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December 17, 2023
Question

How can I make a Transfer from an account in euros to an account in dinars

  • December 17, 2023
  • 1 reply
  • 0 views
Hello!
How can I make a Transfer from an account in euros to an account in dinars?
During the Transfer operation, the error "You can only use one foreign currency per transaction."

1 reply

December 17, 2023

Hello @userespiryakova, I would like to provide you with a comprehensive solution to transfer funds between accounts in different currencies in QuickBooks Online (QBO).

 

Currently, QBO does not allow direct transfers between accounts in different currencies. However, you can use the following workaround to achieve this:

 

Turn on multi-currency in your QBO Advanced settings before creating an account. This allows you to assign a specific currency to bank accounts and credit card accounts. 
 

Create a new account ( contra/holding account) in QBO with the currency you want to transfer to. This account will act as a holding account for the funds before they are transferred to the final destination. Here's how you can create a new contra/holding account: 

 

  1. Click the Gear icon.
  2. Select Chart of Accounts and click New.
  3. In the Account dialog, select the appropriate Account Type and Detail Type.
  4. Enter a Name for the new account and an optional Description.
  5. Select the currency to assign to the account from the Currency dropdown menu.
  6. Hit Save and close.

 

Transfer the funds from your euro account to the holding account. You can use the exchange rate provided by your bank for this transaction. 

 

After the funds are in the holding account, transfer the required amount to the target account (e.g., dirham).

 

It’s definitely worth taking a look at these write-ups to know more about multi-currency in QuickBooks Online:

 

 

You always get back to us if you have any other multi-currency concerns. I'd be more than willing to lend you a hand. Have a good one.