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fennar
March 31, 2021
Question

My bank feeds don't balance using multi-currency

  • March 31, 2021
  • 1 reply
  • 0 views
Hi, I have multi-currency enabled and have a variety of different accounts. My primary currency is GBP but we invoice in different currencies and also pay bills in different currencies. I have been categorising each of the transactions normally, however the accounts do not balance. We have a vastly inflated GBP balance and all of our foreign currency balances are negative.

1 reply

M
MirriamM
March 31, 2021

Thanks for reaching out to the Community forum, fennar.

 

When using the Multi-currency feature in QuickBooks Online (QBO), you can:

  • Assign a currency to customers, suppliers, bank accounts and credit cards
  • Track and manage currency exchange rate fluctuations
  • Track and reconcile your foreign bank accounts in QuickBooks Online
  • Manually enter other bank exchange rates and revalue them
  • Pay and receive payments in a supplier’s or customer’s currency
  • Revalue a currency

When entering information for your customer or supplier, ensure that the correct currency is selected. Then,  the Currency chosen is the foreign currency required. To know more about how the multi-currency feature works, see this article: Turn on Multicurrency.

 

You can also take the suggestion provided by JojoLaFrite found on this related post: https://quickbooks.intuit.com/learn-support/en-uk/other-questions/i-ve-added-bank-accounts-which-should-be-multi-currency-but-they/00/595551.

 

If you have further questions, you can always get back to this thread. We'll be right here to help. 

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