How can I best deal with a PayPal multi currency account? Intitially I added 3 bank accounts: PayPal GBP, PayPal EUR and PayPal USD and thought I’d get around it that way. Now I realise I can’t do that as I don’t have opening and closing balances for each.
What’s the primary currency of the PayPal account? You should simply enable multi-currency, see http://www.manager.io/guides/multi-currency/setting-up-base-currency/
Then select currency for the PayPal account.
I set multi currency on my Manager account no problem. It’s the PayPal bank account that is the problem. I have a PayPal multi currency account which means that it has balances in GBP, EUR and USD. It’s not just in GBP.
When you say your PayPal account has balances in three different currencies, can you withdraw each balance? In that case you have three PayPal accounts and they should be created in Manager separately.
However if there is really only one balance and PayPal shows you this balance converted in all three different currencies, then you have only one PayPal account and one of those currencies is the primary currency of that PayPal account. So when setting up this account on Manager, select the primary currency as the currency of this account.
Ok I’ll leave it the way I set it up then, in 3 different bank accounts. Do I have to record currency transfers between the accounts as well?
Yes, that way Manager will know balances of each account and will be able to calculate currency gains/losses in relation to base currency.
Not to mention, every transaction should be recorded in Manager as a matter of keeping complete accounting records.