How To Sync Transactions In Multiple Currencies


: How To Sync Transactions In Multiple Currencies

In order to set up the synchronization for different currencies, set up Sales, Fees and Expenses for each of them using our newly introduced custom feature.


  1. Creating accounts in QuickBooks
  2. Sales in
  3. Fees in multicurrency
  4. Expenses in multicurrency
  5. Payouts in multicurrency
Business Payments differentiates between your home (based on your company settings) and foreign currencies.

Creating accounts in QuickBooks

Before you start syncing foreign currency transactions, make sure that multicurrency is enabled* in your QuickBooks. Learn how to enable it here:
*Please note that according to QuickBooks rules it is not possible to undo enabling multicurrency in your QuickBooks company.
We highly recommend creating a separate *Bank type account in QuickBooks and choosing them accordingly as a Sales , Fees (and  for PayPal Expense tab) Bank accounts.

*The name of the type might vary from country to country. Look for the word bank in the name of the Account Type.

Accountants recommend to treat online payment systems as bank accounts, that way both incoming deposits and outgoing expenses will be properly accounted for.
After you set up separate Bank type accounts for each currency you are good to proceed.

Sales in multicurrency

  1. Go to My Profile – Settings
  2. Go to Sales and press on Gear
  3. Choose any of the available currencies and set up a Bank account where Sales Receipts, Refund Receipts and Payments received in each currency will be stored.

Fees in multicurrency

  1. Proceed to Fees
  2. Select Fee Bank account
  3. Select Category line account for chosen currencies by clicking on Gear next to the respective fields.
QuickBooks regards Fees as Expenses. Category needs to be of Expense type in QuickBooks Chart of Accounts.

Expenses in multicurrency (PayPal only)

  1. Proceed to Expenses
  2. Choose Bank account
  3. Choose a Category for chosen currencies by clicking on Gear next to the respective fields.

Payouts in multicurrency (Stripe Only)

  1. Proceed to Payouts
  2. Select Checking account for chosen currencies by clicking on Gear next to Transfer Funds to.

Save your changes by clicking on Update


Congratulations! Your account is all set to sync multicurrency transactions!

Do you have any questions? We would love to hear from you. Contact us via our in-app chat to start a conversation or send an email to the address specified in the footer of this page.

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