I have multi-currency set up on our QBO.
We use HKD as the home currency.
I'm trying to record a transfer from a bank account using foreign currency (USD) to another bank using another foreign currency (BRL). When I hit record transfer/add it gives me the error message. "This transaction type doesn't work with foreign currencies. Instead choose Transfer and choose the foreign credit card in the Transferred To dropdown."
Hello Paolo E, I can help you fix this.
I've replicated this on my end, and I didn't receive an error similar to yours. I was able to record it as a transfer in different currency.
However, I'd still like to gather more information with your concern. Can you tell when the error specifically occur? Is it when you click the Record as transfer option without selecting other details yet? Did you select an account from Transferred to field already?
For now, we can use an incognito window. This could be a browser-related issue. A full cache can cause unexpected errors while navigating your QuickBooks Online account.
If it works, we can clear your browser's cache to optimize QuickBooks' performance. Please follow the given instructions in Step 1: Clear your browser’s cache section in this article: Clear cache to fix issues when using QuickBooks Online. Another way is to use compatible browsers with QuickBooks Online. These are the supported browsers:
Also, we can check these articles for more ideas and information about handling bank transactions:
As always, I'm only a post away if you have any other questions about transferring transactions from one account to another, bank data, and anything related to QuickBooks Online. I'm here to continue to help you. Take care!
I appreciate your patience performing the troubleshooting steps mentioned by my colleague above, @Paolo E. I’ll share additional details about recording foreign currency payments in QuickBooks Online.
We’re unable to record payment for a foreign bill with a different foreign currency, that’s why you received an error. Since you’ve enabled the Multicurrency feature, let’s create a new dummy bank account for the home currency HKD. This way, we can facilitate the movement between two different foreign currencies.
Once done, open the invoice and record the payment. To do so, select the Dummy Bank account from the Deposit To field, in the Receive Payment page. Please take note of the home currency (HKD) amount displayed at the bottom right.
Next, let’s transfer the HKD amount from Dummy Bank to the USD bank account. I’ll show you how:
To transfer the money to BRL bank account, we’ll need to convert the USD amount form HKD. You can read this article for reference: Receiving and making payment for a foreign invoice/ bill with a foreign currency.
The program also uses exchange rates to get the home currency values of your foreign currency transactions. This is based from IHS Markit. See this article to learn more: enter and use your rates.
You’ll want to read about Multicurrency to know its effect on the accounts and balances on your company file.
Please keep in touch by leaving a reply below if you need additional assistance with managing currencies. I’m also here to assist if you have other concerns handling payments in QuickBooks. Keep safe.
Replying here in case someone else encounters the problem. The response from the moderator is just plain wrong - of course you can get paid in foreign currency.
If the amount you received is in a foreign currency and is deposited in that foreign currency in a foreign currency account - all you need to do is create your client and set it in that currency. Then you accept the sales receipt, and that's it.
Go to Customer and leads, then there you should have a list of your customers. Click + to create a new one, and at the very top set its currency in whatever currency it will pay you. You'll get a warning that you won't be able to change that later, just click ok, fill in the rest and it should work. It did for me anyway - I had the exact same error as you, and now it went through.