I am slowly getting the hang of Manager and must admit am slowly falling in love with it.
Ok now to my issues. Have read the forums to see if anyone has got a similar issue but haven’t found an answer, so apologise if this has been asked and answered before. We run a mainly online business and deal with 3 currencies (AUD, GBP and USD). Most of our transactions are done through PayPal with on average 10-15 transactions a day in foreign currencies.
Figured out how to import all the PayPal transactions using CSV in all 3 different currencies. The issue i seem to have is how do i override Managers exchange rates to enter PayPal’s ones when needed. I see people posting screenshots where the exchange rate used is visible on a per transaction level and it can be clicked to enter a different one. I can’t seem to see that. Am i doing something wrong?
The “clicking method” to override exchange rate on transaction level has been replaced with something more streamlined.
For example, if you receive $1000 AUD from a customer which is to be applied to invoice in USD, Manager will ask you for amounts in both currencies so it knows how much to apply to AUD bank account and by how much to reduce amount due on USD invoice.
Manager will automatically calculate currency gain (loss) in base currency.
I’m new around these parts and I know this is an old thread but I’m just not seeing how to override the exchange rate. Very stuck.
I’m clicking on the receive money tab under my PayPal bank account and just not getting the currency options as seen in your screenshot.Can you walk me through how I find this?
I’ve figured that bit out, so that’s not where I’m stuck.
The issue I’m having is that I am not getting the option to override exchange rate on transaction level . So my templates do not mirror the template above. i.e. there is no option for me to input a second currency because the field is not available.
Oh I see. So if I pay a US supplier with funds from a USD currency PayPal account, I won’t get the additional currency field (this is what I was trying to achieve).
The extra field will show though if I create a purchase invoice in say USD, but go to take the money out of a GBP currency bank.
Think I get that now.
I have another issue though (which I was hoping my initial query would have solved, but it didn’t).
I have changed the relevant FX currency dates for all entries, but there is still a big discrepancy between what is in my PayPal account and what I have recorded in Manager. I’m about $20 out and I can’t figure out how to balance the accounts. I know PayPal takes fees, but not that much. I’m thinking of manually recording the USD entries in as GBP currency. It’s not ideal, but I don’t know how else to fix this. Any advice on that?
If PayPal account is denominated in USD currency, then maintain it in Manager in USD currency.
If you are $20 out, it means you didn’t record all transactions or didn’t record them with correct amounts. This has nothing to do with exchange rates.
Usually you wouldn’t record transactions in your PayPal account manually. It should be set up as a bank account and you should be exporting your statements from PayPal and importing them into Manager. This way you should always be able easily reconcile.
That’s the thing though. I did import the data from PayPal. All of it!
Separate imports for my PayPal GBP currency account and USD currency accounts. The GBP account doesn’t reconcile. PayPal says I have £16, Manager says £4.
I was only going to manually re-upload the USD entries, because I thought something went wrong with the import.
The only thing I can think of is there have been times when I haven’t had enough USD funds to make a purchase, so PayPal have converted money in my GBP account to USD. But surely, that wouldn’t be the reason?
Can I just confirm, for funds taken partly from PayPal UK and partly USD, which PayPal account should I be recording these in?
For example, I paid a US company $99. £48 came from my UK PayPal account because there wasn’t enough money to cover it in the USD account. The rest went through in USD. Which account should I record this transaction in?
What’s happening with this particular transaction in Manager when I import is that £48 is showing up in pp UK and $99 is showing up is pp USD. Clearly, this is not right.
I have other transactions like this which is why the figures are not reconciling properly with my actual pp accounts.
Maybe £48 is a transfer to your USD paypal account. Then $99 is shown as a payment to supplier.
You need to look into your PayPal, how come you got deducted £48 from one account and $99 from another account. If PayPal has deducted $99 from your USD paypal account, how come they also deducted £48 from your GBP account?
No, PayPal has defo only deducted one payment for $99 (one transaction statement with the breakdown in currencies clearly laid out). I can send you the transaction so that you can take a look and see what I mean.
What I’m trying to explain is that it’s a split payment between my two currencies. This is normal for them to do it this way. I make one payment, but part of that is taken in USD and the other is taken in GBP. There’s no discrepancy in my PayPal account.
The issue is that Manager is recording it as though there were two different payments, because this is a split currency payment. What I need to work out is how to record this transaction in Manager? Because one of these Manager entries needs to be deleted so that it reconciles properly.
Hi again, I should add that the USD currency amount for this split transaction is $33. That’s the figure on the PayPal transaction for this payment.
So, Manager should be recording £48 GBP and $33 USD. Not £48 GBP and $99 USD.
I can see what’s happening more clearly now. Manager is not picking up on the fact that this is a split transaction. I will need to manually override the USD figure by the looks of things.
If you have two PayPal accounts, then you would have two PayPal bank accounts in Manager and two bank statements to import.
It’s not split transaction. It’s two separate transactions. One from account #1, then one from account #2.
But bottom line is this. You can get list of transactions for Paypal account #1 and Paypal account #2. The list of transactions in Paypal should be the same as list of transactions in Manager. Therefore you should end up with the same balances.
But you say balances differ. Do they differ in both Paypal accounts? Or just one Paypal account?
