Paypal - Enhanced Currency Support
| Lines of Code | 133 |
| Technical name | to_paypal_unsupported_currencies |
| License | OPL-1 |
| Website | https://viindoo.com/apps/app/17.0/to_paypal_unsupported_currencies |
| Read description for | v 12.0 v 13.0 v 14.0 v 15.0 v 16.0 |
| Required Apps | Invoicing (account) Discuss (mail) |
| Included Dependencies | Viindoo Base Viindoo Accounting Currency Conversion Difference Move for Payment Transaction |
Demo video: Paypal - Unsupported Currency Support
Problems
- Paypal supports a limited number of currencies, which causes problems when your customers pay their invoices in a currency that is not supported by Paypal.
- Here is the list of currencies that are supported by Paypal: https://developer.paypal.com/docs/api/reference/currency-codes/.
Key Features
- When a customer carries out payment in a currency that is not supported by PayPal, this module will convert the payment amount to a supported currency (which is configurable) before sending the payment data to Paypal.
- During the payment processing and payment notification, this module ensures that the converted amount is equivalent to the original one for full reconciliation.
- During the currency conversion, the difference caused by the exchange rate will be recorded in the Foreign Exchange Difference journal.
Example
- Assume that:
- The company currency is VND (Viet Nam Dong - đ), which is not a currency supported by Paypal
- Invoice INV/2019/0001 amounted to 2,000,010đ (in VND)
- The Paypal provider is configured with USD as the default currency for conversion in this case
- Exchange rate between VND/USD: 23,100
- Payment process:
- Convert VND to USD: 2,000,010 / 23,100 = 86.580519481, and will be rounded into 86.58
- Request Paypal to process payment for the $86.58
- After processing, Paypal notifies system of the successful processing of the amount of $86.58.
- System verifies this amount and generates a payment of $86.58 and posted with value of $86.58 * 23,100 = 1,999,998đ
- During the currency conversion, the difference of 12đ (between 1,999,998đ and 2,000,010đ) will be recorded into the exchange rate difference. The corresponding invoice will be set to Paid.
Business Value
- Improve Payment Success Rates:
- Ensure smooth transactions by converting unsupported currencies automatically, eliminating errors and payment failures.
- Save Time and Reduce Errors:
- Automate complex calculations and reconciliation processes, reducing manual work and minimizing errors.
- Compliant and Transparent Accounting:
- Maintain accurate records of exchange rate differences for better financial compliance and reporting.
Who Should Use This Module
- Businesses Operating Internationally:
- Ideal for companies with customers or suppliers using currencies not supported by Paypal.
- Companies with Multi-Currency Operations:
- A perfect solution for businesses managing multi-currency payments and reconciling foreign exchange differences.
- Finance Teams Seeking Automation:
- A great fit for teams looking to automate manual processes and focus on strategic financial management.
Editions Supported
- Community Edition
- Enterprise Edition
Installation
- Navigate to Apps.
- Search with keyword to_paypal_unsupported_currencies.
- Press Install.
Note: To see full features of the to_paypal_unsupported_currencies module, you need to install the following modules:
- to_account_accountant;
- contacts;
- website;
- website_payment.
Instructions
Instruction video: Paypal - Unsupported Currency Support
Step 1: Create a bank address.
Step 2: Enable multi-currencies feature.
Step 3: Configure Paypal as a payment provider on the Accounting app.
Step 3: Create a customer invoice and confirm the invoice.
Step 4: Granting portal access to customer.
Step 5: Generate and send the payment link to the customer.
Step 6: Customer pays through Paypal.
Step 7: Check the payment information and related journal entries. To see journal entries details, you need to activate the developer mode.
This software and associated files (the "Software") may only be used (executed, modified, executed after modifications) if you have purchased a valid license from the authors, typically via Odoo Apps, or if you have received a written agreement from the authors of the Software (see the COPYRIGHT file).
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