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January 28, 2022
Question

How I can enter transactions between accounts with different currency

  • January 28, 2022
  • 1 reply
  • 0 views

Hello,

I have several accounts in Quickbooks (QB) in different currency. Regularly I transfer money from one account to another. Example: I transferred 1000 EUR from QB account to GBP account in QB. How I need to enter this transaction in Quicbook. 

 

Thank you

1 reply

JasroV
January 28, 2022

Good day to you, Aleksandra.

 

You can record a bank transfer to move your funds between two accounts in your QuickBooks Online (QBO) account. I'll show you how. 

 

  1. Go to the + New menu and select Transfer.
  2. From the Transfer Funds From drop-down, select the bank account that the money is coming from.
  3. In the Transfer Funds To drop-down, select the bank account that the money is going to.
  4. From the Transfer Amount field, enter the amount being transferred.
  5. Edit the Date field.
  6. Review the details and select Save and close or Save and new to complete the transfer.

 

Another way is to create a cheque to record your transfer. For more details about the process, check out this article for reference: Transfer funds between accounts.

 

In case both EUR and GBP are foreign currency accounts, you'll need to transfer the funds first to your home currency account. Then transfer it again to another currency account. Moving funds in QBO uses one foreign currency at a time.

 

If this is the case, you can utilize a third-party app that lets you transfer funds between foreign currency accounts. Just hover to the Apps menu and look for an app from there. Once you've found the app that works for you, select it and click Get app now to link it to your QBO.

 

Once you're done, you might want to utilize this link that can guide you on how to match your accounts seamlessly: Reconcile an account in QuickBooks Online.

 

If there's anything else you need assistance with transferring funds in QBO or managing your account, keep me in the loop by leaving a reply. It's always my pleasure to help you run your business efficiently. Take care!