How to process different currencies between accounts

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!

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. 

I have a way here to settle these amounts in QuickBooks, @VincentHS.

Since the transfer method didn’t work and doesn't change your balance sheet, you can create an expense transaction for 10,000 PHP and a 1250 RMB deposit instead. These will reflect the amounts accurately to your respective accounts.

You can follow the steps below to record an expense:

1. Open your QuickBooks account.
2. Go to the + New option.
3. Click Expense.
4. You can leave the Payee blank.
5. Select the date and accounts you used.
6. In the Category details section, enter the expense info.
7. Enter the amount, then press Save and close.

For making a bank deposit in the program, please refer to the instructions listed below:

1. Select the + New button again.
2. Choose a Bank deposit.
3. From the Account dropdown, select the account you want to put the money into.
4. Enter and select the needed details.
5. Hit Save and close when you’re done.

Check out these resources for more info and complete processes:

• Enter and manage expenses in QuickBooks Online
• Record and make bank deposits in QuickBooks Online

You can generate a report right after to track the transaction and see the changes. Then, you can use this guide to make sure the amounts are balanced and match your actual statements: Learn the reconcile workflow in QuickBooks.

Don’t hesitate to add a comment if you need more help managing your foreign transactions. I’ll be here to assist you. Have a good day!

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!

Hi Kurt, with RMB (or renminbi)I mean Chinese Yuan. Sorry for the confusion.

But there should be an easy way to get Chinese Yuan from the balance without putting it in as an expense. 

I find it hard to believe that we are the first company on the Quickbooks system to use an agency to exchange money. 

I can't believe that there isn't a single business or individual in the QB community who exchanges money...

Anyone some advise on how to process this normally? I'm lost... 

I know how much you want this to be taken care of, @VincentHS.

I believe most of them are different small businesses. So far, you're one of the few users who asked about exchange rates between accounts in the QuickBooks Community. In your case, I suggest contacting our Care Support team to assist you in handling your books' exchange rates between accounts. This way, they take a closer look at your books and recommend a bookkeeping service.

Here's how:

1. Click the (?) Help icon.
2. From the QB Assistant enter the topic you need help with. You can also enter questions.
3. Choose Contact Us to connect with a live support agent.
4. Select Chat.

I've added some articles on how to move funds between accounts via journal entry and transfer funds:

• Transfer funds between accounts
• Create a journal entry in QuickBooks Online

Please always feel free to ask questions in the Community if you have other QuickBooks concerns. Anytime we can help. Keep safe and more power to your business!

I’m at a loss too with this. We use Western Union to help us exchange $ from USD to Canadian funds. We have a USD acct and a Canadian acct. I’m at a loss how to input these transfers using the current day exchange rate from Western Union NOT what QB wants to use. 

Let me guide you in entering the exchange rates in QuickBooks Online (QBO), Brightfarm.

Before anything else, please know that QuickBooks uses exchange rates from IHS Markit. If you need to enter your own exchange rate, I can help you manage it by updating the numbers in your currencies list. Refer to the following steps below.

1. Go to the Gear icon, then select Account and Settings.
2. Select Advanced.
3. In the Currency section, select the Manage Currencies link.
4. Find the exchange rate you want to update and click Edit currency exchange in the Action column.
5. Select Save.

After saving the changes, the currencies list displays the updated exchange rate, the date and time of the update, and the identity of who made the update.

Additionally, QuickBooks uses exchange rates to show how much a foreign currency transaction is in your home currency value. Learn how this works by visiting this article for more details: Learn About Exchange Rates in QuickBooks Online.

Please keep us posted if you have other queries about entering currencies. I'm always here to assist. Stay safe.

I am also in trouble with this!

I have paid a supplier JPY bill with the company USD account as we do not have a bank account in JPY.

I have created a clearing account in JPY. Now I can close the supplier bill but i cannot match the bank account in USD with this payment.

I will have a clearing account with a negative balance and the bank account in credit of the same amount.

Is anyone able to help??

With all the transaction a company can do it seems very inefficient to not have exchange rates between different currency account!

PLEASE HELP

Handling currency exchange in your accounting system is crucial, FPADV. Let's work together to rectify the issue.

Since you paid the JPY bill using your USD account, you need to record this transaction in your USD account as an outgoing payment.

We can set up separate bank accounts for each currency and record transactions in their respective currencies. This approach eliminates the need for a clearing account and automatically handles the exchange rate differences.

You can follow the steps provided by my colleague

MichaelaS  on how to use a multi-currency in QuickBooks Online (QBO).

Feel free to read these articles for more information about multiple currencies. 

• About exchange rates.
• Enter and use your exchange rates.

I'm always prepared if you have more questions or concerns about handling foreign currency in QBO. Kindly leave a comment below, and I'll promptly lend a hand. 

This post is almost two years old and still I haven't find a good solution for it... 

If I have one currency A, and exchange this at an exchange office for currency B.

How can I process this in QB without having it count as revenue or expense?

Your patience has been extremely important, and I know that resolving this issue is quite challenging, VincentHS.

First, we must transfer the funds to your home currency account. Then transfer it to a different currency. Moving the funds uses one foreign currency at a time. You can follow these steps to set up a foreign currency conversion account:

1. Go to the Gear icon.
2. Choose Chart of Accounts and then select New.
3. For the Account type, select Cash at bank and in hand.
4. For the Detail type, choose Cash on hand.
5. Name the account "Foreign currency conversion".
6. Enter the description like "transferring between multicurrency accounts".
7. Select the home currency.
8. Hit Save and Close.

Convert the funds to your Home currency. QuickBooks will automatically handle the conversion when you transfer the funds to the account you created.

1. Select +New.
2. Click Transfer.
3. Choose the original account from which you want to transfer funds.
4. Click the currency of the original account.
5. Enter the amount you wish to transfer.
6. In the Transfer Funds section, select the Foreign currency conversion account you created.
7. Hit Save and Close.

Now, we'll transfer the funds to the desired currency. Here's how:

1. Select + New. 
2. Select Transfer. 
3. In the Transfer Funds section, choose the Foreign currency conversion account.
4. Select the desired currency you wish to convert to.
5. Enter the amount. 
6. In the Transfer Funds section, choose the correct account in the desired currency where you want to deposit the funds. 
7. Select Save and Close.

After these steps, check the transfer. Follow these steps:

1. Go to Banking.
2. Select the Bank Transactions tab. 
3. Select the account where you transferred the funds in the desired currency. 
4. Double-check the account balance to make sure it’s accurate. 

You can also check in the your Chart of accounts: 

1. Go to Transactions. 
2. Select Chart of Accounts. 
3. In the search bar, enter the name of the desired currency account. 

Double-check the account balance and ensure it has been deposited in the correct currency. By following this approach, you'll have a clear record of all the multicurrency funds you've converted, right in your Chart of Accounts.

For easy access, you can refer to this article for frequent inquiries about multicurrency: Frequently asked questions about Home currency adjustments.

Keep me posted if you still have further questions about multicurrency. Take care.