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Level 1

Having bank accounts in different countries/currencies, what is the best way to use Quickbooks to keep track of what is happening?

 
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QuickBooks Team

Having bank accounts in different countries/currencies, what is the best way to use Quickbooks to keep track of what is happening?

It's my pleasure to help keep track of your multicurrency transactions in QuickBooks Online (QBO), @bc-heichalhatora.

 

You can utilize the multicurrency feature to properly track your transactions from bank accounts that use a currency other than your local currency. 

 

The multicurrency feature gives you the ability to record transactions in foreign currencies. However, this feature is only available in QuickBooks Online Essentials and Plus versions.

 

Here's how to set it up:

 

  1. Click the Gear icon, then select Account and Settings.1.PNG
  2. Select Advanced from the left menu and go to the Currency section.
  3. Toggle the Multicurrency option to turn on the feature.
  4. Hit Save, then Done.2.PNG

After turning on the feature, you can now add currencies you use.

 

  1. Click the Gear icon, then select Currencies.
  2. Select Add currency and choose the new currency from the Add Currency drop-down.
  3. Hit Add.3.PNG

Then, let's add the bank account that uses a foreign currency.

 

  1. Go to the Chart of Accounts, then select New.
  2. In the Account Type, choose Bank.
  3. Select the appropriate Detail Type and enter the name of the Bank.
  4. In the Currency drop-down, choose the currency of the bank.
  5. Click Save and Close.4.PNG

I'm adding this article for more guidance: Turn on and use multicurrency.

 

You might also want to check out this article to learn more about multicurrency: Multi-currency FAQ.

 

Please feel free to keep in touch with me here if you need more assistance while managing multi-currency in QuickBooks. I want to make sure you're taken care of.

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Level 14

Having bank accounts in different countries/currencies, what is the best way to use Quickbooks to keep track of what is happening?

@bc-heichalhatora 

If you deal with multi currency transactions, you should open a virtual multi currency account at TW and run the bank feeds.

https://prf.hn/l/7gg1NWy