For context, my primary currency is USD and I'm using PayPal to accept payments for my eCommerce store on Shopify, worldwide. So I receive payments in EUR, HUF, and AUD, to name a few. The issue I'm noticing is the PayPal transactions fees for orders completed in currencies other than USD, do not convert automatically to USD or at least they do not appear on my side of the system.
This is resulting in large under and overstatements of PayPal transactions fees being recorded in my Quickbooks. For example, a transaction fee of 982HUF did not convert to USD in PayPal so when the data synced to QuickBooks, it took the 982 value and recorded it as 982USD when the true transaction fee should only be 2.88USD. I've been told by PayPal support that I would have to manually do the conversions myself and record them to my books but with thousands of transactions, this would be extremely time-consuming.
I'm wondering how other businesses handle this situation. Does anyone have a recommendation on a specific app to use to sync my PayPal transactions with my Quickbooks more efficiently? Is there a certain setting I need to apply in my PayPal to fix this issue moving forward?
Any help would be greatly appreciated! Please let me know if you need to me to provide more details for a better recommendation. Thank you for your time.
