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priyanka
Level 1

In the payment method of invoicing it always takes INR I need to link USD to certain customers

 
1 Comment 1
Rose-A
Moderator

In the payment method of invoicing it always takes INR I need to link USD to certain customers

I can help you link USD to certain customers in QuickBooks Online, priyanka.

 

You'll need to create a new dummy bank account for the home currency to facilitate the movement between 2 different foreign currencies.

 

Here's how to create a dummy account:

 

  1. Select the Gear icon, then select Chart of Accounts.
  2. Select New.
  3. Under Account Type column, select Cash and cash equivalent. Under Detail Type column, select Cash on hand. And under Name column, type in Dummy Bank.
  4. Before saving and closing, make sure that it is in the home currency.

Once created, record the INR payment through the Receive Payment option and deposit the payment to the Dummy Bank. After that, you can transfer the payment from the Dummy Bank account to a foreign bank account (USD). This way, you can link the USD payment to the said customers.

 

Here's how:

 

  1. Select + New.
  2. Select Transfer.
  3. Under Transfer Funds From column, select Dummy Bank from the drop-down arrow.
  4. Under Transfer Funds To, select USD Bank from the drop-down arrow.
  5. Under the Currency column, select USD from the drop-down arrow.
  6. Enter the amount.
  7. Hit save and close.

To record payment for a foreign bill with a different foreign currency, the idea above applies. Use the Dummy Bank account to make payment for the foreign bill. Next, transfer money from the foreign bank account to the Dummy Bank account.

 

You might find the following article interesting: Enter home currency adjustments for your foreign balances. This will provide you steps in how to adjust your home currency as well as a link to resolve currency adjustments in QuickBooks Online.

 

If you have any other concerns, please let me know. I'd be more than willing to lend you a hand.