Income in different currencies in PayPal

Discussion in 'Accounts & Finance' started by Antonio45, May 30, 2020.

  1. Antonio45

    Antonio45 UKBF Newcomer Free Member

    2 0
    I haven't seen a post specifically talking about this, so I just wanted to ask how should I declare my income when all the payments are made trough PayPal in USD.

    I've seen that in QuickBooks you can connect your PayPal account to keep the record of your transactions but those transactions are made in USD so you are not able to know the exact amount on GBP.

    The way I do it is by sending an invoice weekly from my Tide Business bank account for the amount in GBP I've generated that specific week.

    The thing is now I don't know if I should do that because I just keep the record of the money I send to my Tide account in GBP, but I don't keep the record on the expenses I pay with my PayPal account in USD.

    Let me know if someone can help me out with this. Thank you so much.
     
    Posted: May 30, 2020 By: Antonio45 Member since: May 29, 2020
    #1
  2. dotcomdude

    dotcomdude UKBF Enthusiast Full Member

    510 104
    If your paypal account is UK-based, every time you receive a USD payment, your GBP balance will increase by the relevant amount (although the conversion rate will be shocking).

    You should also be recording your paypal fees in your accounting records.
     
    Posted: May 30, 2020 By: dotcomdude Member since: Jul 27, 2018
    #2
  3. Antonio45

    Antonio45 UKBF Newcomer Free Member

    2 0
    Thank you so much. So in Quickbooks I should be recording all transactions with PayPal although they're made with USD. And then record the amount I send to my Tide account?

    And do you know any way to convert the USD to GBP before going into my bank account? I noticed that the conversion rate is crazy but I thought it was the only way of doing it.

    Thank you
     
    Posted: May 30, 2020 By: Antonio45 Member since: May 29, 2020
    #3
  4. STDFR33

    STDFR33 UKBF Big Shot Free Member

    4,391 1,157
    Posted: May 30, 2020 By: STDFR33 Member since: Aug 7, 2016
    #4