Skip to main content
A
alan-groefit-io
May 2, 2024
Question

Crypto

  • May 2, 2024
  • 1 reply
  • 0 views

Hello, my company is a DE C-corp and I transferred some ETH into the company through a SAFE Note.  I set up QB for ETH as bank asset foreign currency to account for our staking revenue.  I am trying to add the ETH value to my equity acct through my equity acct register in the ETH currency category.  However I get a message that you can only use one foreign currency per transaction.  Not sure how to proceed.  Thanks for any help

1 reply

DivinaMercy_N
DivinaMercy_N
May 2, 2024

Hello there, Alan. 

 

The error you receive will show if you use a currency that is not your home currency when processing a transaction. For instance, your home currency is USD. However, you'll want to transfer an amount from bank with CAD currency to your ETH account. Since CAD is not your home currency, QBO will prompt the message that you can only use one foreign currency per transaction.

 

To ensure we're on the same page, could you tell me what specific transaction you're trying to process to add the ETH value? This information is a great help so I can provide an accurate solution to resolve the error you received.

In the meantime, you can use a clearing account (use bank as account type) to add the value for your ETH account. To start, create a clearing account for your home currency and use journal entry to move funds to this account. After that, create a journal entry again to move the funds from the clearing account to your ETH account. For guidance about the debits and credits amount, I recommend reaching out to your accountant. 

 

Please post a reply here. I'll be patiently awaiting your response. Have a wonderful day and keep safe at all times.

A
alan-groefit-ioAuthor
May 2, 2024

I am trying to make a journal entry in my equity account to add the ETH currency that was transferred into the company via the SAFE note.  Not sure if that answers your question.

J
JorgetteG
May 2, 2024

Thank you for your response and the additional information, @Alan11_2. Let me clarify the issue so that we can get you back on track.

 

It seems that you're facing an error while transferring received ETH currency via Safe note to your equity account using a journal entry. 

 

Please note that creating a journal entry with more than two currencies can cause an error. QuickBooks Online (QBO) blocks journal entries that use multiple currencies to avoid incorrect open balances or exchange gains or losses.

 

I've attached a screenshot for your reference:

 

 

Therefore, make sure that only two currencies are involved when creating a journal entry.

 

However, as suggested by my colleague @DivinaMercy_N, you can use a clearing account with a bank account type to add the value to your ETH account. To do this, you need to create a clearing account for your home currency and use a journal entry to move funds to this account. Then, create another journal entry to transfer funds from the clearing account to your ETH account.

 

Moreover, I recommend consulting with your accountant for guidance on the next steps to take to maintain accurate books.

 

Here are some useful resources on managing Multi-Currency in QuickBooks Online:

 

 

If you need any further assistance or clarification while creating a journal entry with ETH currency, please let me know. I'm always available to help.

Terms & ConditionsAccessibility statement