foreign currency transaction import

I have a prepaid credit card. I have set up an account for that in QB accordingly. The native currency of the credit card is HKD. The credit card has been charged with Euros and USD. When I import the credit card statement (OFX file) it shows all the transactions in HKD but not converted (meaning if I got charged 4 Euros it says it is 4 HKD). I don't see a way to change those transactions manually. 

If I import the same file into Moneydance it is all shown correctly. 

I have activated the multi-currency version of QB. How can I make sure the transactions get imported correctly? Preferably without me having to go in and change all the currencies to the right one manually. 

Answer

Hi Gomik, 

You can create a dummy account for your Euro transactions.

Here's how:

  1. Click Accounting in the left panel.
  2. Select Chart of Accounts.
  3. Click New.
  4. Enter the necessary information.
  5. Select EUR Euro.
  6. Click Save and Close.

Then, transfer these transactions to your Euro account. 

Here's how:

  1. Click the Plus icon.
  2. Select Transfer,
  3. In the Transfer Funds From drop-down, select the dummy account created.
  4. Choose Euro account in the Transfer Funds To drop-down.
  5. Enter the Transfer Amount.
  6. Click Save and Close.

Please check this article for more information: Multi-currency tips and tricks.

Another option is to calculate manually the exchange rate before entering it in your QBO account.

Feel free to let us know if you need further assistance. We're here to help you.

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IntuitMariaS , Community Support Specialist
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