transfer money between two foreign currencies

Hi there SMP Martin,

It's vital that all your transactions are correctly entered for your books to be well balanced. QuickBooks Online is a great tool able to help you keep track of transactions so you can get a good view of your company's financials. I can provide some information about transactions and multicurrency.

Within a single transaction in QuickBooks Online, only one foreign currency can be affected. So in order for the transfer of money from the USD account to a EUR account, two transactions would need to be created. The first would be to move the money from the USD account to one with CAD, then a second transaction to move it from the CAD account to the EUR account.

If you have any other questions, feel free to reach out here.

Hi Alex,

Thank you very much for the reply. Yes, I figured this out a bit too late. Unfortunately, the transaction (transfer) from USD to EUR, without going to my CAD account first, is already done in the bank accounts. As my home currency is CAD, it created a problem. Now, I need a way to fix this in my books.

I appreciate your help,

Martin