I can share some information that can help you with adding transactions in your foreign currency account in QuickBooks Desktop, @dudeman93.
In addition to what Fiat Lux - ASIA mentioned, after turning on the multicurrency feature and adding your GBP bank account, you should also set GBP vendors or customers. Once done, use that vendors/customers when creating transactions under that GBP account.
Here's how to add foreign currency or GBP vendors or customers:
- Go to the Customers (or Vendors) menu and then proceed to Customer Center (or Vendor Center).
- In the Customer Center (or Vendor Center), click the New Customer:job (or New Vendor) dropdown and choose New Customer (or New Vendor).
- Assign a Customer (or Vendor) Name and Currency.
- Click on OK to save the transaction.
You can refer to the following article for more information about keeping track of transactions in foreign currency: Set up and use Multicurrency. This will also guide you with adding foreign-currency customers/vendors and accounts in QuickBooks Desktop.
In case you need to correct your bank balance, adding a journal entry will do the trick, Check this reference for more information on how to add, edit, or reverse a journal entry: Create a journal entry in QuickBooks Desktop for Windows or Mac.
Always feel free to leave your comments below if you have other questions about adding your multicurrency transactions in QBDT. I'm always here to help.
