I have two bank accounts GBP and USD. GBP is my home currency and USD is my foreign currency, I raise invoice in USD for some of my customers who are outside UK and EU. The invoice payments were received in USD account. Can you please explain how do I match my USD invoice with USD payment received?
I appreciate you for sharing the details with me, @skonduru.
I'm more than happy to guide you on how to match USD invoice with USD payment.
Since the payment made for the USD invoice is USD account, you can receive the payment as you normally do in QuickBooks Online (QBO). Let me show you how.
You can also check this article for more details: Record invoice payments in QuickBooks Online.
Also, to learn more about multicurrency in your QBO account, check out article for reference: Turn on and use multicurrency.
You can always leave a reply below if you have other follow-up questions about multicurrency in QBO. I’ll be around to assist you. Take care!
Even though I do receive payment, I see that my invoice and deposit in the USD account and it is doubling up total sales.
Like my GBP account why I am not able to see the MATCH on imported USD transactions to match with USD Invoice. Please suggest
Hello there, Suresh.
Let me share additional details about recording foreign currency payments in QuickBooks Online.
We can match the imported USD transactions to offset the open invoice we've created for the customer. We'll have to select the Foreign currency radio button to generate the foreign currency payment against the invoice you've raised.
Let me walk you through to accomplish this task. Here's how:
Here are the sample screenshots for additional reference:
Also, you may want to explore this article: Categorise and match online bank transactions. It provides additional details on how to manage the downloaded transactions in QBO.
If there’s anything else I can help you with, please don't hesitate to let me know by commenting below. I’m always here to assist you further. Take care and stay safe always!
When categorising your banking transactions, the Find Match or Find Records function will appear and you're able to click it once QuickBooks recognise any existing transactions. Since it did not show up on your end, will have to make sure that the amounts and dates of your existing payments matches with the transactions you have imported.
Lastly, here's an article you can read to learn more about how you can review a transaction in your bank account register: Find, review, and edit transactions in account registers.
Keep me updated in the comments if you have any other questions. I'll be here to lend a hand.
I am in the similar istuation like skonduru. We have a client who raise invoices in euro and received payments in euro as well. I rasied the invoices on the QBO in euro and also converted them in the GBP which is automatically done by the Quickbook to bring the invoices in home currency format.. I then converted the bank in GBP and uploaded the transactions but I can not match the invoices as when I click on match invoices no invoice will show up. I made an other attempt by uploading thebank in the Euro but again no invoice will show up to match the invoices. It is really a pain as the sofwtare is not really helpfull. My client sometime recieve part payment for the invoies now and part later and we should have the option to allocate the payment by ourselves and if there is any small difference we should be allocate that difference to currency gain and losses. Find a mtach feature should appear in all situation much like clearbooks does. It has been a nightmare to get the bookkeeping done on the QBO for company dealing in foreign currency as you can not match the bill or invoices with the bank feeds being uploaded. It is a pitty that nothing as been done about this.
Thanks for posting here, @Usman01,
At the moment, you can only link transactions with the same currency in QuickBooks Online. We're unable to match a GBP payment towards a EUR invoice.
Your case is a special situation and so it needs a few steps to do. First, we’ll first have to create a new dummy bank account in the home currency to facilitate the movement between 2 different foreign currencies.
We’ll first have to record payment of the foreign invoice. In the Receive Payment module, set the Deposit To field to Dummy Bank. Before saving the transaction, take note of the home currency (GBP) amount displayed at the bottom right.
Next, we’ll have to transfer this GBP amount from Dummy Bank to the EUR bank account.
If you have any questions, let me know in the comment. I'll be right here to help you with the customer payments. Have a good one!