live on the screen.
The final word is that importing all the currencies automatically via statements will not work well in manager and become super confusing because Manager is not tracking the USD Paypal and follow the conversion to the EURO Paypal as the same transaction and therefore does not apply the loss or gain automatically like Xero Does.
I hope you understand the issue. I am lost with the current Manager workflow compared to Xero which pulls all the transactions alone each day and auto convert them + with its AI it used to automatically set the right account name based on what it remembered from your old transactions, really minimizing the clicks.
If manager could simplify this whole process it would be fantastic, but I also understand the complexity of it too.
I hope I explained everything better this time.