Due to the PayPal API restriction, the exchange rate is taken from the accounting software side, not from PayPal, if you have a bank account for just one currency in your accounting software and you sync transactions in several currencies (API is like a language apps use to talk with each other).
Note 2: PayPal collects taxes on your behalf due to agreements with select jurisdictions in the United States. These taxes, however, must be recorded in your accounts because they are related to your business. We'll take care of everything and keep track of everything, even taxes. For additional information, see this article on how taxes withheld by Using Paypal With Quickbooks are processed.
Note 3. Verify and validate your PayPal account. It is only possible to connect PayPal if both of these conditions are met. Follow these three steps to double-check:
- Go to PayPal and sign in.
- You'll be taken to your PayPal balance page if your account hasn't been validated yet. You'll see the inscription Your member status: validated if the account has already been verified.
