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julieanne-juille
Level 1

Debtor paid debt in wrong currency- how do I adjust it?

 
3 Comments 3
Kristine Mae
Moderator

Debtor paid debt in wrong currency- how do I adjust it?

Good day, Julieanne-juille.

 

Once a payment is recorded without any errors, there's no reason for an adjustment. Though, QuickBooks Online has a home currency adjustment feature. This helps you keep track of the changes in exchange rates on the foreign balances. You can check this article for more information: What are Home Currency Adjustments?.

 

Please let us know if you have more questions. We're just a comment away. 

julieanne-juille
Level 1

Debtor paid debt in wrong currency- how do I adjust it?

Hi Kristine, the debtor paid in USD when he is an Australian company and should have paid in $AUD. How do I record the payment ( which has gone to our USD bank acc) in $AUD?

Kristine Mae
Moderator

Debtor paid debt in wrong currency- how do I adjust it?

Thanks for the detailed information, Julieanne-juille.

 

Once it's paid using a different currency, it should go to the correct currency's bank account. What we can do is to transfer the payment from the USD bank to the AUD bank. Here's how:

  1. Click the Plus sign (+) icon.
  2. Choose Transfer.
  3. Under Transfer Funds From, choose the USD bank.
  4. Under Transfer Funds To, choose the AUD bank.
  5. Enter the amount, then click Save and close

You can get back to this thread if you have other concerns. Have a good day!