Thanks for your great response and help on this forum.
I saw one of the topics related to multi currency bank account i.e. “Introducing multi-currency” which is closed.
The instructions provided (as below also) to setup multi currency account cannot be seen in my Manager interface:
Setup The feature needs to be enabled under Settings tab.
Go to Settings tab Click Customize button Enable Multi-currency and Exchange rates Once multi-currency enabled, click on Multi-currency under Settings tab and set your Base currency. Base currency is your home currency.
Could you please help me out how should I setup my paypal account which contains transactions in EURO, USD and HKD.
Please do not post general questions as private messages. I have moved your inquiry to the public forum.
The topic you referred to was closed almost four years ago because it was becoming too confused. Further, the entire structure for multi-currency acounting has changed. Nothing in that thread is applicable to current versions of Manager.
A PayPal account should be set up as a bank account. See this Guide: Manager Cloud. However, bank accounts can only be denominated in single currencies. I am not personally familiar with how PayPal manages and displays transactions in multiple currencies. Whatever PayPal is doing, you will need to treat transactions in difference currencies as having been made in different accounts, e. g., PayPal (Euro), PayPal (USD), etc.
PayPal effectively has different currencies listed in your account as separate balances. If you receive money in USD and AUD, you effectively have two bank accounts within PayPal - one for each currency.
You can withdraw part of the balance to a real bank account, or you can transfer between internal PayPal bank accounts (triggering a currency conversion).
So what you said makes perfect sense and is definitely what @Zain.Hemani should do.