We currently do not offer multiple currency bank accounts, therefore in order to import transactions from Paypal any currencies other than your home currency (managed via Settings > Company Details > Home Currency) will need to be converted. You need to decide when you want the conversion to happen - there are two options. To enable these options, you'll need to access your PayPal settings go to Overview > Pen & Paper Icon to the right of Import Now button.
Option 1 - When the transaction is imported into your Tally account
Here within your Paypal settings you can tick the box Convert Foreign Currencies. This setting will convert any foreign currencies from your PayPal account into your Tally home currency, at an exchange rate we’ve collected and updated on that day. We use exchange rate calculations from www.xe.com.
Option 2 - Before the transaction is imported into your Tally account
Alternatively, you could tick Use PayPal Rates. This will import your PayPal data exactly as it is shown in PayPal – using their conversion figures. You will need to set up different foreign currencies in Tally via Settings > Currencies. Please note with this option we will not use any VAT amounts configured within Tally. We will instead import the Sales Tax value provided by PayPal. Please note that PayPal often doesn't supply us with exchange rate details, in the event they don't we will use the rate as published on the day of import from www.xe.com.
We recommend you do not have both of these options ticked.