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hmeskell
Level 1

Why is my aging report wrong for foreign AP accounts?

I use an import from a 3rd party vendor (bill.com) and the invoices hit my GL AP account in EUR and payments hit the same account in USD. Nothing matches and I have a credit balance in my Euros AP account.
5 Comments
DebSheenD
QuickBooks Team

Why is my aging report wrong for foreign AP accounts?

Hello, hmeskell!



Thank you for reaching out to us! I'll make sure you can view your aging report for foreign AP accounts.
Here’s how:

     1. Go to the Reports menu and type Transaction List by Customer on the search field. You can also find this under Sales and customers.

    2. From there, click the Customize button.

    3. Tap the blue Change columns link to expand the options.

    4. Update the Report period.

    5. Mark the boxes for Foreign AmountForeign Net AmountCurrencyExchange RateDue Date and A/P Paid.
    6. Press Run report when you're done.

https://lithium-response-prod.s3.us-west-2.amazonaws.com/intuit.response.lithium.com/RESPONSEIMAGE/e076a9e3-c26c-4650-86cb-ec611c606cf3.default.PNG



I've also added this article that'll help you customize reports and basic info in Quickbooks Online.

Please do get back on this thread if you need further assistance in customizing reports. I'm always here to help you.

 

hmeskell
Level 1

Why is my aging report wrong for foreign AP accounts?

Hello:

 

Thank you but this is not what I am looking for.  My Aging report does not tie to the the General Ledger Account for Accounts Payable.  My issues is with Vendors and not Customers.  In my General Ledger Account, Bills are shown in the euros amount.  Payments are shown in USD amount.  For example, I owe a vendor/bill EUR 1,500 (translated approx to $1,705)... I pay them $1,700.  My AP account shows that I was billed $1,500 and paid $1,700...so it says that I overpaid them by $200.  The $5.00 f(x) is correctly hitting foreign exchange.  My GL account has a credit of $(200.00) ...my aging report = zero.  Why?  What are we doing wrong that no other company has this issue?  This is an automatic import from a third party system.   I make several overseas payment.  Manually changing it every time cannot be the solution.  Hopefully this clarifies my issue.  Any help is appreciated.  I was on the phone with support for 4 hours already today.

DivinaMercy_N
QuickBooks Team

Why is my aging report wrong for foreign AP accounts?

Thank you for providing additional info on your concern, @hmeskell.

 

In QuickBooks, to receive and make payment with a foreign bill, you can use a Dummy Bank account. Then, transfer the money from a foreign bank account to the dummy bank. To do so, you'll need to ensure that the Multicurrency feature is enabled. To start, create a new dummy bank account in the home currency to facilitate the movement between 2 different foreign currencies:

  1. Go to the Gear icon, then click Chart of Accounts
  2. Tick New
  3. From the Account Type column, select Cash and cash equivalent. Under the Detail Type column, pick Cash on hand. Name the bank account Dummy Bank.
  4. Make sure it's in the home currency and then Save and close

 

Once done, go to the +New and then, Receive Payment. Set the Deposit To field to Dummy Bank. Before saving ensure that the home currency amount is shown at the bottom right.

 

Then, refer to this article to transfer the amount from the dummy bank to the foreign bank: Receiving and making payment for a foreign invoice/ bill with a foreign currency.

 

You might also want to visit our help page to browse articles that can guide you with your QBO tasks. To get started head to our QBO help articles at this link.

 

If you need further assistance about this, feel free to post a reply below. I'm always here to help. Have a good one. 

hmeskell
Level 1

Why is my aging report wrong for foreign AP accounts?

Sorry but this does not answer my question.  I was on hold for 4 hours on Monday to resolve this.  Someone was to call me back..but no one did.  Can someone please call me because no one is answering my question on this thread.

AlexV
QuickBooks Team

Why is my aging report wrong for foreign AP accounts?

Hi hmeskell!

 

Allow me to join this thread and share some details about your foreign AP account.

 

Once you enabled the Multicurrency feature, QuickBooks Online creates a separate AP account for every currency you used. This way, all your transactions will be segregated based on the currency so that your data is accurate.

 

Additionally, upon checking, there's an investigation where some Bill.com foreign transactions were recorded in US currency. I understand that you need this to be resolved. As much as I want to call you and fix this, we only have limited tools. It's best to reach out to our Support Team again for further assistance.

  1. Click the (?) Help icon and enter Talk to a human (then type it again when prompted).
  2. When asked by the bot, enter "INV-55837".
  3. Select I still need a human, then proceed with Contact us or Get help from a human.
  4. Choose either Chat or Callback.

For your reference, here's how to receive and make payment for a foreign invoice/ bill with a foreign currency.

 

Need more help? Keep your posts coming and we'll respond as soon as we can.

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