Suppliers who's invoices show $ or € but are paid in £

[mdj101]

Hi All

We purchase products and services from companies that bill in dollars and euros, although these are always paid in £.

How do we record these suppliers invoices in QB Online?

Is it just a case of showing the payment as a the GBP conversion?

Thanks in advance

[Mark_R]

Hello there, @mdj101.

You’ll need to turn on the Multi-currency feature to track your invoices paid in different currency. Let me show you how.

1. Go to the Gear icon.
2. Select Account andSettings.
3. Select Advance.
4. Click Currency.
5. Check the box labeled Multicurrency to turn this feature on.
6. Click Save.
7. Click Done.

Once you turn Multi-currency on, your Home currency is set and cannot be changed.

You’ll need to set up your vendor for multi-currency. Whenever you create invoices, it will automatically detect its currency.

1. From the left panel, click Expenses, then select Vendor.
2. Click New customer.
3. Fill up the Vendor Information window.
4. Click on the drop-down under I pay this vendor with, and select the customer currency.
5. Click Save. 

For your reference, you may read these articles:

• How to Turn on Multi-currency and Add or Delete Currencies
• About Multi-currency 

Also, I still recommend checking with your accountant for more guidance. He/she may add suggestions based on what's more suitable for your business and to your books.

If you have any other questions, feel free to comment below. We’re always here to help you.    

[mdj101]

We don't CREATE invoices in other currency's and we don't PAY invoices in other currency's. We ALWAYS pay in £ but the receipts from suppliers show euros or dollars and are converted. 

Is there no way to show a receipt as x dollars then the conversion to £

I don't really want to turn on multi-currency unless I have too.

[Malcolm Ziman]

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@mdj101 wrote:

We don't CREATE invoices in other currency's .

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Strictly speaking, you should raise the liability in the foreign currency, on the date you receive the goods or services.  It's locked in in the foreign currency, and then when you pay it at a later date, there will be a gain or loss, a separate line item on the P&L.  If you pay on the same date that you receive the goods or services, then it doesn't matter, or if the amount is not material

[Wilson and Wood of Stortford Ltd]

Hi

Did you ever resolve this issue without going down the multi currency route ?

I’m having this exact same problem with USD and EUR supplier invoices that are paid in GBP

Thanks in advance.

[Adrian_A]

Hi there, Wilson and Wood of Stortford Ltd.

At this time, I recommend reaching out to our Phone Support team. We have agents there that can take a look at your account and verify why the invoice payment shows the currency as GBP.

Here's how you can contact us:

1. Click the ? Help button.
2. Enter, Talk to a human.
3. Enter The invoice was in USD and EUR but, the payments were in GBP.
4. Select I still need a human.
5. Click Contact us.

I'll be around if there's anything that I can help. Take care!