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.

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.

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:

• Multi-currency tips and tricks.
• 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.

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.

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. 

Hi Michelle,

Thanks for your reply.

I tried this as well, but I need to settle the clearing account at the end and I can't, I will explain:

My home currency is EUR, and I need to transfer 100 USD from bank USD to TRY bank, so I need to enter the following transactions:

Credit: Bank USD = 100 

Debit: Clearing Account = 100 

then:

Debit: Bank TRY = 522  (suppose the exchange rate is 5.22)

Credit: Clearing Account = 522

so in this case I have balanced bank accounts, but I still have the clearing account -422 need to be settled, otherwise it will appear in the balance sheet.

I hope I explained it well. 

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.

Thanks AlcaeusF,

It seems this is the only solution I can do with this issues. 

All the best.

I want to transfer from USD account to Euro. My home account is GBP. Please walk thorough the steps of how to do this.

Is it really the case that I can't record a transfer from one non home currency bank account to another? Surely this is what companies who deal in multi currencies do all the time.

Thanks for joining us in this thread about multicurrencies, stuaber.

As you may have read from the previous responses, we're unable to directly transfer funds from an account with a different currency. However, you can use a clearing account to move funds between these accounts. 

I'd be glad to share these steps with you: 

1. Go to the Accounting menu, then choose Chart of Accounts.
2. Click New and choose Bank.
3. Select Bank for Save account under, then choose Trust account in the Tax form section. 
4. In the Currency drop-down arrow, pick your home currency.
5. Press Save and close.

After that, proceed to recording the transfer. Let me guide you how:

1. Click the + New button and look for Transfer under OTHER.
2. Pick the newly created bank in Transfer Funds Form.
3. Proceed to the Transfer Funds To box, then select the bank account.
4. Choose the exact currency and enter the amount.
5. .Select Save and close.

Aside from that, I also recommend sending feedback about being able to transfer amounts from accounts with different currencies. Our engineers review all feedback and feature requests for future updates. Here's how:

1. Go to the Gear icon and select Feedback.
2. Type in your feedback and suggestions about the advertisements in QBO.
3. Click Next to submit them.

Let me know if you're able to transfer the funds to the bank with a different currency. I'll be willing to join you back in the Community if you need more help from us.