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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. 

    M
    MichaelaSQuickBooks Team
    QuickBooks Team
    June 7, 2024

    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.

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