How to add foreign currency AP/AR account

Welcome to the QuickBooks Community, Rainy2!

A/R and A/P accounts are created automatically. You first need to create customers or vendors in different currencies. Then, when you create their first invoice or bill, QBO will auto-create an A/R or A/P account in their currencies.

On the other hand, if you want to check for some resources for QBO, you can visit the main support page and click More Topics.

You can ask questions if you need more help. The QuickBooks Team is always available for you.

Thank you for your reply. Before, we made more detailed classification of AR/AP accounts manually. Now, after creating a new customer or supplier, the first invoice/bill will be automatically linked to the existing AR/AP accounts instead of generating a new AR/AP accounts.

How can I solve this problem？

Thank you for your reply.

Because we have manually classified AR/AP accounts in more detail before, now when creating customers or suppliers using foreign currencies, the first invoice/bill will be automatically linked to the existing AR/AP account instead of creating a new AR/AP account. May I ask how to solve this problem?

Appreciate the update, @Rainy2.

I'll share insights about the default accounts used for invoices and bills in QuickBooks Online (QBO).

As of the moment, there isn't an integrated way to change the AR/AP accounts when creating invoices and bills in QBO. This is the reason why it is not recommended to create new accounts in this type other than the default one since they cannot be assigned to your transactions.

While the option is not yet available, I recommend letting our product developers know about this by sending a request via feedback. I'll show you how.

1. Go to the Gear icon.
2. Under Profile, select Feedback.
3. Describe how an option to choose a unique AR/AP accounts for a certain type of transaction to record helps your business in QuickBooks.
4. Select Next.
5. Click Skip and send message.

I'm including our Customer Feedback for QuickBooks Online page to track the status of your request and get the latest updates from our developer team. Updates such as how the recent enhancement made to QBO helps our small business owners, like you.

It'll always be my pleasure to help if you've got other questions aside from managing accounts in QuickBooks. Use the Reply button and leave your comment below so that I can assist you further. Take care always, @Rainy2!

Thank you for your help. I operated according to your suggestions. The email I received asked me to ask for help from the online customer service or community. I asked online customers earlier and was told that AR/AP accounts using foreign currency can only be automatically generated by creating customers or suppliers. Because of the special way we used it in the early stage, it didn't seem to solve my doubts.

I will try to contact the online customer again later, and I also hope to know whether you can solve my doubts.

In addition, our cashier could not link to the OCBC bank when using the banking function this month. Please check the attached screenshot. What can we do to solve this problem?

Thank you for getting back to us and following my colleague's suggestion, @Rainy2.

I've come to share additional information about adding A/P and AR accounts with different currencies.

As mentioned by my peer JessT above, A/R and A/P accounts will be created once you enter a transaction to a customer or vendor with different currencies. For example, if you add a customer or a vendor with GBP currency, QuickBooks will automatically create an A/R or an A/P account with GBP currency once you enter an invoice or a bill for that specific customer or vendor.

I'm adding this article to learn the common accounting terms: Common accounting terms.

On the other hand, let's get your OCBC bank account connected to QuickBooks by performing some troubleshooting steps.

First off, I appreciate sharing a screenshot of the error received. This will help us provide the best resolution to this issue.

The bank error 105 means there may be a problem from your bank's end. To get this resolved, let's manually update your online bank connection in QuickBooks. Here's how:

1. Sign in to your QuickBooks Online (QBO) account.
2. Click Banking/Transactions from the left menu.
3. Select Update.

Once done, go back and connect your OCBC bank account again. If you get the same result, you'll want to check your bank's website. They may have ongoing maintenance or server issues that cause the error.

You can also check out this article for more guidance: Fix bank errors 102 and 105.

After you've successfully connected your account, QuickBooks will automatically download your bank transactions. Then, you'll want to categorize the transactions to put them in the correct accounts.

Should you need any additional assistance while managing your bank transactions, you can leave a comment below. I'll be sure to get back to you, @Rainy2.

Thank you for your reply.

The cashier tried to link the bank again for many times according to your instructions, but still failed. The error message is the same as before. We contacted the bank and the bank said everything was fine with them. Do you know any other solutions?

I have other solution that you can try if still you're unable to link your bank, Rainy2.

We know that linking bank accounts is the safest and most convenient way that you can do as any other banking activity. This gives you easier access when you're conducting transactions electronically. However, since you're unable to connect your bank, I recommend reaching to our support team so they can double-check your account and investigate further. They also have the tools to pull up your account in a more secure environment. Here's how to reach them: 

1. In your QuickBooks Online company, select (?) Help.
2. Select either tab to get started:
   • Assistant: Get quick, personalised answers. Select a suggested option, or type a question or topic you need help with. If you decide you need further help, you can still chat to a human.
   • Search: Type a question, keyword or topic for QuickBooks Online self-help content or select contact us and choose a way to connect with us. (For live chat, we are available 24 hours GMT M-F).

At the moment, you can manually upload transactions into QuickBooks Online (QBO) to keep up with the latest. You'll just have to make sure that you know the date of the oldest transactions currently in the account to avoid duplicates. I've provided the steps below on how you can go about it: 

1. Go to Bookkeeping then Transactions then select Bank transactions (Take me there), or go to Bank transactions (Take me there).
2. Select Upload transactions.
3. Select Drag and drop or select files and then select the file you downloaded from your bank. Then select Continue.
4. In the QuickBooks account ▼  dropdown, select the account you want to upload the transactions into. Then select Continue.
5. Follow the onscreen steps to match the columns on the file with the correct fields in QuickBooks. Then select Continue.
6. Select the transactions you would like to import. Then select Continue.
7. Select Yes.
8. When you accept your transactions, select Done.

The steps above should keep you going with your bank transactions. To give you a complete overview on how you'll be able start with the import and end up with a successful one, I've provided this article for more details and instructions: Manually Upload Transactions Into QuickBooks Online.

In addition, once you're able to successfully connect your bank, you may encounter duplicates which is caused by automatic imports. Learn from this article on how you can exclude those transactions: Exclude A Bank Transaction You Downloaded Into QuickBooks Online.

Feel free to let me know if you need further assistance about linking your bank account. The Community is always here to help you anytime of the day.