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rafi1
Level 1

How to change bank account currency?

I had 2 bank account in my system.  My base is in CAD and the second bank is USD.  Before I activated the multi-currency feature, I simply used CAD for both account. Now I activated multi-currency option, is there a way to change one of my current bank accounts to USD type? or do I have to create a new USD bank account?

Solved
Best answer March 11, 2019

Best Answers
Anonymous
Not applicable

How to change bank account currency?

You cannot change the currency setting of an existing bank account.

You will have to create new USD bank account, migrate the existing balance into it, then de-activate the old one.

I suggest you set an account number for the new account immediately next to the old one, and use the same word name with (newUSD) added - then edit the existing one to add (old)

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12 Comments 12
Anonymous
Not applicable

How to change bank account currency?

You cannot change the currency setting of an existing bank account.

You will have to create new USD bank account, migrate the existing balance into it, then de-activate the old one.

I suggest you set an account number for the new account immediately next to the old one, and use the same word name with (newUSD) added - then edit the existing one to add (old)

Jodes2019
Level 1

How to change bank account currency?

Following:

How do you migrate the existing balance into the new account?

AddieC
QuickBooks Team

How to change bank account currency?

Hi Jodes2019,

 

Thanks for joining the discussion here in the Community! 

 

Migrating the existing balance is quite simple. When you set up your new bank account, the system will prompt you to enter certain pieces of information, such as a name and opening balance. The opening balance is where you'll input the balance of the existing account. 


Note: Since your existing bank balance is in CAD, ensure you've properly converted this value into USD funds. 

 

Once your new USD account has been set up, you can make the existing account inactive. To do that, click the small Pencil icon appearing on the bank account name > Edit account info > Check off the box next to "Disconnect this account on save". 

 

If you have any other questions, please let me know. 

Cheers.

Jodes2019
Level 1

How to change bank account currency?

Thank you 

But I need all of my information from the "old" account to come over too....will it?

AddieC
QuickBooks Team

How to change bank account currency?

I see what you're saying. Once the new account has been synced with your online banking, the account will automatically pull in the last 90 days of transactions from your Financial Institution's website. To upload more than 90 days worth of transactions, take a look at this article: Manually upload transactions into QuickBooks Online

 

If there's anything else you need a hand with, just let me know.

LillianHausgaard
Level 1

How to change bank account currency?

I am not able to merging. It states that both accounts need to be in the same currency

JamesM
QuickBooks Team

How to change bank account currency?

Hi LillianHausgaard. I'm here to provide the support you need. To make sure we're on the same page, could you walk me through on what you're trying to accomplish and what you've done so far? I'll be on standby. 

LillianHausgaard
Level 1

How to change bank account currency?

Hi there

I would like to change one bank account from CDN to USD.  I tried the above suggestions of merging but when I try merging it tells me that both accounts need to be in the same currency

JamesM
QuickBooks Team

How to change bank account currency?

Thanks for elaborating. Is the USD account a new account or it's an existing account? For visual reference, please send me a full screenshot of the error message you're getting when you try merging the accounts. Feel free to cover any personal info on the screenshot. 

JamesM
QuickBooks Team

How to change bank account currency?

I appreciate you sending the screenshot. Quick question, is the USD account a new account or it's an existing account?

kpstrm
Level 1

How to change bank account currency?

Need some help in setting up / transferring Bank Account. We did Sage50 data immigration to QB Online and after the transfer and Multicurrency feature activated found the couple of USD accounts transferred as CDN accounts and banking edit feature does not allow to change currency ?? Please advise

Trish_T
QuickBooks Team

How to change bank account currency?

Hi kpstrm,

 

Thanks for joining us here.  QuickBooks Online has the flexibility you need to set up your chart of accounts with confidence.  I'll be happy to provide more information so you can accomplish your QuickBooks goals!

 

As mentioned previously in this thread, you can't merge two accounts with different currencies.  Therefore, I recommend reaching out to your accountant for the best course of action when it comes to moving the funds to the new account, due to the difference in currencies and the calculated exchange rates that can arise during the transition.  If you don't have an accountant, we can help you locate a ProAdvisor in your area.

 

Once the money has been transferred to the appropriate account, you can make the other inactive by following these steps:

 

1. From the Gear in the top right. select Chart of accounts

2. Locate the account to be removed and select the ▼ dropdown menu in the Action column

3. Choose Make inactive

 

Please feel free to reach back out if you have any other questions or concerns.  We're here for you!

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