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rafi1
March 12, 2019
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How to change bank account currency?

  • March 12, 2019
  • 1 reply
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I had 2 bank account in my system.  My base is in CAD and the second bank is USD.  Before I activated the multi-currency feature, I simply used CAD for both account. Now I activated multi-currency option, is there a way to change one of my current bank accounts to USD type? or do I have to create a new USD bank account?

Best answer by

You cannot change the currency setting of an existing bank account.

You will have to create new USD bank account, migrate the existing balance into it, then de-activate the old one.

I suggest you set an account number for the new account immediately next to the old one, and use the same word name with (newUSD) added - then edit the existing one to add (old)

1 reply

A
Anonymous
Answer
March 12, 2019

You cannot change the currency setting of an existing bank account.

You will have to create new USD bank account, migrate the existing balance into it, then de-activate the old one.

I suggest you set an account number for the new account immediately next to the old one, and use the same word name with (newUSD) added - then edit the existing one to add (old)

J
Jodes2019
August 15, 2019

Following:

How do you migrate the existing balance into the new account?

AddieC
AddieC
August 15, 2019

Hi Jodes2019,

 

Thanks for joining the discussion here in the Community! 

 

Migrating the existing balance is quite simple. When you set up your new bank account, the system will prompt you to enter certain pieces of information, such as a name and opening balance. The opening balance is where you'll input the balance of the existing account. 


Note: Since your existing bank balance is in CAD, ensure you've properly converted this value into USD funds. 

 

Once your new USD account has been set up, you can make the existing account inactive. To do that, click the small Pencil icon appearing on the bank account name > Edit account info > Check off the box next to "Disconnect this account on save". 

 

If you have any other questions, please let me know. 

Cheers.

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