How do I accept currency transfer transactions?

Hello, @Jolo35.

You'd want to create a clearing account so you'd be able to track transfers between two foreign accounts.  I can guide you how to do it.

1. Go to the Accounting menu.
2. Choose Chart of Accounts.
3. From the Account drop-down, click New.
4. Select Bank under the Account Type drop-down and click Continue.
5. Enter Clearing Account on the Name field.
6. Choose your home currency under the Currency drop-down.
7. Click on Save and Close.

Once done, you'll need to transfer funds from the Sterling account to the clearing account you created. Then, from the clearing account to the USD account. Just make sure that the amounts match to get the exact value of funds.

Lastly, when running reports it will always reflect the home currency (USD) regardless of the currency used in transactions. You can read through this article to learn more about how multi-currency works in QuickBooks: Set up and use Multicurrency.

Know that the Community and I are always here to help if you have other questions. Wishing you continued success!

OK great - I got that to work.  This should really be automatic within Quickbooks with the ability to match these transfers directly. 

My screen does not allow me to select a currency to make a clearing account. When I try to reconcile my USD account, the beginning balance is off because of the difference in value created when transferring funds from CAD or EUR into USD.

Hi there, @SAICO.

I'd be glad to provide some insights about creating a clearing account. 

Let's ensure that the account type that we're going to choose is a bank account or any account type that will show in your balance sheet. This way, we can select the currency when creating a clearing account.

Then, you can follow the steps given by my colleague @IamjuViel in creating a clearing account.

Also, I've added this article that can help you in reconciling accounts in QuickBooks Online. 

You're always welcome here if you need anything else. Have a great day.