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Jay731
June 13, 2024
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  • June 13, 2024
  • 1 reply
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Hi, QB team and community. 

I recently joined QB as self-employed. I am UK based but most of my income is from the USA.

 

I have 3 bank accounts connected to my QB account. 2 USA Bank accounts and 1 UK. This means I have multi currency coming in (which has worked perfect from the first 3 months of direct connection to the banks.

 

The issue I now have is I have to go back and get a few years of older transactions from all 3 accounts as pdf bank statements - export them to CSV and input them to the QB system. 

 

Issue: I am currently using Dext software to convert my US bank statements into CSV and uploading to QB. The problem is when the transactions go in QB they are showing as GBP and not USD. 

 

The bank account statements I am uploading are from a US bank in USD - but when I upload the CSV file to quick books it is uploading in GBP.  If I change the currency (on the csv file within Numbers) using  cell formatting to USD Numbers keeps putting dollar symbols in before the amounts and the upload then gets rejected by quick books. If I leave the cell as general or automatic then QB accepts the uploaded CVS file capturing the transactions but...it is reverting to GBP! How can I make sure the "Amount" column is in the USD currency once uploaded into quick books. Ps I have set my Dext account and even my Mac and numbers software to USA location too but the transactions are still uploading in GBP.

 

There does not appear to be a currency setting on quick books online? My connected bank account that I am extracting the data from is USD.  Ironically, all transactions loaded by my connected banks directly for the last 3 months are in correct currency...both GBP and USD connected accounts showing correctly...but with the manual transaction uploads so far all US transactions are showing in GBP. 

 

Is QB self-employed uk version best option for me with more than one currency? 

Also will QB automatically convert all currency inputs to what the exchange rate was when each transaction was made and reflect correct overall totals in GBP? 

 

Any help would be much appreciated! Thank you 

Jay

1 reply

S
SirielJeaB
June 13, 2024

Hi there, Jay. I'll answer your queries to clarify your multicurrency concern in QuickBooks Self-employed (QBSE).

 

Transactions from connected accounts will display the correct currency, while manually added and uploaded transactions will revert to your home currency.

 

Please note that using multiple currencies isn't supported in the QBSE. Since you manage two of them, it's best to utilize programs such as QuickBooks Online (QBO), as they have versions that offer multicurrency features to handle your transactions. Refer to these articles below:

 

 

Additionally, QuickBooks won't automatically convert currency inputs or reflect correct overall totals in GBP since QBSE can't configure multiple currencies in the system. Thus, you need to manually calculate the exchange rate when importing the transaction to have an accurate amount.

 

Visit this article if you need to unlink your accounts and remove all associated transactions to tidy up your records within the program: Delete bank and transaction data in QuickBooks Self-Employed.

 

I'm just a few clicks away if there's anything else you need to know about handling multicurrency or any banking-related activities. Keep me updated by leaving a comment below.

J
Jay731Author
June 14, 2024

Hi, 

Thanks for advice to join QBO for more than one currency. I read the link re “upgrading” from QBSE to QBO but there is not upgrade button in mu profile or settings. I did manage to unlink my bank accounts and since i am just going to start fresh and could find no upgrade option..i just canceled mu subscription and used another email address to buy QBO. However the system seemed to know it was me (maybe because i used the same mobile number) and it transffered me back to QBSE saying you already have an account! I have literally spent around 2 hours trying to either cancel QBSE or set up a new account for QBO using different email addresses but it nothing is working. Can you please advise how i can get rid of my account association with QBSE and subscribe to QBO? the instructions on the link you sent are not valid as there is no upgrade option when i log into QBSE. Thanks 

4
4Gal
June 14, 2024

@Jay731 

That's the power of "cookies". You must open the Intuit website in a private/incognito browser to purchase a new QBO account with a different email address. Then you can use a third-party tool to convert data from PDF or CSV to QBO.

https://www.moneythumb.com/?ref=110

 

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