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stev4
September 6, 2024
Question

Multicurrency bank accounts

  • September 6, 2024
  • 1 reply
  • 0 views

I have set up a new USD and Euro revolut account which are linked to my GBP instance of QB. I have Multicurrency turned on but the bank balances for the USD and EUR accounts are shown incorrectly e.g. I have $500 in the USD account but it shows as £500 and if I spend $20 it shows as £20 on my bank transactions. I had the USD and EUR accounts set up and linked before I switched on Multicurrency. How can I change the currency of these 2 foreign currency accounts as that box is greyed out? 

1 reply

P
payment after leaving
September 6, 2024

Hi stev4 Thanks for reaching out to us here on the Community. If you had created the accounts before activating multicurrency they will have been created in GBP, it's not possible to change the currency of an account. You'd have delete all the transactions, make the customers and suppliers inactive and create the accounts and any multicurrency customers and suppliers in the correct currency. As an alternative you could create the new accounts in the correct currency and then transfer the balances/amounts of the existing accounts, you'd also have to disconnect and reconnect the bank accounts to the new/correct currency accounts.

S
stev4Author
September 6, 2024

Great. Thanks

 

ive done that but what do I do with my old bank account balance on the balance sheet?

 

I created USD (new) and set it up with the correct opening balance and linked it correctly but USD (old) is still there with the closing balance 

 

thanks 

K
KimberlyS
September 7, 2024

You can ensure all transactions from your account are deleted to zero out its balance, stev4. I'm here to provide step-by-step instructions for your convenience.

 

Since you've already set up the correct multi-currency account, you'll want to clear the old bank account's balance to prevent it from affecting your book. You can remove all associated entries directly from the balance sheet report.

 

Here's how:

 

  1. Proceed to Reports from the left pane.
  2. Utilize the Find report by name search bar to get the Balance Sheet report.
  3. Select the report, then choose the appropriate date range to generate the data.
  4. Look for the old account and click on its amount to be routed to the Transaction Report window.
  5. Select each entry to open it, then pick More at the bottom.
  6. Hit Delete, then Yes to confirm.

 

After that, you can make the account inactive as you're no longer using it.

 

Moreover, remember to regularly reconcile your accounts to maintain their accuracy for seamless tax calculation and reporting.

 

We've got your back if you require additional guidance when dealing with your chart of accounts and their balances in QuickBooks Online. Kindly revert to this forum and add a reply below, conveying any queries you have.

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