How do you post an internal transfer between banks using a multi-currency setup and show a currency loss or gain - 4 different banks with 4-5 currencies each?

In QuickBooks Online (QBO), the currency gain/loss calculation feature applies only to transactions like sales deposited into accounts or payments made to vendors, financepp.

These gains or losses are calculated when there is a difference between the exchange rate at the time of the transaction and when the payment is recorded.

However, QBO doesn't calculate currency gains or losses for internal bank transfers. You’ll need to manually track and account for any exchange rate differences that result in gains or losses during these transfers.

To do this, monitor the exchange rates and the net transferred amount, then create a Journal Entry to reflect the gain or loss. Before posting the entry, it’s recommended to consult an accountant to ensure accurate and compliant records.

If you have additional questions, feel free to reach out. We’re here to help.