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gianciltd0
September 2, 2025
Question

Hi all,I have transferred my GBP to USD and am confused how to record this. I have set up multicurrency and added my USD bank. Please can someone help

  • September 2, 2025
  • 1 reply
  • 7 views

Hi all, I have transferred my GBP to USD and am confused how to record this. I have set up multicurrency and added my USD bank. Everytime I use the transfer option it adds to my overall USD bank balance which I then can't reconcile. I have used the journal option and have Dr USD and CR GBP which then have managed to Reconcile my USD bank which was showing double which feels wrong however I'm unsure how to post the GBP bank and where to post it to? Please can someone help

1 reply

JenoP
JenoPQuickBooks Team
QuickBooks Team
September 3, 2025

The QuickBooks Team would love to help and clarify how the transfer function works in QuickBooks Online, gianciltd0.

 

However, we just need more information from you. Can you describe exactly what happens when you try to reconcile the USD account?

 

Please note that a bank transfer will show in both the originating and receiving bank accounts. It will show as a Payment in the GBP bank, then as a Deposit in the USD bank. This is why it adds to the overall balance of the USD bank account.

 

 

Because of that, you no longer need to post another transaction since the entry you made is already affecting both the GBP bank and USD bank accounts.

 

Please reply if you want to share more details. You can also post more questions if you need anything else.

G
gianciltd0Author
September 3, 2025

Thank you!

 

Sure as an example I have transferred 10,000 GBP to my USD account then made a payment to my supplier. Everytime I posted the transaction as a transfer it would all end up on 1 side e.g. cr on the reconciliation hence why I used the journal option and now have managed to reconcile my USD account.

 

I'm still having issues on my GBP account as to where do I post the transactions to? I don’t have the option to select my USD anymore as I’m using multi currency.

 

As I have reconciled my usd account can I reverse the reconciliation and journals if there is a better way to process this or a work around?

 

 

D
Dandie_AQuickBooks Team
QuickBooks Team
September 3, 2025

I appreciate you providing more information, Gian.

 

It’s normal for a transfer to appear as one-sided (like a credit) during reconciliation when viewing one individual account because the transfer creates two transactions across two accounts. A credit (CR) in the sending account (GBP bank account), reflecting money leaving. At the same time, a debit (DR) in the receiving account (USD bank account) reflects money arriving after the conversion.

 

Since you mentioned you don't have the option to select USD anymore. To help us isolate and understand the issue, could you share a screenshot of what you're experiencing? This would give us better insight and allow us to provide a specific solution.

 

To verify that everything is correct using journal entries, you can run the Journal report. If everything looks accurate and aligns with your bank statements, there’s no need to reverse or undo the reconciliation.

 

If you need further questions or help, feel free to comment below.

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