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andrew65
Level 2

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

 
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Best answer June 12, 2020

Accepted Solutions
andrew65
Level 2

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

Hi Becky,

 

It was TransferWise but 4 separate accounts with 4 different currencies.

 

I figured it out in the end. As I was connecting to all 4 at once, I was forced to accept them all in GBP. But then I did them individually and I was able to set the right currency for each of them.

View solution in original post

11 REPLIES 11
Fiat Lux - ASIA
Level 15

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

Have you turn the multi currency feature on?

JessT
QuickBooks Team

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

Hi Andrew,

 

From what I'm getting, your bank account in your Chart of Accounts is in the GBP currency. If so, you can delete all the entries in it and inactivate the account.

 

In this case, you'll want to be sure you've enabled the Multicurrency feature as what Fiat Lux - Asia said. If it's already turned on, add your account in a different currency and set up an online banking connection after. However, most banks will only provide a list of transactions in 90 days. If this is so, you can download the rest in a Web connect file format and upload them to QuickBooks.

 

You can also check about adding and matching bank transactions for your future reference.

 

Let me know if you have other questions about online banking.

andrew65
Level 2

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

Hi Jess,

 

To be honest, I didn't realise multi-currency was an optional feature. When selecting the package I saw that it included MC, so I just assumed it would be active.

 

So I imported my TransferWise accounts, which if you're not familiar is banking with multiple currencies. Under the same account, I have the following currencies £, €, U$ & AU$.

 

But they all imported in Sterling, then I discovered that I needed to switch on MC, but I couldn't change the currencies for each account.

 

So far I haven't done anything in QB, so I assumed deleting them and re-importing them would be the best option. So does your advice still apply? 

andrew65
Level 2

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

Okay, I've just marked them as inactive and I imported them again.

 

But still, they're all in £'s and it doesn't let me change them.

GeorgiaC
QuickBooks Team

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

Hi Andrew, 

 

It sounds like you're importing these into a GBP account - you can check the currency set-up of an account by selecting the pencil icon on the bank account on the Banking page > select edit account info. The currency will then be displayed on the right-hand side. 

 

As it's not possible to change the currency of an account, you would need to remove the existing transactions and account and create a new account for this in the correct currency within your Chart of Accounts. 

 

Each chart of account can only be set to one currency. Are the amounts showing in QuickBooks the converted amount to GBP? 

 

Thanks

 

Fiat Lux - ASIA
Level 15

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

As far as I know, if you have a TW multi currency business account, your "real" amount is using the currency in TW account. So when you run the bank feed with a single currency in QBO, the foreign amount will be converted to your home currency but the "real" amount in TW account is not converted.

https://prf.hn/l/7gg1NWy

 

andrew65
Level 2

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

I'm seeing that, I clicked the edit pencil thingy and indeed it's set to £'s and you're right, it won't let me change it.

 

But I removed the accounts (or made them inactive) and I added them again, thinking that now I had multi-currency selected, it would bring them through in their respective currencies. I did have a look when importing the accounts to see if there was an option to choose a currency, but I didn't see one, they just came through again in GBP.

 

The amounts showing in QB isn't converted, instead of showing in USD or EUR, it's displaying the exact amount but in GBP - in other words, a €4.99 transaction is showing as £4.99.

 

So if I can't import the bank statements automatically (without them being assigned GBP), are you saying I can do it manually and select the currency I want?

andrew65
Level 2

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

I'm not too sure.

 

They let you open 'balances' under an account but it's like they're all separate accounts. TW call it a borderless account - it's a godsend and saves a huge amount of money in fees, plus they always give you the correct xchange rate.

 

But they give you 6 bank accounts (effectively), with bank details specific to each country. i.e. When I want to accept USD, I give my (TW's) New York bank details and the payment is made into my USD account. Likewise for GBP, EUR, AUD, NZD (and I think they've just added one for Poland).

 

There's no currency exchange performed on them unless you transfer the balance into, let's say, the GBP account. So it's like having completely separate accounts.

Becky29
QuickBooks Team

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

Hey Andrew, What Bank account is it that you're trying to connect? If its anything but pounds, have you created an account for that currency within the chart of accounts? 

andrew65
Level 2

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

Hi Becky,

 

It was TransferWise but 4 separate accounts with 4 different currencies.

 

I figured it out in the end. As I was connecting to all 4 at once, I was forced to accept them all in GBP. But then I did them individually and I was able to set the right currency for each of them.

View solution in original post

JojoLaFrite
Level 1

I've added bank accounts which should be multi-currency but they're £, plus I didn't download enough data. So I want to redo it before I start. How do I delete the banks?

I didn't understand the answer to this problem. I would like to share my technique to make it work. In my case, I have a transferwise multicurrency account with 3 currencies, GBP, USD and EUR.

 

My home currency is GBP.

 

  1. I deleted the 3 accounts in GBP in my chart of accounts
  2. I activated the multicurrency option in the settings, then I checked if USD and EUR
  3. In the chart of accounts, I have created 3 current accounts, one for GBP, one for USD and one for EURO. When you create a current account in the chart of account, you must be able to choose the currency. This means that the multicurrency mode is activated in your quickbooks account. I named them Transferwise USD, Transferwise EUR, Transferwise GBP. 
  4. Then, I went to transactions > banking, I activated the bank feed
  5. On the Transferwise <=> Quickbooks linking page, I chose the accounts that I have just created in the chart of account. So, I matched the EURO transferwise account number with the EURO current account that I created in Quickbooks. I did the same for USD and GBP. 
  6. The 3 accounts appeared in the right currency. First the balances were equal to zero. Then, after 3 minutes, the balances were updated. 

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