I appreciate your patience performing the troubleshooting steps mentioned by my colleague above, @Paolo E. I’ll share additional details about recording foreign currency payments in QuickBooks Online.
We’re unable to record payment for a foreign bill with a different foreign currency, that’s why you received an error. Since you’ve enabled the Multicurrency feature, let’s create a new dummy bank account for the home currency HKD. This way, we can facilitate the movement between two different foreign currencies.
Here's how:
- Go to the Gear icon, select Chart of Accounts.
- Select New.
- From the Account Type drop-down, choose Cash and cash equivalent.
- Set Cash on hand from the Detail Type drop-down list.
- Enter Dummy Bank in the Name field and make sure to select the home currency (which is HKD in this case) from the Currency menu.
- Hit Save and Close.
Once done, open the invoice and record the payment. To do so, select the Dummy Bank account from the Deposit To field, in the Receive Payment page. Please take note of the home currency (HKD) amount displayed at the bottom right.
Next, let’s transfer the HKD amount from Dummy Bank to the USD bank account. I’ll show you how:
- Select + New, then Transfer.
- Under Transfer Funds From column, select the Dummy Bank from the drop-down arrow.
- Select USD Bank from the drop-down arrow, under Transfer Funds To.
- Under Currency column, choose HKD from the drop-down arrow.
- Enter the amount you take note under Transfer amount column.
- Under Exchange rate, the exchange rate will automatically appear or you can manually change it.
To transfer the money to BRL bank account, we’ll need to convert the USD amount form HKD. You can read this article for reference: Receiving and making payment for a foreign invoice/ bill with a foreign currency.
The program also uses exchange rates to get the home currency values of your foreign currency transactions. This is based from IHS Markit. See this article to learn more: enter and use your rates.
You’ll want to read about Multicurrency to know its effect on the accounts and balances on your company file.
Please keep in touch by leaving a reply below if you need additional assistance with managing currencies. I’m also here to assist if you have other concerns handling payments in QuickBooks. Keep safe.
