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ssc2020
Level 1

Home Currency Change - Pounds to Euros

Hi there everyone,

Hope this is the right section for it.

 

My business has moved from the UK to Europe so my home-currency had changed from Pounds to Euros. I have only started 10 months ago to use this software and have spent an incredible amount of time to set everything up as I needed to. Knowing I would be trading in both currencies for a short time I did change to multi-currency.

 

Reading up on some help topics, it appears that if I wanted to make my main currency Euros now though I would have to delete all data (including my books for the UK) and start fully over again. Obviously this isn't ideal, as I need to keep my UK records too and it would be a nightmare to have to do everything over again.

 

Isn't there a way to change the home currency to Euros instead, and keep the old transactions the same way as it was? Is deleting really the only option when a business moves, which I expect might happen more often and not just to me ;)

I would so appreciate if anyone knew on how to handle this better than start-over again...

Thanks so much

SSC

Solved
Best answer August 12, 2021

Accepted Solutions
Rasa-LilaM
QuickBooks Team

Home Currency Change - Pounds to Euros

Hello there, SSC2021.


This isn’t the kind of experience I want for you. I’ll guide you in the right direction on how to transfer your multi-currency data to another QuickBooks Online account.


If you wish to close the old multi-currency account, you’ll have to cancel the subscription. This way, you’ll not be charged twice for it.


Also, we keep your data for a year. That’s why you can still access it. Check this article for more details: What happens to my QuickBooks Online data after I cancel?


After canceling the subscription, export the report for the multi-currency account and import it to the correct company. Let me show the steps on how to do this in QBO.

 

  1. Go to the Accounting menu on the left panel to choose Chart of Accounts.
  2. From the list, click the Account history drop-down for the account you’re working on and select Run Report.
  3. This will open a page that lists all transactions.
  4. Click the Export drop-down and choose Export to Excel.


To import:

 

  1. In your existing QBO account, click the Gear icon and select Import data.
  2. Tap the Chart of Accounts tile to open the Import accounts page.
  3. Look for the file you wish to bring into the company.
  4. Follow the on-screen instructions to complete the import process.

Aside from the process mentioned above, you can manually copy and paste the detail for your multi-currency.


For additional resources, I’m attaching a link that contains answers to frequently asked questions about importing data. Tap here to access the article.


You can browse through this guide to learn more about the following: Export data, reports, lists, and more from QuickBooks Online. It outlines the complete steps on how to export non-posting transactions and attachments.


Fill me in if you have additional questions about multi-currency and other QuickBooks-related concerns. I’m always ready to answer them for you. Have a good one.

View solution in original post

11 REPLIES 11
Fiat Lux - ASIA
Level 15

Home Currency Change - Pounds to Euros

In which Europe country is your company located now?

ssc2020
Level 1

Home Currency Change - Pounds to Euros

Netherlands. Not sure this makes a difference as such, just need to change from Pounds to Euros.

Fiat Lux - ASIA
Level 15

Home Currency Change - Pounds to Euros

You are only able to change the home currency prior to registering any transactions. You should open a new blank QBO Global version for Europe account.

https://quickbooks.grsm.io/EU

 

then you may have 2 ways to migrate data from QBO UK version:

1. Utilize a migration tool

https://transactionpro.grsm.io/qbo

 

2. Purchase a 3rd party migration service.

Contact us in private for details.

 

ssc2020
Level 1

Home Currency Change - Pounds to Euros

Hi there,

Thank you for your response, much appreciated.

 

In both cases (Quickbooks EU + Tool), do I understand correctly I could use the 30 days trial to start a new european account + use the transactions tool for free to merge data while keeping my current account.

 

And can I then cancel my subscription for my UK (multi-currency) account by month, i.e. avoiding any double cost?

 

Thanks,

ssc

Fiat Lux - ASIA
Level 15

Home Currency Change - Pounds to Euros

You can open the trial account of QBO Global version to test this option. Once you are ready to proceed, you should open a new blank QBO account by clicking the Buy button to make sure you get the discounted rate. 

 

You can cancel your QBO UK account anytime and you may still open it as read-only for the next 365 days. You should cancel it once your data is migrated completely into the new QBO account.

ssc2020
Level 1

Home Currency Change - Pounds to Euros

Hi there!

Thanks for letting me know.

 

May I check one more detail with you, I have set-up lots of accounts and subaccounts (i.e. shipping costs as part of expenses, etc.) also according to the UK system. Also all previously categorised expenses and transactions can't be exported by the looks of it, is that right?

 

All best,

SSC

 

SSC2021
Level 1

Home Currency Change - Pounds to Euros

I did all the steps suggested by Quickbooks, though to warn everyone, it does not work for everything i.e. I had to redo all my invoices as it didn't seem to save the details of them through the tool suggested. Due to quaterly VAT reporting, I was forced to recreate them online. So this won't be a smooth transition, for anyone having to do the same.

 

One more query to Quickbooks

I'd like to close the old multi-currency account so that I won't pay double. However, I believe you suggested I can still access it. Does that mean I could still copy and paste detail, if I found I needed it (see above, the transfer from one to the other appears patchy and with data loss).?

 

Thanks for letting me know.

SSC

Rasa-LilaM
QuickBooks Team

Home Currency Change - Pounds to Euros

Hello there, SSC2021.


This isn’t the kind of experience I want for you. I’ll guide you in the right direction on how to transfer your multi-currency data to another QuickBooks Online account.


If you wish to close the old multi-currency account, you’ll have to cancel the subscription. This way, you’ll not be charged twice for it.


Also, we keep your data for a year. That’s why you can still access it. Check this article for more details: What happens to my QuickBooks Online data after I cancel?


After canceling the subscription, export the report for the multi-currency account and import it to the correct company. Let me show the steps on how to do this in QBO.

 

  1. Go to the Accounting menu on the left panel to choose Chart of Accounts.
  2. From the list, click the Account history drop-down for the account you’re working on and select Run Report.
  3. This will open a page that lists all transactions.
  4. Click the Export drop-down and choose Export to Excel.


To import:

 

  1. In your existing QBO account, click the Gear icon and select Import data.
  2. Tap the Chart of Accounts tile to open the Import accounts page.
  3. Look for the file you wish to bring into the company.
  4. Follow the on-screen instructions to complete the import process.

Aside from the process mentioned above, you can manually copy and paste the detail for your multi-currency.


For additional resources, I’m attaching a link that contains answers to frequently asked questions about importing data. Tap here to access the article.


You can browse through this guide to learn more about the following: Export data, reports, lists, and more from QuickBooks Online. It outlines the complete steps on how to export non-posting transactions and attachments.


Fill me in if you have additional questions about multi-currency and other QuickBooks-related concerns. I’m always ready to answer them for you. Have a good one.

ssc2020
Level 1

Home Currency Change - Pounds to Euros

Hi Rasa

Thanks indeed for the response and taking time to solve the issue.

Your suggestion sounds good, my only reservation though is that most of my accounts in the old Quickbooks are in GP (Pounds) whereas the new one is in Euros only. I expect there might be some clashes?

 

The other big issue I had was that while I tried to export invoices with the tool suggested, when I opened them in the new Quickbooks, most lines were blank and some had merely listed Sales as a category and the amount, but nothing of the data that was in there. Is there a better way to export existing invoices from the old system into the new one without this data loss?

 

Thank you for the response!
ssc

Fiat Lux - ASIA
Level 15

Home Currency Change - Pounds to Euros


@ssc2020 wrote:

The other big issue I had was that while I tried to export invoices with the tool suggested,


 

@ssc2020 

Did you use TP to migrate data or else?

https://transactionpro.grsm.io/qbo

 

ssc2020
Level 1

Home Currency Change - Pounds to Euros

Yes I used Transaction Pro. Might it have to do with the fact that I had custom descriptions, etc.?

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