Bank Feeds

You need to enable the multicurrency feature on QBO Essentials or higher plans.

https:// quickbooks.grsm.io/US

https:// quickbooks.grsm.io/us-promo

The multicurrency is activated. As you can see in the attached file with the red box, it is under USD, and I want to make it Euro? Can it be possible?

Hello @Lhorie27,

Thank you for getting back to us here in the Community. I can provide clarification to your question about changing the currency in QuickBooks Online.

The currency that will reflect in Banking will depend on how you set up the bank in the chart of accounts. You can no longer change the currency once it's already created.

Check out these screenshots for your visual guidance:

I recommend you recreate the account and choose Euro as the currency. This way, the account will show correctly in the Banking section.

Additionally, check out this link to know more about what happens after you turn on the Multicurrency feature in QuickBooks: Turn on and use multicurrency.

Feel free to hit that Reply button if you have additional questions about using Multicurrency or QuickBooks Banking. Have a great day ahead.

Hi @AlcaeusF! What balance should I put there, the USD or the GBP currency? Do I do it right (see the attached file)? Thank you.

Hi @AlcaeusF, Thank you for the response; it is a big help. 

By the way, is it possible to make a currency exchange rate in the chart of accounts?

Thank you for getting back to us for clarification, @Lhorie27. I’ll share some information about currency exchange rates in QuickBooks Online (QBO).

When you enable multicurrency, QuickBooks calculates the home currency values of your foreign currency transactions using exchange rates. The option to change the currency is unavailable, especially when a transaction has been posted to the account in the Chart of Accounts.

By default, the currency for the Income, COGS, Accounts receivable, Accounts payable, Equity, Other income, Expenses, and Other Expense accounts is set to the home currency. Only the Other Current Assets, Bank, Fixed Assets, Other Assets, Credit Card, Other Current Liabilities, and Long-Term Liabilities accounts have the currency selection option.

On the other hand, you’ll have to create a new account and use the other currency you want. Here’s how:

1. From the left navigation pane, select the Accounting menu.
2. Choose the Chart of Accounts tab.
3. Click the New button.
4. Select the Account type, Detail Type, Name, and Description (optional).
5. Choose the Currency.
6. Click Save and Close.

You can also seek your accountant’s advice on the right choice when creating the account.

To learn more about how QuickBooks uses exchange rates, you can check out this article: Learn about exchange rates in QuickBooks Online.

Let me know if you need further assistance with your chart of accounts. I’m just one post away from assisting you. Have a great day!

Hi @AlcaeusF 

I want to ask when I changed to GBP why it doesn't appear in the bank feeds? See the screenshot. Thank you

Hi Lhorie27!

Thanks for getting back to us. Let me share further assist you in setting up the bank account.

Ideally, the currency that'll show on the Banking is the same as the currency you selected when setting up the account on your Chart of Accounts.  Since it's still showing USD on your end instead of GBP, let's check if it's due to a browser error.

You'll want to use an incognito window and check the banking from there. Incognito won't save your browsing history which can result in an error. 

These are some of the shortcut keys:

• Google Chrome: Ctrl + Shift + N
• Safari 11 or newer: ⌘ + Shift + N
• Mozilla Firefox: Ctrl + Shift + P
• Microsoft Edge: Ctrl + Shift + P  

Also, you'll want to clear the cache and make sure you're using a supported and up-to-date browser. This can fix any browser-related issues.

I added these articles to know what to do with the downloaded transactions and how to reconcile the accounts:

• Categorize and match online bank transactions in QuickBooks Online
• Reconcile an account in QuickBooks Online

I'm here to help you if you have additional questions aside from banking. Take care always!

Hi @AlexV,

The Revolut checking is fine. The one that I'm asking is the Revolut UK GBP. It was USD before, and it appears in the Bank Feeds, but it doesn't appear anymore when I change it to GBP.

Thank you for following-up, Lhorie27.

Let me add some information about changing the currency in QuickBooks Online (QBO).

If there are no underlying browser issues, the changes should sync to your bank feeds right away. It's also best to restart your browser after you followed the troubleshooting steps given my colleague AlexV above. 

You may try using other supported browsers that works perfectly with QBO.

I've added this article in managing your currencies in QBO: Turn on and use multicurrency.

Get back to us if you still need further assistance about multi-currency. I'd be glad to help. Have a great day!

Kindly see the screenshot. In the Dashboard, the Revolut UK appears, but in the Bank feeds, like the sample that I attach, the euro appears. How can I do that in the Bank feeds?

Hey there, Lhorie27.

To get this sorted out, you might want to ensure you've set up the account correctly. If the setup is correct, we can do some of the basic troubleshooting steps. You can use these shortcut keys depending on the browser you're using:

• Google Chrome: Press CTRL + Shift + N.
• Safari: Press Command + Shift + N.
• Mozilla Firefox: Press CTRL + Shift + P.

Once signed in, go back to your bank feeds and check your transactions from there. If it rectifies the issue, go back to your main portal and clear its cache to remove the browser's history or you can press CTRL+Shift and Delete key on your keyboard altogether. You may also try accessing your account using another supported browser.

I recommend editing, assigning, and categorizing your transactions. Also, you can match them to the existing entries in the software. Just go to the For Review tab from the Banking menu. Doing so will help you ensure the accuracy of your financial records.

Please get back to me if there's anything else I can help you with. I'll be around to help.