Setting up Accounts Payable accounts with foreign currency

Hi vp-001,

Thanks for reaching out in the Community! You won't be able to manually set up an A/P account with foreign currency; instead you firstly need to create the supplier with the currency and then create a bill, expense or so on. This then automatically creates the account for you:

1. Select the Expenses tab, then Suppliers.
2. Select New Supplier. Enter the details as required and ensure you select the correct foreign currency, then Save.
3. Select + New and choose Bill, Expense or so on.
4. Select the newly created supplier and enter the details, then Save.

If you now navigate to your Chart of Accounts, you will see an A/P account has now been created for you with the relevant currency.

-Kass

@vp-001 

As additional option to deal with multi currency transactions. Explore and open a multi currency business account at TW as the virtual bank and utilize the bank feeds. You may get a lower fee and a better xchange rate.

https:// prf.hn/l/7gg1NWy

Hope it helps.

I have multi currency turned on but do not see a section for foreign currency in the vendor tab

Hello @afabian,

Welcome to the Community. Let me help provide some information about the Multi-currency feature in QuickBooks Online.

If you're trying to view vendors with foreign currencies, you can add an extra column. You can do it by clicking the cogwheel icon within the Suppliers/Vendors section and adding a checkmark to Currency.

Here's how:

1. Click Expenses on the left navigation bar.
2. Go to the Suppliers or Vendors tab.
3. Click the small cogwheel icon beside the export icon.
4. Put a checkmark on the box beside Currency. 

In case you want to add a vendor with a foreign currency:

1. Select Expenses from the left navigation bar.
2. Go to the Suppliers or Vendors tab.
3. Click the New supplier option in the upper-right corner.
4. Enter the necessary information.
5. Under I pay this supplier with, select a foreign currency. 
6. Hit Save.

To view the currency of an existing vendor, please follow these steps:

1. On the left navigation bar, select Expenses.
2. Go to the Suppliers or Vendors tab.
3. Click the vendor name.
4. Press Edit. 
5. View the information under I pay this supplier with. 

Lastly, to view all currencies, click the cogwheel icon in the upper-right corner, then select Currencies (see screenshot below).

For additional reference, you can use the following article to learn more about how exchange rates work in QuickBooks: About exchange rates.

Please know that I'm just a post away if you have any other questions. Take care.