Can't Make a Foreign Currency Accounts Receivable A/R

ellochewy · ‎January 07, 2022

Hello,

My home currency is USD and I recently linked my account to a UK checking account to my account. I received an A/R payment in GBP that I'd like to categorize under Accounts Receivable. However, when I try to do this, I'm getting the following error:
"You can only use home currency balance sheet accounts with home currency A/R and A/P accounts."

I'm trying to create an A/R in GBP but I don't see the option to change currency in a dropdown menu.

Can anyone point me in the right direction here please? Screenshots for both are found below.

Thank you!

Mark_R · ‎January 07, 2022

Your confusion ends here, @ellochewy.

Allow me to fill you in on everything you need to know about creating an Accounts Receivable (A/R) account with a different currency.

QuickBooks only allows you to associate different currencies when creating the Other Current Assets, Bank, Fixed Assets, Other Assets, Credit Card, Other Current Liabilities, and Long-Term Liabilities accounts.

However, QuickBooks will automatically create an A/R account depending on the currency associated with your customer. For example, when you create an invoice for a customer with GBP currency, an A/R account will show on your Chart of Accounts with GBP currency.

You might want to group your Accounts Receivable account types. This article will guide you through the steps: How to group Accounts Receivable or Accounts Payable account types.

It’s nice to work with you, @ellochewy. Don't hesitate to click the Reply button below if you need further assistance creating accounts in the chart of accounts.

View solution in original post

Mark_R · ‎January 07, 2022

Your confusion ends here, @ellochewy.

Allow me to fill you in on everything you need to know about creating an Accounts Receivable (A/R) account with a different currency.

QuickBooks only allows you to associate different currencies when creating the Other Current Assets, Bank, Fixed Assets, Other Assets, Credit Card, Other Current Liabilities, and Long-Term Liabilities accounts.

However, QuickBooks will automatically create an A/R account depending on the currency associated with your customer. For example, when you create an invoice for a customer with GBP currency, an A/R account will show on your Chart of Accounts with GBP currency.

You might want to group your Accounts Receivable account types. This article will guide you through the steps: How to group Accounts Receivable or Accounts Payable account types.

It’s nice to work with you, @ellochewy. Don't hesitate to click the Reply button below if you need further assistance creating accounts in the chart of accounts.

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