
Record payments for foreign invoices or bills in different currencies in QuickBooks
by Intuit•3• Updated 1 week ago
QuickBooks Online lets you create invoices and bills in foreign currencies. However, when recording payments, you can only use:
- Your home currency bank account, or
- A bank account with the same currency as the invoice or bill.
To work around situations where a customer or supplier pays you in a different foreign currency, you’ll need to use a temporary (dummy) bank account.
Before you begin
- Make sure the Multicurrency feature is turned on in QuickBooks Online.
- Know your home currency.
Example
Your home currency is SGD.
- You issue an invoice in USD for 1,000.
- The customer pays you in EUR instead of USD.
Here’s how to record this in QuickBooks.
Step 1: Set up a dummy bank account
- Follow this link to complete the steps in product
- Select New account.
- For Account type, select Cash at bank in hand.
- For Detail type, select Cash on hand.
- Name it Dummy Bank.
- Make sure the currency is set to your home currency (SGD in this example).
- Save.
Step 2: Record the payment
- Select + New or + Create, and select Receive payment.
- In the Deposit to field, select Dummy Bank.
- Save the transaction.
- Note the home currency amount shown.
- Example: USD 1,000 converts to SGD 1,300.
Step 3: Transfer the money
- Select + New or + Create, then Transfer.
- In Transfer funds from, select Dummy Bank.
- In Transfer funds to, select your EUR bank account.
- Set the Currency to SGD.
- Enter the transfer amount (SGD 1,300).
- Review or update the exchange rate.
- Example: To match EUR 800 received, the exchange rate is 1.625 (1,300 ÷ 800).
Sign in now for personalized help
See articles customized for your product and join our large community of QuickBooks users.
More like this
- Set up and use Multicurrency in QuickBooks Onlineby QuickBooks
- Multi-currency from Xero to QuickBooks Online using Dataswitcherby QuickBooks
- Assign a foreign currency to a customerby QuickBooks
- Add a supplier with a foreign currencyby QuickBooks