cancel
Showing results for 
Search instead for 
Did you mean: 
Kinan
Level 1

I can't transfer money between two foreign currencies, it still shows me this message: "Transactions can have only one foreign currency at a time." is there any solution?

 
8 Comments 8
ChristieAnn
QuickBooks Team

I can't transfer money between two foreign currencies, it still shows me this message: "Transactions can have only one foreign currency at a time." is there any solution?

Hi there, Kinan.

 

Can you please provide additional details on how you transferred the money so that I can assist you further? I'm always here to help you.

 

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.

Kinan
Level 1

I can't transfer money between two foreign currencies, it still shows me this message: "Transactions can have only one foreign currency at a time." is there any solution?

Hi there,

I used the transfer option to transfer between two foreign currencies ( two bank accounts), between TRY and USD, but my home currency is EUR. it shows me that I can't transfer between two different currencies non of them my home currency. I attached the photo of the problem, of course I added the accounts correctly with their type of currency. could you please help me with this.

Rose-A
Moderator

I can't transfer money between two foreign currencies, it still shows me this message: "Transactions can have only one foreign currency at a time." is there any solution?

Hi, Kinan.

 

Transferring funds with different foreign currencies is currently unavailable in QuickBooks Online. You'll need to use your home currency as one of the banks when you process the transfer.

 

As a workaround, you can use the Bank Deposit to move the money from one bank account to another.

 

 

It’s definitely worth taking a look at these write-ups to know more about multi-currency in QuickBooks Online:

 

You always get back to me if you have any other multi-currency concerns. I'd be more than willing to lend you a hand.

Kinan
Level 1

I can't transfer money between two foreign currencies, it still shows me this message: "Transactions can have only one foreign currency at a time." is there any solution?

Hi Rose,

 

Thanks for your support. 

 

Actually the deposit function doesn't work well, you can do it for the bank you need to transfer to but what about the bank you need to withdraw from? furthermore, how would you balance your bank accounts if you must use an account in home currency? I think there is a gap here.

 

Michelle_b
QuickBooks Team

I can't transfer money between two foreign currencies, it still shows me this message: "Transactions can have only one foreign currency at a time." is there any solution?

Thanks for the quick reply, @Kinan.

 

I want to make sure that you can transfer funds without any error. As my colleagues mentioned above that transferring funds from two foreign accounts is currently unavailable. 

 

Another workaround is to create a clearing account with your home currency to transfer the funds successfully. 

 

Here's how:

 

  1. Go to the Accounting menu, then choose Chart of Accounts
  2. Hit New located in the upper right corner, then selects Bank under the Account Type drop-down arrow. 
  3. Choose the Detail Type, then enter Clearing Account on the name field. 
  4. In the Currency drop-down arrow, pick your home currency.
  5. Press Save and close

Once done, let's go to the Transfer window to transfer funds. Please note that the amounts should equal to get the correct value of funds. Let me guide you how:

 

  1. Click the Plus icon, then select Transfer under OTHER.
  2. Pick the newly created bank in the Transfer Funds Form.
  3. In the Transfer Funds To box, locate the bank account. 
  4. On the Currency, choose the exact currency and enter the amount
  5. Hit Save and close

In regards to the bank balance, it will depend on the home currency. 

 

For future reference on how the exchange rate calculated in QBO, please visit this article: About exchange rates.

 

Feel free to leave a comment below if you have other questions. I'm always here ready to help. Take good care. 

Kinan
Level 1

I can't transfer money between two foreign currencies, it still shows me this message: "Transactions can have only one foreign currency at a time." is there any solution?

Hi 

 

 

I hope I explained it well. 

AlcaeusF
Moderator

I can't transfer money between two foreign currencies, it still shows me this message: "Transactions can have only one foreign currency at a time." is there any solution?

Thanks for getting back to us here in the Community, @Kinan.

 

Since transferring funds between different currencies is unavailable, the only workaround is to export the Balance Sheet report to Excel. By doing so, you'll be able to get rid of the clearing account and acquire the correct balance.

 

Here's how:

 

  1. On the left panel, click Reports.
  2. Select Balance Sheet.
  3. Choose the date range.
  4. Press the export sign in between the printer and the small cogwheel icon.
  5. Hit Export to Excel

I can see how beneficial having this feature available within our product. I'll personally pass along another feature request on my end to ensure your voice is heard.

 

Please also know we take customer suggestions as a guide on which area of the product we should improve for consideration in future updates.

 

For additional reference, visit the Export your reports to Excel from QuickBooks Online article. It provides further information about how the process works.

 

If there’s anything else I can help you with, click the Reply button and post a comment. I’ll be right here ready to help you. Have a good one.

Kinan
Level 1

I can't transfer money between two foreign currencies, it still shows me this message: "Transactions can have only one foreign currency at a time." is there any solution?

Thanks 

 

 

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up