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FP06
September 25, 2024
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Bank accounts

  • September 25, 2024
  • 1 reply
  • 0 views
 

Hi everyone,

Any help would be great as I am frustrated with this problem.

 

I am running Quickbooks Online. And I have three bank accounts within my account.

 

Current Account

USD  Account

Euro Account

 

The Current Account recognises and works with all accounts.

The USD and Euro accounts do not recognise each other. So making transfers/deposits between these two accounts is impossible.

 

All the bank accounts are setup the same.

The bank accounts are not connected to my bank externally.

 

Please help !!

 

Best answer by GeorgiaC

Hi FP06, thanks for posting on the Community today

 

We'll be happy to share some guidance on managing foreign currency accounts in QuickBooks Online. 

 

If moving between two foreign currencies (that are not in the home currency of the QuickBooks account) a contra/transfer account will need to be used. 

 

For example, if the home currency is in GBP, you can transfer from GBP to USD, and from GBP to Euro. However, if the home currency is in GBP and you are transferring from USD to Euro, a contra account in GBP would need to be used (so the transfer is from USD to GBP to Euro). 

 

To create a contra account, simply make a new bank account in QuickBooks in your home currency. Then, transfer funds from one foreign currency to the contra account, then transfer the entire balance of the contra account to the second foreign currency account.

 

Thanks for reaching Intuit support. We'll be here if you have any further questions! 

1 reply

G
GeorgiaCAnswer
September 25, 2024

Hi FP06, thanks for posting on the Community today

 

We'll be happy to share some guidance on managing foreign currency accounts in QuickBooks Online. 

 

If moving between two foreign currencies (that are not in the home currency of the QuickBooks account) a contra/transfer account will need to be used. 

 

For example, if the home currency is in GBP, you can transfer from GBP to USD, and from GBP to Euro. However, if the home currency is in GBP and you are transferring from USD to Euro, a contra account in GBP would need to be used (so the transfer is from USD to GBP to Euro). 

 

To create a contra account, simply make a new bank account in QuickBooks in your home currency. Then, transfer funds from one foreign currency to the contra account, then transfer the entire balance of the contra account to the second foreign currency account.

 

Thanks for reaching Intuit support. We'll be here if you have any further questions! 

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