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NICHOLASMOLO
February 20, 2026
Question

bank transfers between multicurrency accounts, why doesn't it do it correctly

  • February 20, 2026
  • 1 reply
  • 4 views

when I transfer from my US Chequing to CDN Chequing why does the amount not seem to change correctly. Even though I am using a multicurrency accounts and I have made a conversion with the correct exchange rates and amounts. When making a Transfer Posting.

1 reply

R
RhoiceWQuickBooks Team
QuickBooks Team
February 20, 2026

Thank you for reaching out here in the Community, Nicholas. When transferring funds between multicurrency accounts, QuickBooks uses the exchange rate you've entered at the time of the transfer.

 

To resolve this, I suggest checking the exchange rates by going to the Gear icon.

 

Here's how:

 

  1. Go to the Gear icon, then select Currencies.
  2. Double-check on the exchange rates if they are still accurate.

 

If the exchange rates are correct, I recommend logging out and then logging back into your QuickBooks account. This helps refresh the data and resolves minor glitches that might be causing the issue.

 

Don't hesitate to reply here if you still have concerns related to QuickBooks. We're here to help.

N
NICHOLASMOLOAuthor
March 23, 2026

My QBO account allows multicurrency and is switched and I have been using it the last 2 to 3 years. And my USD account is in USD.

The Transfers between USD chequing and CDN chequing is correct to bank accounts and are posted correctly in each chart of accounts. However, when I create a General Ledger report for the fiscal year, the report uses the CDN amount of the transfer in the USD. The CDN account is OK and is correct.

Therefore there is a disconnected between them.

J
jamesjdtQuickBooks Team
QuickBooks Team
March 23, 2026

Thanks for getting back to us with more details, Nicholas. Your transfers are actually posting correctly. The difference you’re seeing comes from how the General Ledger works in QuickBooks Online.

 

The General Ledger report always shows everything in your home currency (CAD), even for USD accounts. So your USD transfers are being converted to CAD in the report, which is why the numbers don’t match what you see in the USD account register.

 

You can review your home currency, the exchange rate used in transfer, and compare the reports. Here's a link for reference about multicurrency: Set up and use Multicurrency in QuickBooks Online.
 

Let us know if you need anything else. We're here to help.

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