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nicki7
Level 1

Hi does anyone know how to post a debit in my Euro account that was a transfer of cash to my GBP account please. My chart of account is in ZAR

There are no customers just simply cash from one currency account to another currency account

1 Comment 1
BabyB
QuickBooks Team

Hi does anyone know how to post a debit in my Euro account that was a transfer of cash to my GBP account please. My chart of account is in ZAR

You'll have to create a clearing account with your home currency to transfer the funds successfully, Nicki.

 

Transferring funds between three different foreign currencies is currently unavailable in QuickBooks Online. Alternatively, you can use a clearing account. Here's how:

 

  1. Go to the Transactions menu, then choose Chart of Accounts
  2. Hit New in the upper right corner.

    image (16).png

  3. Choose an Account type and Detail type.
  4. Enter the Account name as Clearing account
  5. In the Currency drop-down arrow, pick your home currency.
  6. Press Save

    image (17).png

Once done, utilize the Transfer feature to transfer the funds. Please note that the amounts should be equal to get the correct value of funds. Let me guide you on how:

 

  1. Click +New, then select Transfer.

    image (18).png

  2. In the Transfer Funds From drop-down, select the source of funds.
  3. Pick the clearing account in the Transfer Funds To.
  4. Select the currency of the funds and enter the amount.
  5. Hit Save and close
     

 

Then, repeat the process to transfer the funds from your clearing account to the Euro account.

 

I suggest consulting with your accountant to assist you in selecting the appropriate accounts to use.

 

To maintain accurate financial records, reconcile your QuickBooks transactions with your bank and credit card statements. For detailed guidance, refer to this article: Reconcile an account in QuickBooks Online.

 

Keep us posted if you have further concerns about transferring foreign currencies. The Community is always here to provide a direct response.