Opening Balance Equity account - multiple bank accounts and currencies

It's nice to see you here in the Community, @HeatherF1. I'm here to share some insights about multiple bank accounts and currencies.

You'll have to create another Opening Balance Equity for the other bank. The Euro and US account need to be separated when recording a transaction in QuickBooks Online.

To create a new account here's how:

1. Select Accounting from the sidebar menu.
2. Go to Chart of Accounts.
3. Select New. Depending on your account view, you’ll either see a panel labeled New account or New category. Select the option you see below for the next steps.
4. Enter the necessary details for the Opening Balance account.
5. Click Save.

For detailed steps, click these articles: Add an account to your chart of accounts in QuickBooks Online.

When everything is all set, you might want to check these articles that can guide you in your future tasks:

• Connect bank and credit card accounts to QuickBooks Online
• Reconcile an account in QuickBooks Online

I’ll be around to help you whenever you have other queries. Just leave a reply below, and I’ll get back to you as soon as I can. Have a great day and keep safe.

QB Online won't allow me to add another account with Detail Type "Opening Balance Equity".  The error message says there can be only one.

Thanks for getting back here in the thread, @HeatherF1. I'll be pleased to share some details about the error that you've received when setting up a new account in your chart of accounts in QuickBooks Online (QBO).

First, I'd like to thank you for taking the time to follow the steps that my colleague provided above. QBO won't allow you to add a new account with the detail type of Opening Balance Equity because it's one of QBO's default accounts. It means that from the moment you created your company file, QuickBooks Online already has made specific accounts by default, and that account you're trying to add is one of the existing accounts that QBO created.

For more information about default accounts created by QBO, refer to this article: Manage default and special accounts in your QuickBooks Online chart of accounts.

You can also consider reaching out to your accountant for a piece of advice on what other equity account you can use so you can get through this, and create a new account in your COA. If you don't have an accountant, I'll be happy to help you find one. Feel free to click this page to find an accountant: Find a QuickBooks ProAdvisor.

Additionally, here's an article in case you'd like to add old transactions in your QBO: Manually upload transactions into QuickBooks Online.

You may also check this article in case you'd like to know more about categorizing and matching  online bank transactions in QBO: Categorize and match online bank transactions in QuickBooks Online.

It was great to have you here in the Community, @HeatherF1. Know that you're always welcome to post here again if you have any additional QuickBooks-related concerns. Our dedicated team of product experts is always ready to assist you. Thanks for choosing QuickBooks Online. Take care, and have a nice day!