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michael192
Level 1

My home currency is CAD. I have a vendor set up in EUR. I also have a USD bank account. I need to pay a bill for the EUR vendor from my USD bank account. How? Thanks.

In the bill payment page when I select my USD bank account to pay the EUR bill, I get "Something's not quite right Transactions can have only one foreign currency at a time." Please help. Much appreciated. Is there a work around way to do this. Thank you.
2 Comments 2
Fiat Lux - ASIA
Level 15

My home currency is CAD. I have a vendor set up in EUR. I also have a USD bank account. I need to pay a bill for the EUR vendor from my USD bank account. How? Thanks.

Utilize a clearing account

https:// quickbooks.intuit.com/learn-support/en-us/help-article/accounts-receivable/set-clearing-account/L8njrx6WC_US_en_US?uid=l1d1zv8n

 

AbegailS_
QuickBooks Team

My home currency is CAD. I have a vendor set up in EUR. I also have a USD bank account. I need to pay a bill for the EUR vendor from my USD bank account. How? Thanks.

Hi there, @michael192

 

Yes, Fiat is right. You can utilize the clearing account. In QuickBooks, a clearing account is used to move money from one account to another without moving it directly. This is like a holding account that holds your fund until you’re ready to move it. Just follow these simple steps:

 

  1. Sign in to your QuickBooks account and go to Accounting on the left-side panel.
  2. Select Chart of Accounts.
  3. On the Chart of Accounts screen, click the New tab.
  4. Choose Bank for the Account Type. You may choose any detail type you want for your clearing account.
  5. Type in the Name for the clearing account.
  6. Make sure you do not type in any amount on the balance before clicking Save and Close.

 

Once done,  you can proceed in creating a journal entry to move the money into the right account. Here's how:

  1. From your QuickBooks Online (QBO) account dashboard, Go to the + Menu.
  2. Select Journal entry.
  3. Add the Account Receivable (A/R) or Account Payable (A/P) account from which you are moving money.
  4. Enter the Clearing account.
  5. Save the Journal Entry.
  6. Create a second journal entry.
  7. Add the Clearing account.
  8. Enter the AR or AP account to which you moving money, then click Save and close.
  9. In either Pay Bills or Receive Payments, link the Journal Entries together.

 

You can also check this article for more details about this. Although it’s for QuickBooks Desktop (QBDT), it also applies to QBO in using a clearing account: Set up a clearing account.

 

Once everything is settled, you might want to read this link that serves as your guide in reconciling your accounts effectively: Reconcile an account in QuickBooks Online.

 

Let me know if there’s anything else you need help in managing your accounts in QuickBooks. I’d be more than happy to assist you. Take care, and keep safe.

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