Can i know how to match the multicurrency payment received

Hello there, mikee-low-sesame

I'll share some information about matching a multicurrency payment received to an invoice with a different currency issued in QuickBooks Online.

In QuickBooks Online, if your home currency is SGD, directly matching an invoice in USD to a payment in THB isn't possible. However, we have a workaround to ensure your invoice and payment are properly tracked in other currencies.

To do this, we first need to create a new dummy bank account in the home currency to facilitate the movement between two different foreign currencies. Like this:

1. Go to the Gear icon, then Chart of Accounts.
2. Click on New.
3. Under Account Type column, select Cash and cash equivalent. Under Detail Type column, pick 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 (which is SGD in this case).

After that, we'll need to record the payment for the foreign invoice. In the Receive Payment window, change the Deposit To field to Dummy Bank. Before saving the transaction, take note of the home currency (SGD) amount displayed in the bottom right. For instance, I received a 1000 USD payment for the invoice and this gives me SGD 1300.

Once that's done, we'll just have to transfer this SGD 1,300 from Dummy Bank to the THB bank account. If you haven't created an account with the THB currency, you can follow the steps in this link: Add an account to your chart of accounts in QuickBooks Online

To transfer the funds:

1. Click on + New.
2. Select Transfer.
3. Choose the Dummy Bank from the drop-down arrow under Transfer Funds From column.
4. Under Transfer Funds To, pick THB Bank from the drop-down arrow.
5. Under Currency column, select SGD from the drop-down arrow.
6. Under Transfer amount column, type in 1300
7. Under Exchange rate, the exchange rate will automatically appear. You can manually change the rate.

I've added these article if you'd like to learn more about the complete process and how Mutlticurrency works:

• Receiving and making payment for a foreign invoice/ bill with a foreign currency
• Set up and use Multicurrency in QuickBooks Online

Feel free to return to this post and leave your follow-up questions about invoices and payments with multicurrency in the comment section below. I'd be happy to help you. Have a great day!