Hi there, arlene.bolilan.
Currently, we have an ongoing issue about customers getting this error in QuickBooks Online.
As a workaround, you can create a holding account in the home currency. You can use the holding account instead of the foreign currency bank. Then, create a transfer between the bank and the holding account
You can contact our QuickBooks Technical Team so they can add your company details to the list of affected users. You can them via chat or email.
Please feel free to come back to the Community if you have other questions. I'm here to help.
I checked our system and the issue has been resolved, lim1.
Did you receive the same error when entering a journal entry between your home and foreign currency account? We can try refreshing the system and try to get rid of the error by clearing the cache. To start with, log in to QuickBooks using a private browser. You can follow these keyboard shortcuts to open one:
Then, create a journal entry. If you're able to save it without prompts, we can go back to the regular browser and clear the cache. You can also try using other browsers if you get the same thing.
After you have performed these steps and the error persists, I'd suggest getting in touch with our Phone Support Team so we can open a case and our engineers can further investigate.
Keep me posted on how this works, I'll surely help you through it. Take care and have a great day!
Issue: Creating Journal Entry or Bank Deposit to foreign currency AP or AR general ledger accounts
Error: "You can only use home currency balance sheet accounts with home currency A/R and A/P accounts."
Solution: Create an AP vendor or AR customer in the foreign currency, create a bill/invoice for a nominal amount. This will force QB to create a duplicate AP or AR GL account in the foreign currency. Create the journal or deposit, using the new AP or AR acct. Now delete the bill/invoice you originally created.