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baluis-fibertel-
Level 1

Our company trades crypto currencies in order to buy digital assets in the market. We are based in US, so we set up dollar as legal currency

When we buy in a crypto exchanger (Kraken for example) bitcoins (so I use an account in Bitcoins) and with paid them with a bank account in Euros, we are not able to record the payment because Quickbooks does not allow it because you can not use different currencies accounts in the same entry. How can we solve this?
1 Comment 1
JamaicaA
QuickBooks Team

Our company trades crypto currencies in order to buy digital assets in the market. We are based in US, so we set up dollar as legal currency

Thanks for posting in the Community, @baluis-fibertel-. I’ll help you record the payment transaction in a foreign currency.

 

For now, we can only link transactions with the same currency in QuickBooks Online. That’s why you’re unable to record the Euro payment when you're using USD as your home currency.


To record the value of the transaction in dollars, we’ll need to make sure that the Multicurrency feature is enabled in your Account and Settings under the Advanced tab.

 

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After that, we also need to create a dummy bank account in the home currency to assist with currency conversion. I’ll show you how:

 

  1. Go to the Gear icon and then select Chart of Accounts.
  2. Click New.
  3. Under the Account Type column, select Cash at bank and in hand. Select Cash on hand as the Detail Type. Type in Dummy Bank under the Name column.
  4. Let’s make sure you’re using your home currency in this account before saving and closing it.

 

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Once done, we can proceed to record the payment. When you Receive Payment, you’ll have to set the Deposit To field to Dummy Bank. Please take note of the amount provided at the bottom right before saving the transaction.

 

Next, we’ll transfer your home currency amount to the EUR bank account. This involves conversion of the Euros into dollars using the exchange rate current at the time of purchase or sale.

 

Here’s how:

 

  1. Navigate to + New and select Transfer.
  2. Choose Dummy Bank from the drop-down arrow under Transfer Funds From column
  3. Using the drop-down arrow next to Transfer Funds To, choose EUR Bank.
  4. Select USD from the drop-down arrow under the Currency column.
  5. Enter the amount in the Transfer amount column.
  6. Under Exchange rate, the calculated value of the foreign currency will automatically appear. You can also manually change it if necessary.

 

I'll be sharing with you these resources that tackle Multicurrency:
 
 
For reference, I’ve also included these guides to help you with reconciling foreign transactions:
 

 

If you have additional questions or concerns about customer payments in a foreign currency, leave me a comment below. I’ll get back to you. Take care and stay safe.

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