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December 30, 2023
Question

Though I’ve the multicurrency package, but when I linked the bank, it reads all accounts in UK Pound…how to change the currency according to the account?

  • December 30, 2023
  • 1 reply
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1 reply

December 30, 2023

We're glad you turned to the Community for support with your banking and multi-currency query, ramez.

 

It can be inconvenient when the correct currency doesn't automatically appear for your connected bank account. Let's work together to help you resume your business operations seamlessly.

 

The initial step is to set up the foreign account in the chart of accounts and then link it to the bank feeds. By doing this, the account you're working on will accurately reflect the currency.

 

To add: 

 

  1. In your company, navigate to the Gear icon ⚙ and select Chart of accounts.
  2. On the Transactions page, click the New button to open the Account window. 
  3. Choose the appropriate Account Type and Detail Type.
  4. Enter a Name for the new account. Optional Description as well as any other required fields.
  5. From Currency ▼ drop-down menu, choose the foreign currency you wish to use.
  6. Press the Save and Close button.

 

It is important to note that the chart of accounts will indicate the assigned currency for each account's balance. If your bank setup is correct in your company, I recommend reaching out to your Financial Institution (FI) for further assistance. Their specialists will guide you in adjusting the settings to show the right account.

 

To gain further insights into how QuickBooks Online deals with foreign suppliers, customers, accounts, and the Multicurrency feature, refer to the following guide: Set up and use Multicurrency in QuickBooks Online.

 

Furthermore, these resources cover various topics that will assist you in managing your home currency, provide answers to frequently asked questions about adjusting your home currency, including the feature mentioned earlier.

 

 

If you have any further inquiries about linking a foreign account or any currency-related matters, feel free to leave a comment below. I'll be sure to respond promptly and provide the best assistance I can. Have a fantastic day! - ramez.