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quickaccount
Level 1

Trying to assign transaction as a transfer

Hi, 

So I made a transfer, from my EUR account to my GBP account and when Im trying to categorize it as a transfer Im getting an error: "Transactions can have only one foreign currency at a time.".

My main currency for QBO is set to USD.
I have 3 bank accounts setup: USD, GBP and EUR.

Attaching a screenshot to what Im seeing. How can this problem be solved?

6 Comments 6
JasroV
QuickBooks Team

Trying to assign transaction as a transfer

Thanks for sharing the details of your concern and for attaching a screenshot, @quickaccount.

 

Transferring funds using two foreign currencies isn't possible in QuickBooks Online (QBO). Thus, you're unable to assign a transaction that involves two foreign currency as transfer. You'll need to transfer your EUR fund to your US account, then make another transfer from your US account to your GBP account.

 

Another way is to utilize a third-party app that lets you transfer and categorize your funds between two foreign currency accounts. Simply hover to the Apps menu and look for an app from there.

 

Furthermore, I recommend working with your accountant for guidance in categorizing your transaction. This way, we can ensure the accuracy of your accounts.

 

Once you're all set, feel free to utilize these articles that can guide you in keeping your accounts organized:

 

 

I'm all ears you have any follow-up questions about transferring your funds. It's always my pleasure to help you. Have a good one!

quickaccount
Level 1

Trying to assign transaction as a transfer

Thanks for the update.


I do import everything from Wise and all of the transactions are synced in real time, so I can't add any new transfers to/from accounts that don't actually exist. 

I was reading about clearing accounts, could that help me? 

quickaccount
Level 1

Trying to assign transaction as a transfer

 Also could you elaborate on an app that could help me solve this issue?
LieraMarie_A
QuickBooks Team

Trying to assign transaction as a transfer

Hello again, @quickaccount. I'm determined to ensure you can record this transfer right away.

 

Using a clearing account would be a great workaround to help you with recording these kinds of entries in your books. I'll show you how to move foreign currencies using a clearing account.

 

First, let's set up a clearing account. Follow these steps:

  1. Go to the Accounting menu and select Chart of Accounts.
  2. Click New.
  3. Select Bank as the account type and choose a detail type.
  4. In the Name field, enter Clearing AccountBarter Account, or Wash Account.
  5. Select USD as the currency.
  6. Do NOT enter an opening balance.
  7. Select Save & Close.

 

Once done, let's use the clearing account to transfer money from your EUR account to your GBP account. We'll be using a journal.

 

Here's how:

  1. Create a journal entry. Select USD as the currency.
  2. Add the clearing account. Enter the amount under the Debit column.
  3. Add the EUR account from which you are moving money. Enter the amount under the Credit column.
  4. Click Save and close.
  5. Create a second journal entry. Select USD as the currency.
  6. Add the GBP account to which you're moving money. Enter the amount under the Debit column.
  7. Add the clearing account. Enter the amount under the Credit column.
  8. Click Save and close.

 

If you're feeling still unsure, I recommend speaking with an accountant to learn the best way to use the clearing account and how to set up your journal entry.

 

QuickBooks can help when it comes to working with an accountant. Using the My Accountant tab, you can invite an accountant you're already working with to be a user in your books so they can work on the transactions directly. That same tab also provides you with the Find a pro to help button. This connects you to our directory of QuickBooks-certified accountants near you. 

 

Moreover, while we're unable to recommend an app you can use, you can visit our App Center to look for one. I'd also recommend reconciling your accounts to make sure everything is updated.

 

You can reach us back if you need further assistance with managing your bank transactions, @quickaccount. The Community is always ready to help.

quickaccount
Level 1

Trying to assign transaction as a transfer

Thanks @LieraMarie_A . Will try it out.

Your colleague @JasroV mentioned using an app from your app store. Which app could I use to solve these problems? 

Here is his quote: "Another way is to utilize a third-party app that lets you transfer and categorize your funds between two foreign currency accounts. Simply hover to the Apps menu and look for an app from there."

Rose-A
Moderator

Trying to assign transaction as a transfer

Good day, quickaccount.

 

While we're unable to recommend which application to use, you'll want to search for a third-party Inventory Forecasting app that integrates with QuickBooks Online.

 

Please visit our Apps page through your QuickBooks Online account. Here's how:

 

  1. Log in to your QuickBooks Online account.
  2. From the left pane, click on Apps.
  3. Search for apps in the search box.

 

QuickBooks displays the list of applications available that match the description you entered. Once you find the right app, click on it to open it.

 

You can also visit this link for a better view: https://apps.intuit.com/. From there, you can find different apps that are compatible and designed to work with QuickBooks Online.


Additionally, I'm adding these resources to know more about how multi-currency works in QuickBooks:

 

About Multicurrency.

Learn about Multicurrency in QuickBooks Online.

 

Please get back to me if there's anything else you need. I'd be more than willing to lend you a hand.

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