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General Currency Conversion PayPal

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I am so confused with PayPal currency conversion transactions.

I am downloading the activty report to import into Xero. 

I can see a payment going out which is fine, I understand what to do with this, however, there is then a "general currency conversion" amount coming back in. (see below) now these amounts back in aren't bank deposits and I can't see anything on the actual PayPal statements showing the amounts coming back in. 

My question, is how do I treat these transactions on my accounting programme? What account do they go to? Do I even need them as they seem pointless. 

Thank you 

General Payment

-250

General Currency Conversion

250

General Payment

-280

General Currency Conversion

280

Express Checkout Payment

-145.2

General Currency Conversion

145.2

Replies (2)

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By Duggimon
20th May 2020 16:27

The transactions on the report are all the ins and outs of the paypal account itself. You have payments going out of it to your suppliers, and corresponding amounts coming in to it which is you paying the money to Paypal.

At least I think that's what's happening, my own report refers to them differently but it's still a list of ins and outs paired off exactly.

Unless you're in the habit of keeping a balance in the Paypal account, I wouldn't bother with the paypal report and would just use the transactions from your own bank as the purchases.

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By johnt27
21st May 2020 10:10

Do you have more than one currency account in PayPal? The incoming entries you're seeing normally occur when you have say a GBP account which is transferring money to a USD to fund the payments being made.

Secondly, why are you importing these transactions? Xero has had a direct PayPal feed for a considerable amount of time which saves you the faffing about of import/export

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