cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

I start using QBO for my company; One of my creditors gave me a loan in the past and he recorded each amount in USD with different exchange rates, how to do that in QBO?

 
1 Comment
QuickBooks Team

Re: I start using QBO for my company; One of my creditors gave me a loan in the past and he recor...

Thanks for reaching out to the Community, @zaid.alathwar.

 

To properly track and record the foreign transactions with different exchange rates, you'll need to turn on and use the multicurrency feature in QuickBooks Online (QBO). 

 

Before doing so, please know that once you turn the multicurrency on, you can no longer turn off the feature again. Your home currency is set and cannot be changed. 

 

Here's how to turn on the multicurrency feature:

  1. Select the Gear Icon at the top.
  2. Under Your Company option, go to the Account and Settings.
  3. Choose the Advanced option.
  4. On the Currency section, click the Home Currency pencil edit menu.
  5. Mark the Multicurrency box and confirm that you understand that you can't undo this option.
  6. Click Save.

Next is, follow the steps below on how to add the currencies you'll use: 

  1. Go to the Gear Icon.
  2. Select the Currencies option, then click Add currency.
  3. On the Add currency drop-down icon, choose your new currency.
  4. Then, click the Add button. 

Once done, you can now add different exchange rates when entering transactions. You can check these articles for your reference:

For future reference, you can also visit this article to learn how to  record a loan payable in QBO: Record a loan and its payment

 

This will get you on the right track! I'll be around to help if you have additional questions about entering transactions with different exchange rates. Have a good one!

Need to get in touch?

Contact us