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April 1, 2023
Question

When connecting my bank (starling), which has both euro + gbp accounts, it shows them both as GBP, I cannot seem to change the currency of one to euro.Multicurrency is on

  • April 1, 2023
  • 1 reply
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1 reply

MichelleBh
April 2, 2023

I'll ensure that your currency concerns are handled appropriately, Studio. 

 

I'll share information about changing currency in QuickBooks Online (QBO). This way, I can guide you accordingly in handling your multi-currencies transactions.

 

If you mean changing your home currency to Euro, we are unable to do so. When you enable multicurrency, your Home currency is locked and cannot be changed. If this is the case, you can cancel your account and start over with the correct currency. After that, import all of the transactions using a CSV file

 

However, if you're referring to your Starling bank currency, disconnecting and reconnecting it is the best way to change from GBP to Euro. Before doing that, ensure first to categorize (match, add, or exclude) all the transactions in the For review

 

Here's how: 

 

  1. Go to the Banking tab and select For review
  2. Categorize the transactions one at a time. 
  3. Choose ExcludeMatch, or, Add

 

Once done, disconnect the connection. Let me show you how: 

 

  1. Go to the Banking menu and choose the tile for the bank account.
  2. Click the pencil icon and select Edit account info.
  3. Hit the Disconnect this account on save checkbox. 
  4. Press Save and Close.

 

After that, make your chart of accounts inactive so you can create a new one. Ensure there are no open or pending transactions to that bank so you can go through. 

 

Go as follows: 

 

  1. Go to the Accounting tab and select Chart of Accounts
  2. Locate the bank account in the list. 
  3. Click the small drop-down arrow under Action and pick Make inactive
  4. Hit Yes

 

For more details, see this link: Make an account inactive on your chart of accounts in QuickBooks Online. You also have the option to merge a chart of accounts to save usage

 

Once everything is done, create a new chart of accounts and reconnect your bank. Remember to classify and reconcile them to ensure your book stays accurate. 

 

Moreover, check out the following articles below to learn about home currency adjustments and add a foreign account in QuickBooks:

 

 

I'm grateful for the opportunity to assist you today. If there's anything else you need, please let me know. I'm always happy to help you, @Studio11_2. Keep safe.