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magecmed
Level 2

Multi currency on invoices? VAT summary in GBP as HMRC's requirement?

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.  HMRC require to display VAT and the net amount in GBP if the invoices is in a differenct currency.


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

Solved
Best answer September 18, 2020

Accepted Solutions
magecmed
Level 2

Multi currency on invoices? VAT summary in GBP as HMRC's requirement?

Thanks for the reply!

Yeah I've set up the tax information at the beginning. Luckily, another quickbooks team member found the solution:
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.

It looks like "airy new" template doesn't support this feature.

Thanks again.

View solution in original post

5 REPLIES 5
Rasa-LilaM
QuickBooks Team

Multi currency on invoices? VAT summary in GBP as HMRC's requirement?

Thanks for reaching out to the Community, magecmed.

 

The USD and GBP amounts will show on the Invoice page since multi-currency is already activated. In the VAT Summary section, you’ll also see the following information: USD VAT, GBP VAT, GBP NET.invoice uk.png


We’ll have to check the cause why the columns in the VAT Summary still use the USD. To do that, I have to access your account and review the transactions. In a public platform like the Community, I’m unable to gather personal data for security reasons. Our QBO Care Team can open your company in a secure space, so I suggest contacting them. They have tools to help perform in-depth troubleshooting and guide you on how to resolve the issue.


To reach them:

 

  1. Go to the Help icon at the top to select the Contact Us link.
  2. This will open another window where you can enter the issue/topic.
  3. Once done, click on the Let’s talk button to view the support information.
  4. Choose how you want to contact our QBO Care Team: Start a chat or Call us.

I'm adding links that cover detailed information on how to use the Multicurreny feature and reports to track all transactions with VAT.

 

Reach out to me if you have any other concerns or questions. I’ll be right here to answer them for you. Have a good one.

magecmed
Level 2

Multi currency on invoices? VAT summary in GBP as HMRC's requirement?

Thx for trying to help me Rasa.

I've contaced the quickbooks support team in chat. She yet to give me a reply or a solution. Maybe you have better understanding about the program functions in this regard so I'll ask you too.

I have multi currency turned on, home currency is GBP, customer currency is set to USD, and on the invoice settings I turned on show VAT summary. Should I do anything else in order to have the program display VAT in the required way? 

quickbooks-support-invoice.jpg

 

Maybe I have to turn on MTD ( making tax digital) in order to work?

Thanks in advance.

GeorgiaC
QuickBooks Team

Multi currency on invoices? VAT summary in GBP as HMRC's requirement?

Hi magecmed, 

 

Thanks for getting back to us with those screenshots.

 

You won't need to have MTD enabled on the account but you will need to have turned on tax by going to the 'Taxes' tab on the left-menu and entering your tax information (if you select 'Taxes' and can see your open return, you've already set this up). 

 

The USD and GBP VAT breakdown should show by default when using any of the default templates with the tax summary enabled. Can I check which specific template you're applying or wether this is a custom invoice template that you have imported? 

 

For troubleshooting, please also try loading this in a different browser, e.g. Google Chrome or FireFox, to check there's not a cache problem which is causing a display issue. 

 

Thanks 🙂

magecmed
Level 2

Multi currency on invoices? VAT summary in GBP as HMRC's requirement?

Thanks for the reply!

Yeah I've set up the tax information at the beginning. Luckily, another quickbooks team member found the solution:
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.

It looks like "airy new" template doesn't support this feature.

Thanks again.

View solution in original post

GeorgiaC
QuickBooks Team

Multi currency on invoices? VAT summary in GBP as HMRC's requirement?

Ah, strange one! We'll feed this back to our development team, thanks for coming back to confirm the solution, I'm pleased that's working for you now. 🤗