FreeAgent Update - Paypal Currency Conversion
More work going on under the covers this week, but in 'Orvieto' we've added...
Paypal Currency Conversion
FreeAgent now supports currency conversion in uploaded Paypal statements, provided you have a Paypal account in just your home currency.
If you do, Paypal instantaneously converts any amounts you receive in a foreign currency, and the original foreign currency transaction and the currency conversions all appear on the statement.
Here's how we handle this now:
- The original transaction, including the fee, is converted into your home currency at an exchange rate calculated from the Paypal conversion.
- A note of the original value of the transaction, including the currency, is added to the Item Title field.
- The currency conversion lines are removed.
We also now properly import the Item Title field (which normally contains details of the purchase), and the Transaction Type field.
So a typical purchase (if you're UK based) might become:
Atelier Paris/Business Handbag (134.23 EUR)/Web Accept Payment Sent/£68.75
As usual, FreeAgent also automatically explains the Fee part of the purchase, if there is one, in your native currency as a Bank/Finance Charge.
You may wish to undo the existing paypal uploads you've done and re-upload them to take advantage of this enhancement (you can progressively undo one upload after the other).
If you do maintain multiple accounts in Paypal, each for a different currency, you'll need to wait until later in the summer for our true multi-currency support.
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- Video: VAT accounting schemes explained by HMRC