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Simon-PM
Dec 12, 2022 12:42 PM UTC
Solved

Problem importing foreign currency bank transactions, QB thinks they are USD$

Total QB newbie here - please help!
I have just subscribed to QB and switched on Multi-currency function, and linked up to my various bank accounts in Wise.  All entries are imported but QB assumes they are all USD$  - but some are not. It now seems I should have somehow told QB and can't convert banks to other currencies now they are imported.

How can I now convert Banks to other currencies before I reconcile entries, or perhaps how can I delete these banks, set up in currency and re-link to Wise?  This is really not intuitive, grateful for advice.  Simon

RoseJillBAnswer
Dec 12, 2022 1:42 PM UTC

Welcome to the Community, @Simon-PM.

 

I want to help you with your concern about importing transactions with foreign currencies in QuickBooks Online (QBO). The currency reflected in Banking will depend on how you set up the Bank in the Chart of Accounts (COA).

 

Once you have imported this, you can no longer change its Currency. To rectify this matter, I recommend you recreate the account and choose the appropriate Currency. I'll show you how:

 

  1. From the left navigation pane, select the Accounting menu.
  2. Select the Chart of Accounts tab, and click the New button.
  3. From the Account type, select Bank.
  4. In the Save account under section, select Checking.
  5.  Enter the details for the Account Name, Description, Starting date and opening balance.
  6. Under the Currency, choose the currency from the transactions under that account.
  7. Lastly, click Save.

 

Afterward, reconcile your account to ensure that everything is balanced.

 

If you have more concerns about foreign Currency, you can always tap me here in this forum. I'll get back as soon as I can. Have a good one!

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10 replies

RoseJillBAnswer
Dec 12, 2022 1:42 PM UTC

Welcome to the Community, @Simon-PM.

 

I want to help you with your concern about importing transactions with foreign currencies in QuickBooks Online (QBO). The currency reflected in Banking will depend on how you set up the Bank in the Chart of Accounts (COA).

 

Once you have imported this, you can no longer change its Currency. To rectify this matter, I recommend you recreate the account and choose the appropriate Currency. I'll show you how:

 

  1. From the left navigation pane, select the Accounting menu.
  2. Select the Chart of Accounts tab, and click the New button.
  3. From the Account type, select Bank.
  4. In the Save account under section, select Checking.
  5.  Enter the details for the Account Name, Description, Starting date and opening balance.
  6. Under the Currency, choose the currency from the transactions under that account.
  7. Lastly, click Save.

 

Afterward, reconcile your account to ensure that everything is balanced.

 

If you have more concerns about foreign Currency, you can always tap me here in this forum. I'll get back as soon as I can. Have a good one!

Simon-PMAuthor
Dec 12, 2022 2:08 PM UTC

Many thanks Rose - I have established duplicate accounts in currencies and re-linked to Wise so fingers crossed all good to start reconciling.

Simon-PMAuthor
Dec 12, 2022 2:33 PM UTC

One more query please - I need to upload credit card transactions manually from a CSV file (can't link).   
I assume QB works on a simple 3 column sheet of Date/Amount/Details?
Should expense items be shown as negative values or positive?  Thank you

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