Hi Mike 10.
You have me to help you record a payment from a differne tcurrency.
First, we'll have to create a dummy account in the home currency top track the movement between your home currency and the other foreign one.
Afterwards, record the payment of the foreign invoice.
Then, we'll have to transfer the amount from the dummy bank account to the foreign account.
I've also added this reference when you're ready to categorise the transactions: Categorise and match online bank transactions.
Keep me posted whenever you need help. I'll be around to help you out. Keep safe!
HI Adrian A,
Thanks for your reply...
I am clear to open dummy bank account in home currency. Why do we transfer the fund from Dummy bank account to foreign currency account, as supplier bill is home currency? We can only make the payment to supplier in home currency bank account.
Joining the thread to offer help, @Mike 10.
Creating a transfer from one bank to the other moves your funds into the other account. This normally happens if your recording transactions that are affecting the home and foreign currency accounts.
Saying the payment you need to record is a foreign currency was the reason why my colleague included it in the steps. I'm adding this article to learn more about recording a fund transfer: Transfer Funds Between Accounts.
I'm adding this reference that'll help you understand your account and its transaction history which breaks down how much money you have or owe: The Chart of Accounts in QuickBooks.
Let me know in the comments below using the Reply button if you've got questions other than creating a fund transfer. I'll be here ready to lend a helping hand. Take care and stay safe!
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