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biffdiff
Aug 1, 2020 9:09 PM UTC
Question

How to set up a foreign currency account I have converted GBP to?

Hi All,

I've converted GBP from my bank account to USD in another account.  How can I set up this other account in USD and show the conversion?

Have looked through existing answers and can't find it or looks too baffling.

Thanks.

1 reply

JessT
JessT
Aug 2, 2020 12:55 AM UTC

Hi biffdiff!

 

You can record the conversion as a transfer (+New > Transfer). This transaction will let you enter the exchange rate, so the converted amount will have a gain or loss, like in the screenshot. You can check both accounts after saving the transfer.

 

In the sample below, I converted GBP 1000 to USD on 8/1/2020 with an exchange rate of 1.308535. QuickBooks will automatically show the exchange rate, but you can also modify it.

 

 

Please don't hesitate to go back to this thread if you need more help with your conversion.

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