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T
t.patronias@beet
April 5, 2023
Question

I have enabled multicurrency and but it seems that the ledger account is in GBP even though the actual bank accounts are in a different currency. How I can rectify this?

  • April 5, 2023
  • 1 reply
  • 0 views
The company currency is GBP but I would like to hold ledger accounts with different currencies so that when I do a bank transfer between a bank Euro account and to GBP euro account, use conversion rates and capture FX gains and losses. 

At the moment is is seems all my bank accounts even thought of a different currency are linked to GBP ledger accounts.

How can I fix this?

1 reply

JessT
JessT
April 5, 2023

Thank you for taking the time to post today, t.patronias.

 

The Multicurrency feature is only needed if you will enter transactions in a different currency. By default, all transactions before it is enabled are assumed to be using one currency, and that should be the one you would choose as your home currency because all your ledgers will adapt to it.

 

With your explanation, it sounds like you've accidentally chosen the wrong home currency (GBP), and that's why your ledgers are using it. Please note that it is not changeable anymore, and we would advise signing in for a new QBO account and re-entering all your transactions to start fresh. However, please do let me know if I misunderstood the situation before we jump into that path. 

 

I'm just right here to continue helping your with this. I would just like to hear some additional details so  we can proceed with the right steps.

E
Edwin Birnbaum
September 19, 2024

I am considering QuickBooks but for me it is crucial to have bankaccounts in different currencies, so the balance on the account matches the actual balance in the bank. Naturally the overall total of all accounts can be in just 1 account. Not sure Quickbook allows accounts in a different currency? 
Also need to be able to transfer money from a pound account to a euro account using a convertion rate. Not sure that is avilable? 

G
GeorgiaC
September 19, 2024

Hi Edwin, thanks for getting back in touch. 

 

You can connect foreign currency accounts in QuickBooks if they are available on Open Banking. Please note, when downloaded, foreign currency transactions will be converted to GBP in QuickBooks. If your bank isn't available, we'll still support it through manual uploads. You can check out which banks we currently support here.

 

You can also use our transfer feature to move money between different currency accounts. Here, you can select the currency and conversion rate.

 

For further info, check out our guide on how to Set up and use Multicurrency in QuickBooks Online. We'll be here if you have any further questions! 

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