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A
artizians
May 7, 2023
Question

This transaction type doesn't work with foreign currencies. Instead choose Transfer and choose the foreign credit card in the Transferred To dropdown.

  • May 7, 2023
  • 1 reply
  • 0 views

Hi member of this community,

We have multi currency accounts and our system is synced with Wise. I am facing problem when recording funds transfer from our Euro account to CAD account while our base currency is GBP.

 

 

The message displayed is 

 
 

Something’s not quite right

Please click on the rows below to see transaction specific errors.
 
This transaction type doesn't work with foreign currencies. Instead choose Transfer and choose the foreign credit card in the Transferred To dropdown.
 
can you guide about this error?

 

1 reply

S
SarahannC
May 7, 2023

Definitely, yes, I can guide you through recording the funds to foreign currency in QuickBooks Online, artizians.

 

The system won't record the funds with a foreign currency to a different foreign currency account. That is why the error is showing on your end. To avoid getting that error message, let's make sure to record the funds to the same currency account or use your home currency bank account. 

 

As initial steps to fix this, your customer/vendor profile should also be set to the correct currency. Here's how:

  1. Go to the Sales menu.
  2. Within the Customers tab, click New.
  3. Click the Currency drop-down arrow and choose EURO currency.

 

However, if you have created a customer profile already and utilise the Record as transfer option from the bank feed, you can create a dummy home currency account (GBP) to move the funds. 

 

Then, transfer the funds from the home currency account to the CAD account. Here's how:
 

  1. Select + New, then Transfer.
  2. Under the Transfer Funds From column, select the Dummy Bank from the drop-down arrow.
  3. Select CAD bank from the drop-down arrow, under Transfer Funds To.
  4. Under Exchange rate, the exchange rate will automatically appear or you can manually change

 

Also, you may want to explore this article: Categorise and match online bank transactions. It provides additional details on how to manage the downloaded transactions in QBO.

 

If there’s anything else I can help you with, please don't hesitate to let me know by commenting below. I’m always here to assist you further. 

    M
    Malek Fandouli
    October 4, 2023

    help me im facing the same problem

    L
    LeizylM
    October 4, 2023

    I understand that you're experiencing an issue when recording a funds transfer from your Euro account to your CAD account in QuickBooks Online (QBO), while your base currency is GBP, Malek Fandouli. 

    In QBO, we cannot directly move amounts from foreign currencies without using the home currency as a partner account. This is why you're getting this error message. 

     

    When recording funds transfer, you'll have to make sure that we select the same currency for the vendor's profile and the Account. You can check out this article to learn more about how to transfer funds in QBO. This way, you'll be able to recognize it easily in the register: Transfer funds between accounts. 

     

    Don't hesitate to post again if you have any other questions about currency. I'm always here to help. Have a good one.

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