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deron-spencer
March 15, 2025
Question

I made a transfer between 2 different currency bank accounts but Quickbooks is seeing them as 2 different transactions when I download. How do I link them as a transfer?

  • March 15, 2025
  • 1 reply
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1 reply

MariaSoledadG
MariaSoledadG
March 15, 2025

May I know how you made the transfer? For now, there isn't a direct way to transfer funds between 2 different currencies. I'm here to guide you on how to deal with your transfers, Deron. 

 

QuickBooks utilizes the exchange rate based on your home currency. As a result, the process for transferring funds involves two steps. You need to transfer the funds to your home currency account. And then move those funds to the desired foreign currency account. It is important to note that QuickBooks only allows the transfer of one foreign currency at a time during this process.

 

This is why you see two (2) transactions when transferring between 2 different currencies. The first transaction is for the original transfer amount in the foreign currency, and another for the exchange rate difference, which will be recorded as gain or loss. Thus, linking them isn't possible. 

 

For more details about home currency adjustments, check out this article for your guidance: Frequently Asked Questions About Home Currency Adjustments.

 

After you transfer funds into different currencies, learn how to review categories to your downloaded transactions. I've added this article for more details: Categorise Online Bank Transactions in QuickBooks Online.

 

Keep in touch if you have any questions about transferring funds or anything about different currencies. The Community folks are always here to help.

D
deron-spencerAuthor
March 16, 2025

Thanks for the reply. I think we may have a misunderstanding though. Both accounts are bank accounts that I have linked to QuickBooks. The transfer was done in the banking platform. Now I am syncing those with QuickBooks and QuickBooks is showing 1 withdrawal from the first account and a deposit in the second. I want to link those 2 transactions as a transfer. For the time being I've converted one transaction to a transfer and set the source as the other account, but the second one is still uncategorized and waiting for review/confirmation.

R
RogelioL
March 16, 2025

You can now exclude the other transaction waiting in the For Review section, Spencer. Let me show you how.

 

Before anything else, please know that I appreciate you getting back to us to clarify your concern and provide further information.

 

To proceed, let’s exclude the transaction waiting to be categorized, as you have already converted the other one as a transfer. Rest assured, this action will not impact your financial records since there are records in both accounts:

 

  1. Navigate to the Transactions tab, then select Bank Transactions.
  2. Choose the For Review tab.
  3. Tick the checkbox of the transactions to exclude.
  4. Click Exclude.

 

If you need to record a transfer between two accounts in the future, please refer to this article for detailed instructions: Transfer funds between accounts.

 

Additionally, you might want to utilize our bank rules to categorize your transactions automatically. You can also check out this article to learn how to find missing downloaded transactions: What to do if you can’t find downloaded transactions in QuickBooks Online.

 

Should you have any more questions about managing transactions or need further assistance with anything in QuickBooks, please feel free to reach out. The Community team will get back to you in no time.

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