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M
mihaita
May 16, 2024
Question

problem - You can only use one foreign currency per transaction

  • May 16, 2024
  • 6 replies
  • 17 views

Hello,

 I have strange situation.

 I convert in PayPal, from 2000EURO to 2049.22USD, then from PayPal USD I withdrawn only 2000USD into Bank account..

I tried to use "Transfer" in QBI, but I got error like: "You can only use one foreign currency per transaction.", maybe because company is registered in UAE.

How can I solve this situation?

Seems QBI not support this, even I have multi-currency activated.

Check screenshot from attach.


Thanks for help in advance.

6 replies

MariaSoledadG
MariaSoledadGQuickBooks Team
QuickBooks Team
May 16, 2024

I have some tips to make your transfer successful, Mihaita.

 

QuickBooks Online (QBO) will only use one foreign currency at a time when moving funds. Alternatively, create a contra account in your home currency to transfer from USD currency to your Contra account (UAE currency). Then, from the Contra account to your EURO account. This ensures that moving funds in and out will go through and doesn't give you an error.

 

You can also utilize a third-party application that allows you to transfer funds between foreign currencies. Go to the Apps menu on the left panel and click Find apps to search for one. 

 

Furthermore, learn how QuickBooks suggests categories based on how you categorise similar transactions. I've added this article for more details: Categorise Online Bank Transactions in QuickBooks Online.

 

Let me know if you need further assistance when transferring funds using multiple currencies. We're here to get you covered. 

A
AugustusAnnang
August 16, 2024

Of course you can use a Conduit or Clearing Account in your functional currency to get by with inter-foreign currency transfers. 

However, it leads to another BIGGER problem. When you revalue foreign currency at period closing dates, you do not get the true exchange loss/gain values. The values you get are quite misleading.

A
AugustusAnnang
August 16, 2024

Surprised when I met this challenge. How it is IMPOSSIBLE to transact between 2 foreign currencies in QBO. This is something QB need to work on ASAP.  This is an Accounting and it needs to be able to support our business.

P
payment after leaving
Level 10
August 16, 2024

Hi AugustusAnnang Thanks for reaching out to us here on the Community and providing us with your valued feedback. We have submitted your feedback to our developers and hopefully they maybe able to implement in the future a function that would enable our customers to directly transfer amounts between foreign currencies. We have also included a link that will enable you to submit your feedback directly: https://feedback.qbo.intuit.com/

As a workaround you could: create a contra/holding bank account in your home currency > transfer the amount from the source account to the contra account > transfer the amount from the contra account to the target account, As we're not accountants we would recommend that you reach out to an accountant to qualify the above information or there maybe a Community member that reads this post that can provide some advice.

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