Issue with foreign currency bank feeds

jfs5 · ‎November 16, 2023

I have been on QBO for over 5 years now and just recently noticed a change that makes setting up a bank feed for a new foreign currency account unusable.

QBO no longer gives me the option to link a bank feed to an existing account. The only option now is to set up the feed as a new account (this problem has been highlighted already in another post) and, here is the issue, QBO now automatically assigns my home currency (in my case USD) to this new account. So I have a non-USD bank data link feeding into a USD-denominated account which for all intents and purposes is useless. Once the currency of the account has been set up, it can't be changed on QBO and I can't merge accounts denominated in different currencies. So I am stuck and and am reverting back to the old way of doing things which is manually downloading the data from my foreign bank's website and then manually uploading to my account.

Not quite sure why QBO has made this change because it all worked fine before!

QBO please sort this out!

Ethel_A · ‎November 16, 2023

Hello there, @jfs5.

Currently, there is an ongoing investigation connecting bank feed to an existing account. Rest assured that our Engineering Team is dedicated to working for them to implement a solution that will fix this issue.

Please know that this is a top priority for us. It will continue to be so until resolved.

I encourage you to contact our Phone support team. They can add you to our notification list, and you'll receive an email notification once an update is available.

Here’s how:

Sign in to your QuickBooks Online company.
Click Help (?).
Select Assistant tab to get started and get quick, personalized answers. Select a suggested option or type a question or topic you need help with. If you decide you need further help, you can still Talk to a human.

You can then choose a way to connect with us:

Start a chat with a support expert.
Get a callback from the next available expert.

In the meantime, you can manually upload your transactions to QuickBooks Online while waiting for the issue to be resolved. Refer to this article for the detailed steps: Manually upload transactions into QuickBooks Online.

For future reference, here are resources you can read about running reports in QuickBooks Online:

Don't hesitate to comment below if you have questions about connecting bank account in QuickBooks Online. I'm always here to help. Have a great day.

jfs5 · ‎November 16, 2023

This is a separate (but possibly related) issue to the "connecting bank feed to an existing account" issue you mentioned.

At the sake of repeating myself, when linking a bank feed to a newly created QBO account, QBO is now ignoring the currency of the bank feed; this is despite what it says in the "Consent to data form" where it asks us to agree to be provided with that information (see example below). This is also a departure on what QBO used to do in the past.

JamaicaA · ‎November 16, 2023

Thank you for the screenshot you've added to confirm the data collected by QuickBooks, @jfs5.

It's really convenient to connect a bank account intended for a foreign currency. Since this feature is impacted, I recommend contacting our representatives again. They can verify the availability or perform further investigation on this matter. To proceed, follow Ethel_A's steps above.

Here's an article for our operating hours: QuickBooks Online Support. It contains the number where you can call us directly.

See this guide to learn more about assigning a currency to bank and credit card accounts: How to add a foreign currency account

Once settled, review downloaded bank and credit card transactions to ensure they belong to the correct accounts: Categorize and match online bank transactions in QuickBooks Online.

Know that our Support Team will help you resolve this issue. If you need help managing bank transactions, just let me know. Take care.

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Issue with foreign currency bank feeds