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Giulio11
April 8, 2021
Solved

Accepting multiple transactions in a bank overseas currency like Eur, without confirming the exchange rate for each transaction. Ac"accept" function in the bar is in grey

  • April 8, 2021
  • 3 replies
  • 0 views
How to accept multiple foreign bank transactions avoiding to confirm each exchange rate ?
Best answer by EmmaM

Hello Giulio, We can pass on your feedback to our product developer team  as yes QuickBooks will want confirmation of the exchange rate and we see where you are coming from that an accept to auto accept whatever rate QB suggests based on the QB rates would be a more efficient option the banking for multi currency does not have that additional feature however that does not mean it may not be something that it is not possible to add in future.

3 replies

katherinejoyceO
katherinejoyceO
April 8, 2021

Hi there, @Giulio11.

 

I'm here to help ensure you're able to accept multiple transactions with different currencies. 

 

You can utilize the Multi-currency feature to help you manage them in QuickBooks. Please note that this feature is only available in the Essentials, and the Plus versions.

 

Here's how:

 

  1. Go to the Gear icon at the top, then select Account and Settings.
  2. Choose Advanced on the left panel.
  3. Click on the Pencil icon for Currency, then select Home Currency.
  4. Mark the box for Multi-currency.
  5. Click on Save and Done.

 

Since you’ll be accepting Euro and Pounds, ensure you create these customers and banks in QBO to efficiently track transactions for each currency. Here's how:

 

To add customers

 

  1. Go to Sales on the left panel, then choose Customers.
  2. Click on the New customer button.
  3. On the Customer Information window, enter the information for your UK agency/ EU client. Then click Save.

 

To add the foreign currency accounts

 

  1. Go to the Gear icon at the top, then choose Chart of Accounts.
  2. Click on New in the upper-right hand, then choose the correct Account and Detail Types.
  3. Enter the account’s name in the Name field.
  4. Under Currency, click on the drop-down and choose GBP British Pound Sterling/EUR Euro.
  5. Click on Save and close.

 

Once done, you can now create invoices and accept payments in Euro. Then, transfer the funds from your EU account to the GBP bank.

 

 

 

The information I provided should point you in the right direction.

 

If you have additional questions about QBO, reach out to me by posting a comment below. I'm here to assist you further.

 

G
Giulio11Author
April 9, 2021

Hi Katherine, thank you for the prompt reply which I really appreciate, although is not related to the technical question I have posted for the IT department of QB too, because I did not find any solution to the matter in hand.

It is already assumed that:

1. the multi currency feature is already active on QB for this company ( gear , multi-currency exc... ACTIVED)

2. the bank feeds too, even for the foreign currencies bank accounts ( In this case EUR, USD)

3. there are already a plenty of customer and suppliers set in foreign currency ( Eur , Usd, exc)

 

The issue is related to the word: <<ACCEPT>> at wish IT DEP would like to put their attention on.

 

This particular feature is enabled when you select in one of the the bank account , more transaction ( it is a pop up feature appears when you make a multiple transaction's selection above the bank account  (n the option are "Accept", "Update" and "Exclude"). This should help exactly in the case we would like to add in one time more transactions.

 

BUT in the case of foreign currency the option ACCEPT is disabled ( in Grey Colour ), because the software << Obliged >> you (the user) to check each exchange rate proposal for each single transaction, amending or confirming that.

In another way, If you tray to "add" a single transaction, pushing the relative button (ADD) , a showing pop-up window appears with this currently warming <<Something’s not quite right

This transaction needs to be converted to foreign currency. Go to the transaction details to check the exchange rate, then select Confirm. >>.
 
This issue pretends that the user need to confirm manually each transaction , creating a huge amount of manually work in case you have to add hundreds of transactions ( typical coming e.g. from Amazon trading, exc).
I just suggest , if another solution is not available, to allow the user to "CONFIRM" the exchange rate QB automatically proposes  without blocking the trigger procedure in act ( under his responsibility for sure).
I hope to have been accurate enough in this description. I have attached a screen-shot of that. 

 

    E
    EmmaMAnswer
    April 9, 2021

    Hello Giulio, We can pass on your feedback to our product developer team  as yes QuickBooks will want confirmation of the exchange rate and we see where you are coming from that an accept to auto accept whatever rate QB suggests based on the QB rates would be a more efficient option the banking for multi currency does not have that additional feature however that does not mean it may not be something that it is not possible to add in future.

    Fiat Lux - ASIA
    Fiat Lux - ASIA
    April 9, 2021

    @Giulio11 

    As an additional option, consider opening a virtual bank account at Wise to deal with multi currency transactions. Utilize the bank feeds if required.

    https://wise.prf.hn/l/64dl92k

     

    D
    DPob_XCounts
    November 8, 2022

    I need it too. Hope Intuit is going to resolve this problem

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