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michelleopm
Level 2

How do i adjust the exchange different between the invoice amount and the amount deducted from bank due to foreign exchange?

 
6 Comments
AlexV
QuickBooks Team

How do i adjust the exchange different between the invoice amount and the amount deducted from bank due to foreign exchange?

Good day, michelleopm.

 

You can manually enter the rate when recording the payment. From the Receive Payment page, there's a field where you can edit it, below the Customer.

 

Then, you can check your Exchange Gain or Loss account to see the gain and loss details. Simply go to the Accounting tab and select Chart of Accounts.

 

I have articles here for more details about multicurrency:

Please post again if you have other concerns. Have a great day!

michelleopm
Level 2

How do i adjust the exchange different between the invoice amount and the amount deducted from bank due to foreign exchange?

HI, Thank you for your suggestion, i was referring to supplier payment, not customer's receipt. In Supplier payment, there is no field in the bottom to adjust the difference as exchange. But no worries, i went on to take in a Journal entry, follow by creating a supplier payment, then select supplier and the related entries which sums up to zero, and applied payment, problem solved. I was hoping there is the function whereby i can instantly within the same transaction, enter the exchange different to save another step rather than creating a journal for this. As accounting rules, if it can be done all in the same transaction, there will be lesser tracking required. 

BettyJaneB
QuickBooks Team

How do i adjust the exchange different between the invoice amount and the amount deducted from bank due to foreign exchange?

Hello there, @michelleopm.

 

I appreciate you for sharing the steps that you've taken to get this issue sorted out. Allow me to provide additional insights about adjusting amounts for suppliers in QuickBooks Online.

 

At this time, being able to adjust the exchange rate of the suppliers' payment isn't available. The best way to handle the adjustment is to create a journal entry. 

 

Know that our developers are always finding and considering new ways to improve the product. This way, we'll be able to make the product work the way you'r business needs.

 

For now, I encourage you to visit our QuickBooks Online Blog site regularly, to stay in the loop about our recent updates and developments. 

 

You can always scan through these resources attached if you have questions about currency adjustments and managing exchange rates in QBO:

Let me know if you have any other questions, I'll be around to help. Take care!

 

 

 

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**Mark the post that answers your question by clicking on "Accept as solution"

EdF1
Level 1

How do i adjust the exchange different between the invoice amount and the amount deducted from bank due to foreign exchange?

a related question: I use classes and the FX gain/loss is automatically created so and has no class attached -> how can I change that so it DOES attach a class? 

 

tx


@BettyJaneB wrote:

Hello there, @michelleopm.

 

I appreciate you for sharing the steps that you've taken to get this issue sorted out. Allow me to provide additional insights about adjusting amounts for suppliers in QuickBooks Online.

 

At this time, being able to adjust the exchange rate of the suppliers' payment isn't available. The best way to handle the adjustment is to create a journal entry. 

 

Know that our developers are always finding and considering new ways to improve the product. This way, we'll be able to make the product work the way you'r business needs.

 

For now, I encourage you to visit our QuickBooks Online Blog site regularly, to stay in the loop about our recent updates and developments. 

 

You can always scan through these resources attached if you have questions about currency adjustments and managing exchange rates in QBO:

Let me know if you have any other questions, I'll be around to help. Take care!

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"


 

GlinetteC
Moderator

How do i adjust the exchange different between the invoice amount and the amount deducted from bank due to foreign exchange?

Let me provide additional information about attaching a class to the Exchange Gain or LossEdF1.

 

The option to add a class to the Exchange Gain Or Loss account is currently unavailable in QuickBooks Online. It is calculated once the payment is applied. That means you can only assign a class in the invoice and not at the time of payment.

 

In the meantime, you can check these articles for additional reference:

 

Please let me know if you have any other further questions on this. I'll be here to help.

EdF1
Level 1

How do i adjust the exchange different between the invoice amount and the amount deducted from bank due to foreign exchange?

tx, that said, the invoice DID have a class, just the automatically created FX gain/loss didn't.

 

What I did is to create a journal entry to reclass it to the line I wanted it. Extra steps, unfortunately. I hope QB will add this option:)