Hello there, Maxence.
Yes, in QuickBooks Online (QBO), foreign bank accounts must be set up in the correct currency after migration, as the currency of an existing account cannot be changed. To resolve this, you'll need to create new account with the correct currency and transfer balances or transactions.
If Multicurrency is not yet enabled in your account, here's how to turn it on:
- Go to Settings and select Account and Settings.
- Click the Advanced tab.
- Locate the Currency section and click Edit.
- Turn on the Multicurrency option. (Please note that enabling multicurrency is permanent and cannot be turned off.)
- Set your home currency, and click Save.
Now that Multicurrency is enabled, you can create a foreign bank account in EUR:
- Go to Settings and select Chart of Accounts.
- Click New Account to create a new account.
- For Category Type, choose Bank.
- Enter the required details, including Name and Detailed type.
- In the Currency dropdown, select the currency specific to your bank account (EUR).
- Click Save and Close.
With this setup, the new account will track balances in EUR correctly.
For more details about how multicurrency works, you can check out this article: Set up and use multicurrency in QuickBooks.
Since the original account is in USD, you must transfer its balances or transactions to the new EUR account. You have two options:
To ensure all data adjustments are accurate and compliant, I recommend consulting your Accountant during this process. They can help verify amounts and provide guidance specific to your accounting needs.
If you have further questions or need additional assistance, please don't hesitate to reach out. We're here to help.
