Multicurrency: Invoice to show both totals as requested by HMRC

Hello and welcome to Community Xavier!

Thank you for your post, I have looked into this query for you with in QuickBooks Online you are only able to see both currencies on the invoice when creating the invoice. When the invoice is sent this will only show in the currency set for this customer if they are not using the home currency.

You can request this through the feedback section in the cog wheel of your account or on this link here, any feedback provided goes through to our product development team where they will assess any suggestions and look at implementing them when improving any features or adding new ones.

HMRC says:

Invoicing in foreign currencies

You can invoice in any currency for the goods and services that you supply. If UK VAT is due on the transaction your invoices must also show the following in sterling:

• the total net value of goods and services at each VAT rate
• the amount of VAT, if any, at each rate

You do not need to show sterling figures for each line on the invoice.

I expect this software to be UK ready. Surely your development team has already done their work. This was a standard feature in QB Pro 2006 (13 years ago)

Now, how can I show totals in both currencies on our invoices?

Hello Xavier,

You will need to first turn on VAT summary on your invoice form style. To do this, you will need to go the cog wheel in the top right hand corner of the screen, select 'Custom form styles' and click on the invoice template you are using. You will then need to go to 'Content' and click on the bottom section of the invoice, then tick VAT summary. Once this is turned on, after applying UK VAT to an invoice, it shows both the net value in and the VAT amount in GBP at the bottom of the invoice - per HMRC's request.

Please let us know if you have any further questions.

Thanks,

Talia

Hello Xavier,

You're welcome! I apologise you were incorrectly advised previously, I will pass this feedback on.

Thank you,

Talia

Hello, is there a way to do this in the desktop version? 

Thank you

Hello Carolyn Barrett, 

Welcome to the Community page, 

Yes, you are able to show this on the desktop as well. 

It should show up when you enter an invoice. when you have filled an invoice out it should show you at the bottom on the preview invoice.

If it is not showing then it is either you haven't turned on multi-currency or you have not set up a foreign currency customer. 

Hello Ashleigh

Thank you, sorry I should have been clear.  I can see the two currencies on my screen, but I am using the Desktop version of Quickbooks and I cant work out how to show both currencies when I print/save to pdf the invoice.  

Thanks

Hello there, Carolyn Barrett,

I can tell why you aren't seeing both currencies when printing the invoice.

QuickBooks Desktop (QBDT) shows both currencies of the balance when creating an invoice. However, you'll only see the home currency when printing the transaction.

Here's a list of things you should consider upon using the multi-currency feature in QBDT:

• You don't assign a currency to sales and purchase transactions because they are assigned the currency of the customer or supplier you entered on the form.
• Exchange rates are part of each transaction and determine the home currency value of the transaction.
• Amounts on sales and purchase transactions are in the customer's or supplier's currency and the home currency equivalent is listed for the transaction total.
• Reports will always reflect the home currency regardless of the currency used in transactions.

For more details, check out the Set up and use Multicurrency page. It will tell you more about the feature.

Stay in touch if whenever you need anything else. I'm always right here to help.

Dear Talia,

I hope it's still possible to get response from this thread. 
My case: I sell on shopify where I charge customers in USD. I have quickbooks online Essential plan, multi-currency enabled, I have a VAT registered UK company. 
My customers pay me in USD, and I want to make an invoice in USD in which VAT requirements ( net amount, VAT amount) is displayed in the VAT summary in GBP. Now, I've done what you've written above, but on the VAT summary, it still uses USD.  I've talked with quickbooks support on 2 occasions, both of them said the on the invoice there can be only 1 currency displayed....
I am wondering now what is the truth and will I even be able to solve this problem.
Can quickbooks handle this? I don't have many experience in accounting software, but I think it should be a basic feature ( a smaller firm's software called freeagent handle's this without any problem).
Thanks in advance

Joe

Hello Magecmed, 

Thanks for commenting on this thread, 

So the VAT Summary amount will show the UK VAT amount. But you will not be able to see the transactions with it being in USD. 

If it is not showing this can you send us some screenshots so we can have a look into this more for you? 

Thanks 

Thanks for the quick reply!

So I can only display VAT in GBP if I record that my customer is paying me in GBP and then figure out how to do  currency exchange in a practical way?

You're exactly right, magecmed.

When you create an invoice, you'll notice that it is in our home currency. The same thing when receiving the payment. QuickBooks Online (QBO) will only allow it in our home currency. 

That's the reason why VAT only displays in GBP currency even if multicurrency is turned on. You'll want to use a third-party application to show VAT on different currencies. You can check out the app reviews and descriptions so you'll be guided in selecting what app to choose.

Another way is to reach out to your accountant for other ways on how you can manage VAT in different currencies. 

For future reference, you can run reports in QuickBooks Online if you want to track transactions in different currencies. Here's an article to guide you: Run Reports In QuickBooks Online.

Feel free to leave a reply on this thread if you have any other concerns. As always, we're always right here to help you anytime.

Hi

It is possible to show a summary amount in a different currency below all totals.

We work in sterling  and euros and UK companies asks us to show a total in sterling when the invoice is in euros. We are also a UK company.

Please see image attached.

Cheers

Xavier

Thanks for the replies!

Maria: I don't know what are you trying to tell. The invoice will be created in the currency in which the customer is set to pay. So when I add the customer and I add USD and his/her payment settings, the invoice will be generated in USD....

Xavier: I see that you started this thread, and I'm glad that the ticking the VAT summary to display is solved your problems. However for me in the VAT summary only USD details appear. I can't see your image -virus scanning in progress.....(what kind of glitch is this?)-. I asked another quickbooks team member and she sent me an invoice where the VAT details appear both in USD and GBP.  ( see picture). I don't know what else should I change in settings in order to display VAT details in the home currency.

Maybe, I should turn on "Making tax Digital"?

Thx in advance.

Hello Magecmed, It may be down to the invoice template you are using. Can we ask you to go to the cog in the top left>custom form styles>change up the format|>select bold>save. Then go back to the print preview on the invoice. Do you then see both the currencies in the summary?

And the WINNER is EMMA :)
Looks like the template I was using for the invoice style: "airy new" doesn't support this feature. When I change it to "bold" or "airy classic" it's working!

Thanks for everybody for the contribution.

So the solution is this: go to cog>select "custom form styles"> click "edit" on the template you want to modify>under "design" tab click on "change up template" > pick any but the "airy new" template.

Glad to yeah your all sorted now Magecmed. 

If you need any further assistance you know where we are. 

Have a good day.  

the way quickbook team as reflect the invoice in usd and GBP. i want it that way.. how to use such template.?

Hey Team,

My home currency is set in USD but since our company in based in singapore, for GST purposes, i need to reflect Invoices in SGD as well. Do we have any feature for that?

I've got you covered, @anjum.

You can use the multicurrency feature in QuickBooks Online (QBO) to reflect the currency to an invoice in SGD. Here's how to set it up:

1. In your QBO account, select the Gear icon and choose Account and Settings.
2. Click the Advanced menu.
3. Choose the Currency section and click your Home Currency.
4. Turn on the Multicurrency checkbox, then confirm.
5. Click Save, then Done.
   
   

Once done, you can now add the currencies you use. Let me walk you through:

1. Choose the Gear icon, then click Currencies.
2. Select Add currency.
3. From the Add Currency drop-down, choose the new currency.
4. Click Add.
   
   

Then, you can already use the currency when creating the invoice in your QuickBooks Online account. 

I'm also attaching this resource for additional information: Turn on and use multicurrency.

Additionally, you may check out these articles to learn more about this feature:

• Multi-currency FAQ.
• Learn about exchange rates in QuickBooks Online.

Feel free to comment below if you have other questions about managing your invoices in QuickBooks. I'll be around to help you. Keep safe!

This is how my home currency(USD) and currency conversion to SGD should reflect on Invoice. Note: Home currency has to stay USD only.

Thank you for following up and for providing a screenshot, anjum.

Let me share some insights about multicurrency in QuickBooks Online.

When creating a customer invoice the currency showing in the Amount column will depend on the currency you've set up for your customer. That said, the total for the home currency will only show in the footer section of the invoice.

Also, I understand how your business can benefit to this kind of feature if you're able to add another amount column when customising your sales forms. I'd suggest sending us feedback or any product suggestions inside QuickBooks.

Like this:

1. Go to the Gear icon at the top.
2. Choose Feedback.
3. Enter your comments or product suggestions.
4. Select Next to submit feedback.

Our product development team will review your request and might include it in the next updates. 

You can also track your request in this link: Customer Feedback for QuickBooks Online.

Please let us know if you still have other concerns about multicurrency and invoices. I'd be glad to help. Have a great day!