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Hi There,
90% of the Company transactions are in USD. Thus, our financial statements functional and presentation currency is USD.
Recently, our company is GST registered with IRAS. There are 2 requirements that QBO is not able to fulfill, or i have yet to find a solution. Anybody can help me on following 2 matters:
1. Sales Invoices are in USD, but IRAS requires exchange rate and SGD amount to be shown on the Tax Invoice itself. How do i do it on QBO?
2. GST Reports generated in QBO are all in USD. How do I generate the report in SGD to we can check, reconcile and report the GST figures in SGD to IRAS?
Please help~
I can help you with your Home Currency and how it works in your taxes and reporting in QuickBooks Online, Carlson4. Let's work together to ensure everything is clear and manageable.
With QuickBooks Online, you can make and receive payments in foreign currencies from customers, suppliers, or bank accounts that don't use your home currency. However, once you have turned on the Multicurrency feature, you can no longer change your home currency to prevent messing up the account.
When you set up your Home Currency in QuickBooks Online, you'll need to select your company's location or region for tax and reporting purposes. The reports and sales invoices tax will always show the currency value in your home currency.
As a workaround, you can look for third-party applications to help convert home currency.
I'm also adding these resources for additional information: Enter home currency adjustments for your foreign balances.
Drop by here if you have other questions about running reports, invoices, or managing your currencies in QuickBooks Online. It's always my pleasure to assist you. Have a nice day.
Consider to open a new QBO account and purchase a 3rd party service to convert your data from the old QBO account to the new one with SGD as the home currency.
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