QB Pro 2021, Is there Improved bank feeds? Multi-currency support?

Hi there, @DS57.

Let me share information with you on how the Multicurrency feature works in QuickBooks Desktop (QBDT).

When using the Multicurrency feature, you can assign a specific currency type to the following profiles and account to keep track of your transactions in foreign currency:

• Customers
• Suppliers
• Price levels
• Bank accounts
• Credit card accounts
• Accounts receivable
• Accounts payable

As for adding foreign currency accounts in QBDT, you'll need to use the Chart of Accounts to create foreign-currency bank and credit card accounts. To do this, here's how:

1. Go to the Lists menu at the top.
2. Choose Chart of Accounts.
3. In the Chart of Accounts, right-click anywhere and select New.
4. Select the appropriate account Type.
5. Assign a name.
6. Select Save & Close.

For more details about this, see this article: Set up and use Multicurrency.

You may also find below links helpful:

• Get started with Bank Feeds for QuickBooks Desktop
• Download Bank Feed transactions in QuickBooks Desktop

If you need any additional assistance while managing your transactions, you can leave a comment below. I'll be sure to get back to you. Have a great day.

DID YOU NOT READ MY QUESTION?

I'VE BEEN USING MULTI CURRENCY SUPPORT FOR YEARS NOW.

I KNOW HOW TO USE IT.

PLEASE RE-READ MY QUESTION AND ANSWER APPROPRIATELY.

Thanks for getting back to us, @DS57.

Currently, the option to connect foreign banks in bank feeds is unavailable. You'll want to add an account in your COA for your foreign bank account or credit card. Just follow the steps provided by my colleague above. This way, you can transfer funds and download the updated exchange rates.

To download exchange rates:

1. Go to the Lists menu, then select Currency List.
2. Choose the Activities button and tick Download Latest Exchange Rates.

Additionally, you can enter exchange rates manually. Here's how:

1. Go to the Lists menu, then select Currency List.
2. Double-click a currency.
3. In the Edit Currency window, update the currency exchange rate for specific date/s.

Feel free to browse this link here if you need help with other banking tasks. It has topics with articles that'll guide you through the process.

Reach out to me if you still have questions or concerns with bank feeds. I'm always here to help. Take care and have a good one.

What is the point of having multicurrency if I cannot connect to my foreign bank accounts? It’s 2021, not 1995.

@DS57 did you find a solution or other software to use for foreign bank feeds? I am having the same issue. I am in Canada and have both US and CDN bank accounts - I get paid in both currencies and I have vendors that bill me in both currencies as well. I agree with you that QBOnline should be paying attention to this huge business segment between our countries - soooo frustrating!!

Hi Tiltgrind,

    No, not happy with Mulitcurrency. Found some bugs QB will not fix!

If you don't have the exact wording in ALL the memo and detail lines, that transaction will not show up in reports.

QB said,"Currently, the option to auto-fill the check transaction memo to the detail line memo is unavailable. You can manually enter or copy and paste the info to ensure they match and be printed."

  This is not acceptable.

Also, QB will not let me transfer between currencies! I have AUD, NZD EU, GBP, and USD. If I want to transfer money from Australia to England, QB pro mulitcurrency will not let me. I have to make a "Ghost account" in USD and make a "pretend" transfer from AUD to USD "ghost" to GBP.   

   You'd think mutilcurrency would mean Multi-currency.

Sigh.

Here's my thread here: (BTW: it is NOT solved)

https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/re-how-can-quickbooks-autom...

Could you share your workaround? I converted from BPS to CAD and can't figure out how to enter it.

Guessing it is via Journal Entries.

Do you "convert" the BPS to USD in your ghost account and then reconvert to CAD there? 

Hi, all I can say is QB is my achilles heel; I have to use it but the Multi-currency part is broken big time.

Yes, I used to use a Ghost account, AUD to USD, then USD to EUR, when transferring from one currency to another that is not my home currency.  QB won't let you transfer between currencies other than your home which is absolutely stupid for us multi-nationals.

Now I just enter the transaction as a separate "Write Checks" and then a  "Make Deposits" between multinational bank accounts.

Regardless, you MUST consult your tax advisor as to what your tax authority will want evidence of in case of a future audit. How it's displayed doesn't matter, what does is how it affects your tax reporting and accounting.

Good luck with this broken "Multi-Currency" software.