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KFrogglez
Level 1

multi currency

We are a US based company expanding into Australia. We want to send payable invoices in AUD and allow customers to pay in AUD. I understand the basics of using Multi-currency to allow the customer to pay in their preferred currency, I just don't understand how the payments are processed and then deposited into our US account?

7 Comments
Mark_R
QuickBooks Team

multi currency

Allow me to provide some insights about paying invoices using a foreign bank account, @KFrogglez.

 

The multicurrency feature in QuickBooks is for recording purposes only. This will only allow you to record transactions with different currencies. 

 

However, depositing the payment into your US bank account using a foreign currency is currently unavailable. Thus, Merchant Services only accept payments from US banks.

 

As a workaround, you can record the invoice with AUD currency and received the payment. This is for recording purposes only. And coordinate with your customer so they can transfer the amount of the payment into your US bank account.

 

I'm adding this article for more details: Accept Non-US credit card from customers using QuickBooks Merchant Services.

 

Fill me in if you have additional questions about this. I'll be around to provide further assistance. Have a good one.

Fiat Lux - ASIA
Level 15

multi currency

@KFrogglez 

You may have other options to deal with multi currency transactions

https:// veem.grsm.io/veems

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

 

KFrogglez
Level 1

multi currency

Thanks. We downloaded TransferWise and created an account with bank details for AU. We connected the account to our QuickBooks, but how do I send a payable invoice?

 

LieraMarie_A
QuickBooks Team

multi currency

I've got your back, @KFrogglez

 

It would be my pleasure to help you get that invoice sent right away. Follow the steps below:

 

  1. From QuickBooks Online, navigate to the Sales menu and select the Invoices tab.
  2. Find the invoice in the list of transactions.
  3. Select the drop-down ▼ under the Actions column, then choose Send.
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  4. Fill in the necessary details.
  5. Click Send.

 

These instructions are also available from our guide on sending your invoices for your convenience.

 

You can also make recurring templates to automatically create invoices, sales receipts, expenses, and other tasks you do regularly. This way, you'll save more time because you won't be entering all those transactions by hand. You can read through our guide on creating recurring transactions for more information. It also has additional resources that I'm sure you'll find helpful with regards to editing your templates.

 

Should you need a hand customizing and sending your sales forms, please know I'm always available here to help. Have a good one!

KFrogglez
Level 1

multi currency

Thank you Lisa, but it appears that you missed the first part of the thread. I know how to send invoices, my question is can I send a payable invoice in a different currency than my home currency using TransferWise integration. 

KFrogglez
Level 1

multi currency

Thank you, but it appears that you missed the first part of this thread. I know how to send a invoice, what I need to know is how to send a payable invoice in a different currency than my home currency using the TransferWise integration. 

Angelyn_T
QuickBooks Team

multi currency

Thank you for getting back, @KFrogglez.

 

In QuickBooks Online, you need to set up a vendor's profile with the desired currency to enter a bill in a different currency. I'm here to guide you on how.

 

  1. Go to the Expenses tab at the left pane, then select Vendors.
  2. Tap on the New vendor tab, then fill out the necessary details.
  3. Choose the currency under the I pay this vendor with section.
  4. Hit Save.

When recording a bill, the transaction follows the currency selected.

 

To learn more about adding a vendor with a foreign currency in QuickBooks Online, you can open this article.

 

Also, you can check out these links to learn more about multicurrency:

If you have any other QuickBooks questions, please feel free to add a comment below. I'm more than happy to help. Thanks for coming, wishing you and your business all the best.

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