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dipti
Level 1

How to enter the payment recieved in USD and SGD for a SGD invoice

 
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RCV
QuickBooks Team
QuickBooks Team

How to enter the payment recieved in USD and SGD for a SGD invoice

Let me help you enter the payment received in USD and SGD in QuickBooks Online (QBO), dipti.

 

We can assign the payment to a different currency, by creating a bank deposit. To do this, you'll need to turn on first the Multicurrency feature from Account and Settings. Once you turn multicurrency on, your Home currency is set and cannot be changed. Here's how:

  1. Go to the Gear icon. Then, select Account and Settings.
  2. Choose the Advanced tab.
  3. Select Edit in the Currency section and choose your Home Currency.
  4. Choose the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  5. Hit Save and close.

To learn more about this one, see the Turn on and use a multicurrency article. Once done, set up your customer for multicurrency. Whenever you create invoices, it will automatically detect its currency. Let me show you how: 

  1. Go to the Sales tab at the left panel. Then, select the Customers section.
  2. Click the New customer button.
  3. Fill up the Customer Information window.
  4. Tick the Payment and billing tab.
  5. Tap on the drop-down under This customer pays me with, and select the customer currency.
  6. Hit Save.

 

After that, you can receive and categorise the payments to show the invoice as paid. Then, assign the payment to a different currency. Here's how

  1. Click the Plus icon in the upper left corner. Then, choose Bank deposit.
  2. From the Account field, choose the account assigned to different currencies.
  3. In the Currency drop-down arrow, choose the currency you assigned to the invoice.
  4. Checkmark the box beside the customer's name or to whom the payment came from.
  5. Fill in the other necessary fields.
  6. Press Save and close.

Feel free to visit our Manage Customers and income page for more insights about managing your customer transactions.

 

I'd like to know how you get on after trying the steps, as I want to ensure this is resolved for you. Please reply to this post and I'll get back to you. You have a good one.