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Level 3

Transfer between foreign currency accounts

We have bank accounts in GBP, USD, EUR.

I am now manually importing and categorizing transactions.

We have done direct transfer of funds from EUR account to USD account. QB does not want to permit me to categorize this transaction, saying "there may be only 1 foreign currency in a transaction".

 

Also, when doing cross-currency account transfers transactions seem not to "recognize" each other and as a result I seem to get a lot of doubles in accounts (i.e. I categorize the received transfer in EUR account and then I categorize the departed transfer in GBP account and both Accounts in Accounts section get 2 entries each). Am I doing something wrong?

Solved
Best answer April 23, 2020

Accepted Solutions
QuickBooks Team

Transfer between foreign currency accounts

Hello SGI, 

 

What you need to do for contra is to go to accounting> chart of account> new>can change the name to contra> account type is cash in bank and in hand>description type is cash in hand> save this. then you can transfer the funds between the accounts. 

 

View solution in original post

5 REPLIES 5
Moderator

Transfer between foreign currency accounts

You'll want to create a home currency adjustment, SGI.

 

This changes the home currency value of your foreign balances, recalculating them based on a new rate. These adjustments affect your balance sheet accounts.

 

Here's how:

  1. Click the Gear icon.
  2. Select Currencies.
  3. Find the currency you want to adjust.
  4. Under the Actions column, select the dropdown icon.
  5. Select Revalue Currency.
  6. Select a date to run a currency revaluation.
  7. Select whether you'd like the revaluation to be based on the market exchange rate or a rate you specify.
  8. Select the account you want to apply the revaluation to.
  9. Select Revalue.

Check this article to learn more: Frequently Asked Questions about Home Currency Adjustments.

 

Stay in touch with me if you need additional help.

Level 3

Transfer between foreign currency accounts

Hello,  MaryLurleenM!

 

Problems are not with exchange rates. I can and do set exchange rate manually for transaction to correspond to the actual exchange rate that the bank has provided at the time.

 

Problem is that I have a transaction where I directrly transfer funds from my EUR account into my USD account at EUR/USD exhange rate (no GBP involved) and now QB does not want to allow to process this transaction. 

Please see attached file for the error that I get.

QuickBooks Team

Transfer between foreign currency accounts

Hi SGI

 

It is not possible to transfer amounts directly between two forgein currecny accounts. You will have to set up a contra GBP bank account, transfer the EUR to the cointra account and then transfer the amount from GBP account to the USD account.

Level 3

Transfer between foreign currency accounts

John C,

 

Thank you for reply, but could you please give more details on how and where to set up this  "contra GBP" account?

QuickBooks Team

Transfer between foreign currency accounts

Hello SGI, 

 

What you need to do for contra is to go to accounting> chart of account> new>can change the name to contra> account type is cash in bank and in hand>description type is cash in hand> save this. then you can transfer the funds between the accounts. 

 

View solution in original post