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Level 1

Hello, we are a new business that does work in the US, Guatemala and Peru. Can we add foreign bank accounts to our US Quickbooks account?

We would like to be able to track our payments to Peruvian and Guatemalan vendors, which are made out of our foreign bank accounts.
2 Comments
QuickBooks Team

Hello, we are a new business that does work in the US, Guatemala and Peru. Can we add foreign bank accounts to our US Quickbooks account?

Hi there, blovingbagwell-s.

 

Yes, you can add foreign bank accounts to your US Quickbooks. To add a foreign currency account to your Chart of Accounts, you'll have to turn Multicurrency on in your Advanced settings. This helps you track your foreign currency transactions including any exchange gains or losses you might incur.

 

Here's how:

 

  1. Go to the Gear icon in the upper right corner.
  2. Select Account and Settings.
  3. Choose the Advanced tab.
  4. Select Edit ✎ in the Currency section and choose your Home Currency.
  5. Turn the Multi-currency option and confirm that you understand that you can't undo this option.
  6. Hit Save and Done.

 

For additional details, you can click this article: Turn on and use multicurrency.

 

Once done, you can no go to the Chart of Accounts page to start adding a foreign currency account.

 

  1. Click the Accounting menu at the left panel.
  2. Select Chart of Accounts.
  3. Click the New button.
  4. In the Account dialog, select the appropriate Account Type and Detail Type.
  5. Enter a Name for the new account and an optional Description.
  6. Select the currency to assign to the account from the Currency drop-down menu.
  7. Hit Save and Close.

 

 

 

 

 

 

You can refer to this article for additional information: How to add a foreign currency account.

 

Please refer to the articles below to see information on how the Multicurrency feature is used by business owners who have customers, vendors, or bank accounts that use foreign currencies. Then, to see different links that contain more information about how to start using the Multicurrency feature for your transactions.

 

 

Please drop me a comment if I can do anything else for you concerning your QuickBooks account. I'd be around to assist. Have a great day.

Level 15

Hello, we are a new business that does work in the US, Guatemala and Peru. Can we add foreign bank accounts to our US Quickbooks account?

You may open a virtual business account at TW to send payment to your vendors in Peru and Guatemala. It offers a better rate and a lower cost. You may also utilize the bank feeds to your QBO account.

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

 

Another option, you may utilize this payment service

https:// veem.grsm.io/veems

  

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