Skip to main content

SUMMER SAVINGS 90% OFF QuickBooks for 3 months* Ends 8/27

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
V
VincentHS
November 28, 2022
Question

How to process different currencies between accounts

  • November 28, 2022
  • 14 replies
  • 62 views

I would love to get some help on this... I'm lost... 

We have a multi-currency account, and something that seems relatively simple is getting more complicated to more I read about it... 

Our main QB currency is USD.

I have PHP in the bank and transferred X to a friend's PHP bank account. 

My friend gives me RMB to our digital account (wechat pay) back. 

We determine the exchange rate ourselves.

It's not sales, profit or loss; it should be nothing more than a simple exchange of funds between accounts. 

But how do I put this in our system... Your tips are greatly appreciated - thank you!

 

    14 replies

    A
    Archie_B
    Level 6
    November 28, 2022

    Good day, VincentHS.

     

    In QuickBooks Online (QBO), we can record a bank transfer to transfer funds between two accounts. 

     

    I'll show you how:

     

    1. Click on + New.
    2. Choose Transfer.
    3. Select the bank account that the money is coming from in the Transfer Funds From dropdown list.
    4. In the Transfer Funds To dropdown list, select the bank account that the money is going to.
    5. Enter the amount in the Transfer Amount field.
    6. Change the Date field.
    7. Hit Save and close or Save and new to complete the transfer.
    8. Select Yes if you double checked the date.

     

    Another option is to create a cheque to record your transfer. Check out this article for more information on the process: Transfer funds between accounts.

     

    If both RMB and PHP are foreign currency accounts, you must first transfer the funds to your home currency account. Then transfer it to a different currency account. Moving funds in QBO uses one foreign currency at a time.

     

    You can also utilize a third-party app that allows you to transfer funds between foreign currency accounts. Just hover to the Apps menu and look for an app from there.

     

    I've added this link for reference in reconciling your accounts so that they always match your bank and credit card statements: Reconcile an account in QuickBooks Online.

     

    Keep me updated by leaving a reply if you still require assistance with transferring funds in QBO or managing your accounts. It is always a pleasure to assist you in running your business efficiently. Take care!

    V
    VincentHSAuthor
    November 28, 2022

    Transfer funds doesn't work. I can transfer 10.000PHP tp another PHP account but it doesn't change on my balance sheet. It's still there. 

    I need to deduct the 10.000php and add 1250RMB from somewhere. 

    K
    Kurt_MQuickBooks Team
    QuickBooks Team
    November 30, 2022

    The deposit seems to work - I don't think this influences my balance.

     

    But I can not put the PHP as an expense because I will also spend the RMB as an expense - this means my expenses are twice as high.


    Thanks for getting back here in the thread, @VincentHS. I'll share some details about your concern, and I'll help you get through this situation so you can add the RMB amount you received and reflect them to your respective accounts in QuickBooks Online (QBO).

     

    Before anything else, know that I understand how important it is for you to accomplish this as soon as possible. As I check here in my resources, the feature you're trying to access in QBO is unavailable. However, there's a workaround that you can do to somehow get through this. Since there's no RMB currency option in QBO, you can consider adding it to the closest currency available in that country.

     

    Also, if you want this option to be available in QuickBooks, I can help you send a feature request to our Product Development Team. They'll review your feedback and consider adding it to future product updates. I'll input the steps below so you can proceed. To begin, here's how:

     

    1. Access your QuickBooks Online company.
    2. Go to the Gear icon.
    3. Under Profile column, select Feedback.
    4. Enter a brief description of your feature request.
    5. Once done, click Send.

     

    Additionally, here's an article to learn more about the supported currencies in QBO: List of supported currencies in QuickBooks Online.

     

    You can also visit this page to learn more about the multi-currency feature in QuickBooks: Multi-currency FAQ.

     

    @VincentHS, it's been a pleasure to have you in the Community today. In case you have any additional QuickBooks-related concerns or need help performing tasks in QuickBooks. Know that I'm just a click away. Don't hesitate to tap the Reply button below. I'll make sure to get back to you. Take care, and have a good one!

    Need QuickBooks guidance?
    Log in to access expert advice and community support instantly.
    Terms & ConditionsAccessibility statement