Hello again, @ConorIB.
You can use the Bank transfer feature so you can transfer directly from bank to bank in QuickBooks Online (QBO). Then, set the exchange rate.
The exchange rate will determine how much will transfer to the other currency. So the exchange gain or loss will automatically be calculated if needed.
To create a bank transfer, here's what you'll need to do:
- In the left menu, click the + New button.
- Select Transfer.
- From the Transfer Funds From the drop-down list, select the bank account that the funds are coming out of.
- From the Transfer Funds To drop-down list, select the bank account the funds are being deposited into.
- Enter the amount being transferred in the Transfer Amount field.
- Edit the Date.
- Choose Save and close.
For more details about this process, see this article: Transfer funds between bank accounts.
Feel free to stay in touch with me if there’s anything else you need. Have a great day.
