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VincentHS
November 28, 2022
Question

How to process different currencies between accounts

  • November 28, 2022
  • 1 reply
  • 0 views

I would love to get some help on this... I'm lost... 

We have a multi-currency account, and something that seems relatively simple is getting more complicated to more I read about it... 

Our main QB currency is USD.

I have PHP in the bank and transferred X to a friend's PHP bank account. 

My friend gives me RMB to our digital account (wechat pay) back. 

We determine the exchange rate ourselves.

It's not sales, profit or loss; it should be nothing more than a simple exchange of funds between accounts. 

But how do I put this in our system... Your tips are greatly appreciated - thank you!

 

1 reply

A
Archie_B
November 28, 2022

Good day, VincentHS.

 

In QuickBooks Online (QBO), we can record a bank transfer to transfer funds between two accounts. 

 

I'll show you how:

 

  1. Click on + New.
  2. Choose Transfer.
  3. Select the bank account that the money is coming from in the Transfer Funds From dropdown list.
  4. In the Transfer Funds To dropdown list, select the bank account that the money is going to.
  5. Enter the amount in the Transfer Amount field.
  6. Change the Date field.
  7. Hit Save and close or Save and new to complete the transfer.
  8. Select Yes if you double checked the date.

 

Another option is to create a cheque to record your transfer. Check out this article for more information on the process: Transfer funds between accounts.

 

If both RMB and PHP are foreign currency accounts, you must first transfer the funds to your home currency account. Then transfer it to a different currency account. Moving funds in QBO uses one foreign currency at a time.

 

You can also utilize a third-party app that allows you to transfer funds between foreign currency accounts. Just hover to the Apps menu and look for an app from there.

 

I've added this link for reference in reconciling your accounts so that they always match your bank and credit card statements: Reconcile an account in QuickBooks Online.

 

Keep me updated by leaving a reply if you still require assistance with transferring funds in QBO or managing your accounts. It is always a pleasure to assist you in running your business efficiently. Take care!

V
VincentHSAuthor
November 28, 2022

Transfer funds doesn't work. I can transfer 10.000PHP tp another PHP account but it doesn't change on my balance sheet. It's still there. 

I need to deduct the 10.000php and add 1250RMB from somewhere. 

M
MadelynC
November 28, 2022

I have a way here to settle these amounts in QuickBooks, @VincentHS.


Since the transfer method didn’t work and doesn't change your balance sheet, you can create an expense transaction for 10,000 PHP and a 1250 RMB deposit instead. These will reflect the amounts accurately to your respective accounts.


You can follow the steps below to record an expense:

 

  1. Open your QuickBooks account.
  2. Go to the + New option.
  3. Click Expense.
  4. You can leave the Payee blank.
  5. Select the date and accounts you used.
  6. In the Category details section, enter the expense info.
  7. Enter the amount, then press Save and close.


For making a bank deposit in the program, please refer to the instructions listed below:

 

  1. Select the + New button again.
  2. Choose a Bank deposit.
  3. From the Account dropdown, select the account you want to put the money into.
  4. Enter and select the needed details.
  5. Hit Save and close when you’re done.


Check out these resources for more info and complete processes:

 


You can generate a report right after to track the transaction and see the changes. Then, you can use this guide to make sure the amounts are balanced and match your actual statements: Learn the reconcile workflow in QuickBooks.


Don’t hesitate to add a comment if you need more help managing your foreign transactions. I’ll be here to assist you. Have a good day!

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