Hi there, @telgammal-imasa-.
It's my pleasure to help you match your different currency between two bank accounts in QuickBooks Online (QBO).
You'll need no create a clearing account with your other currency. This way, you can transfer and match your different currencies in QBO. Also, the few cents difference will resolve too.
After that, you will have to create a bank transfer:
If this is an imported transaction, you can select the Record transfer button in the Banking tab. You may refer to this article for the complete steps: Transfer funds between accounts.
Once done you can review all the recorded transfers in your Chart of Accounts.
Feel free to read these articles for more information about multiple currencies.
Let me know if you have any other questions about transferring funds to a different currency. I'm always here to help. Have a good one!
Thank you for the response, but can you please explain how transferring the funds using a clearing account is different than simply transferring between the two bank accounts. Let’s say I received AED 10 in my AED account when I transferred it to my USD account the bank converted it to $2.71. Meanwhile in QBO because of a rounding issue the transfer feature converts it to $2.70. If I used a clearing account, would I transfer $2.70 from the AED account to the clearing account, then transfer $2.71 from the clearing account to the USD account? Wouldn’t this would leave a -$0.01 balance in the clearing account? This balance would continue to build up with each transfer and reflect in the balance sheet. Or is there an additional step to balance the clearing account?
Let me share an additional information, @telgammal-imasa-.
When enabling the multi-currency, you'd want to consider in which bank account the transactions where recorded. Also, the the system automatically creates an Exchange Gain or Loss account.
Once your US client pays the invoice you've sent, the difference of the payment is recorded automatically under Exchange Gain or Loss account.
On the other hand, if your actual customer payments are deposited directly to your AED bank account, you can directly match your actual transactions and the downloaded ones. Here's how:
You can use these articles in managing your multi-currency transactions:
Drop your comments below if you have other questions or concerns about navigating around QuickBooks Online. I'm always here to help.