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Joel Yeung
Level 1

2 diff bank transfer USD but base currency is GBP

Hi member of this community,


We have multi currency Bank accounts and our system is synced with Wise.

our base currency is GBP, I am facing problem when recording funds transfer

1/ from A bank USD account to B Bank USD account, both is USD, but system setup covert to GBP

2/ from A bank USD account to A Bank EUR account, it should exchange directly from USD to EUR, but system show GBP to EUR







QuickBooks Team

2 diff bank transfer USD but base currency is GBP

Hello Joel Yeung, thanks for posting on the Community page, Any transaction will record a home currency amount for it based on the exchange rate for the transaction. Your first one will work without issue, but your second one won't as you cannot have more than 1 foreign currency per transaction. You would need to transfer it from the USD account to a GBP contra account and then to the EUR account.

To set up a contra account is basically setting up a new bank account in the chart of accounts and calling it what you want e.g. contra. 

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