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accounting-rafin
Level 1

I pay vendors in multiple currencies but my home currency is USD. How can I have my P

 
2 Comments 2
Angelyn_T
QuickBooks Team

I pay vendors in multiple currencies but my home currency is USD. How can I have my P

Thank you for adding a post, @accounting-rafin.

 

I can share with you some information about processing multi-currency payments in QuickBooks Online.

 

Once you purchase a product, you need to create a vendor with the desired currency. When recording the payment, you're only able to use the bank account with the currency that matches the bill. For now, you can create a dummy bank account with your vendor's currency and transfer funds from your live account. Then, use the dummy account when recording the payment.

 

To create a dummy account:

 

  1. Select Chart of Accounts from the Gear icon.
  2. Tap New.
  3. Fill in the required field, then select Save and Close.

Then, transfer funds from your account to the dummy account created. Here's the link that gives you the detailed instructions: Transfer funds between accounts.

 

Once completed, you're now ready to pay the vendor bill.

 

  1. Go to the (+) New icon, then select Pay bills.
  2. Choose the account under the Payment account section.
  3. Select the vendor currency.
  4. Choose the open bill/s, then enter the payment amount.
  5. Save the transaction.

For other options, feel free to reach out with your professional accountant. This way, they can give you alternatives and ensure to keep your records accurate.
 

You can also read this SG article for additional resources about receiving and making payment for a foreign invoice/ bill with a foreign currency.

 

Post again if you have any other questions. I'm always here to help. Have a good day!

Fiat Lux - ASIA
Level 15

I pay vendors in multiple currencies but my home currency is USD. How can I have my P

@accounting-rafin 

If you deal with many multi currency transactions, explore these options to get a lower fee and better exchange rate.

https:// veem.grsm.io/veems

https:// prf.hn/l/7gg1NWy

 

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