Exchanging money and depositing into another bank

The Community got you covered, @jwnickel. I'm here to help you record your donations in QuickBooks Online.

The best way is to create a sales receipt when receiving direct deposits from donors. Then make a transfer for the funds. Let's start by creating the revenue account for the donation. After that, add the donor to identify where the fund is coming from, then make an item specific for financial donation.

Here's how:

1. Click on the Gear icon at the top. 
2. Select Chart of Accounts.
3. Select New to create a new account.
4. Make sure to select Income for the account type and Non-Profit Income as the detail type.
5. Give your new account a name. You can call this account “Fund donations.”
6. Choose when you want to start tracking your finances from the ▼ drop-down. 
7. When you're done, select Save and Close. 
    

Here's how to add the item:

1. Click the Gear icon located in the upper right-hand corner.
2. Under List, click Products and Services.
3. Press the New button, and select the Non-inventory item.
4. You can call this item “Non-Profit Income.”
5. Don’t forget to use the income account you set up.
6. Select Save and close.

If you're done, add the donor and the item. Then, follow the steps below to record the donation.

1. Click the +New button and select Sales Receipt.
2. Select the donor's name in the Customer drop-down list.
3. Then, verify the exchange rate.
4. Enter the date.
5. In the Deposit to field, select the foreign bank you received the direct deposit. You can also use Undeposited Funds, make a bank deposit later.
6. Under the Product/Service column, select the new account you've created.
7. Enter the amount.
8. Select Save and close.
   
   

Then, follow these steps to make a transfer:

1. Select + New.
2. Under Other, select Transfer.
3. From the Transfer Funds From drop down list, select the foreign bank account that the funds are coming out of.
4. From the Transfer Funds To drop down list, select the US bank account the funds are being deposited into.
5. Verify the exchange rate.
6. In the Transfer Amount field, enter the amount being transferred.
7. Edit the Date.
8. (Optional) Enter a description of the transfer in the Memo field.
9. Select Save and close or Save and new.

If you've got your money in the Undeposited Funds account, follow these instructions to record the bank deposit into your US bank:

1. Select + New.
2. Select Bank Deposit.
3. From the Account ▼ dropdown, choose the US account you want to put the money into.
4. Select the foreign currency under the Currency drop-down list. Verify the exchange rate.
5. Select the checkbox for the transaction you want to deposit.
6. Select Save and close or Save and new.
   

You can check out this link for more info on how you can record the transaction: Track funds you receive from donors in QuickBooks Online.

Please let me know should you need further assistance recording your donations in QuickBooks using the multi-currency feature. I'm always around to help. Have a good one.

Thanks for coming back, jwnickel.

The option to assign the foreign bank account directly in the Deposit to field when creating a sales receipt is unavailable. You'll be encountering an error message "Transactions can have only one foreign currency at a time" when saving the transaction. We can follow the recommended solutions provided by my colleague.

If this does not apply to your situation, we can create a Journal entry. Then, consult your accountant on what are the posting transactions you'll need to apply. Here's how:

1. Click the + New.button. Then, choose Journal entry.
2. On the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
3. On the next line, choose the other account you're moving money to or from. 
4. Check the amounts - you should have the same amount in the Credit column on one line and the Debit column on the other. This means the accounts are in balance.
5. Enter information in the memo section so you know why you made the journal entry.
6. Press Save and close.

Feel free to visit our Banking page for more insights about managing your bank transactions. 

I'll be right here to continue helping if you have any other concerns or questions about QuickBooks. Assistance is just a post away.