Currency Exchange & Money transfer

Hi there, @Mouaz87. 

Thanks for inquiring about the process of currency exchange in QuickBooks Online (QBO). You've come to the right place, and yes, you can use the multicurrency feature in QBO to track foreign transactions. 

First off, we'll have to turn this feature on so you can start using it. Here's how: 

1. Select the Settings menu.
2. Go to Company Settings, select Advanced.
3. Under the Currency section, select Edit (pencil icon) to set your Home currency. Hint: Use the currency of the country your business is physically located.
4. Choose the Multicurrency checkbox to turn it on.
5. Select Save and close.

For more insights about this feature, see this article: About Multicurrency.

For buying and selling, QuickBooks will use the home currency. You'll just need to assign the appropriate one for each customer. This way, the correct amount will show on the transaction. Here's how: 

1. Choose the Sales menu on the left panel to select Customers.
2. Under the Customers tab, click the New customer button in the upper right to open the Customer Information screen.
3. From there, fill in the field boxes.
4. Next, tap the Payment and billing tab to select USD United States Dollar.
5. Once done, hit the Save button.

Read through the overview of this feature on this link: Assign a foreign currency in QBO.

When transferring funds with a different currency, QuickBooks will base the exchange rate on the day the funds transmitted. Follow the step-by-step guide on how to manually enter the exchange rates and revalue them whenever necessary. 

Additionally, QuickBooks allows you to connect a bank with a different currency to post batch transactions. To do this, you'll need to create a foreign currency account first in your Chart of Accounts.

Visit this link for more detailed steps: Add a foreign currency account. It also helps you calculate the correct financial exchange rate for your reporting, and to identify the currency of your transactions.

Let me know if you have additional questions. We're always delighted to help. 

@Mouaz87 

If you are using QB Online and deal with multi currency transactions, you may have other options to lower your fee and get a better rate.

1. Utilize a 3rd party payment service

https:// veem.grsm.io/veems

2. Open a multi currency business account at TW as the virtual bank and utilize the bank feeds.

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

I work with QB Desktop Pro 2018  

And my company work as broker (currency exchange)

how can do sell and buy currency invoice with QB 

please provide me with an example or any video 

Thanks

@katherinejoyceO 

You've come to the right place, Mouaz87. I'd be more than happy to guide you through how to use invoices and process payments.
 

You can create an invoice anytime.
 

Here's how:

1. In your top menu bar, go to Customers, then Create Invoices.
2. Use the Customer: Job drop-down to choose a customer or job.
3. Enter all relevant information in your available fields.
4. Pick the item(s) and/or service(s).
5. Select Save & Close.

As for sending online invoices to your clients, you'll need to apply for a QuickBooks Payments account:

1. Access the Customers menu.
2. Click Add Credit Card Processing.
3. Follow our on-screen steps and fill out your application.

If approved, you can turn on payment options for customers and start sending e-invoices. Payments can also be processed manually without sending an electronic invoice.

I've included a helpful video tutorial that details how to create and email these types of transactions with a merchant account:

Please don't hesitate in reaching out if there's any additional questions. Have a wonderful day!

thank you for response

I am looking at how to great sell and buy currency and relate that for an account, as I said, we are working as a broker 

Hello there, Mouaz87.

The first thing that you need to do is to set up the Currency for your Customer and Vendor.

To set up currency for Customer:

1. Go to the Customers menu, then Customer Centre.
2. Select the New Customer: Job drop-down, then choose New Customer.
3. From there, fill in the field boxes. Assign a Customer Name and Currency.
4. Select OK.

To set up currency for Vendor:

1. Go to the Vendors menu, then Vendor Centre.
2. Select the New Vendor.
3. From there, fill in the field boxes. Assign a Vendor Name and Currency.
4. Select OK.

Read through the overview of this article about setting up Multi-currency in QuickBooks Desktop: Set up and use Multicurrency.

Then, the invoice and bill currency should also be set. This way, the exchange gain, and loss will be realized once you have the sales receipt or invoice.

Know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.​

hello

.if the customer sell from us multi-currency in one invoice and paid in US dollar 

how can process that, same for the vendor when we buy multi-currency in one bill

Thanks

@Charies_M 

I've got you covered, @Mouaz87. I can share some steps to process multi-currency payments in QuickBooks Online (QBO).

In QBO, you can create a bill or invoice in a different currency, but you can only record the payment for these transactions using your home currency bank account. To do so, you'll have to create a dummy bank account with your customer's/vendor's currency and then transfer the funds from your live account. Please refer to the steps below.

Create a dummy account:

1. Go to the Gear icon and select Chart of Accounts.
2. Click New.
3. Choose Bank under the Account type drop-down. Under the Detail Type column, pick Cash on hand. Then name the account Dummy Bank. 
4. Before saving and closing, make sure that it is in the home currency.

Next, is to record the payment of the foreign invoice:

1. Open the Invoice and select Receive payment.
2. Set the Deposit To field to Dummy Bank.
3. Before saving the transaction, take note of the home currency amount displayed at the bottom right.

Once done, transfer the amount from the Dummy Bank to your bank account:

1. Select the + New button.
2. Choose Transfer.
3. Under the Transfer Funds From column, select Dummy Bank from the drop-down arrow.
4. From the Transfer Funds To field, select your bank from the drop-down arrow.
5. In the Currency column, select your home currency.
6. Enter the amount in the Transfer amount.
7. The exchange rate will automatically appear. You can also manually change the rate.

The process above is also applied when recording bill payments with a different foreign currency.

You can also, refer to this SG article for additional reference.

Also, I've added this helpful article that will guide you to accomplish different multi-currency tasks in QuickBooks Online: About Multicurrency. 

Don't hesitate to post again if you have any other questions about recording transactions with a different currency. I'm always here to help. Have a good one.

Hallo,

When am transferring funds from my USD account to my local currency account, how do I post that transaction on QuickBooks online.

Welcome to the Community, @Auma20. I'd be happy to help you with the money movement from your US account to a foreign in QuickBooks Online. 

Since transferring funds directly from foreign accounts isn't possible, you'll need to create a clearing account for your transfers. No worries, I'm here to guide you every step of the way.

Let's begin with creating the US account:

1. Go to Accounting on the left-hand menu, then Chart of Accounts.
2. Press on the New button at the top-right of the page.
3. Fill out the necessary information:

• • Account Type: Bank
  • Detail Type: Select the best fit
  • Name: Clearing Account
  • Currency: Home Currency

1. Hit Save and close.

Once finished, you'll need to transfer funds from the US account to the other account (foreign). The amounts should match to get the exact value of funds. Here's how to create a bank transfer:

1. Go to the +New button and select Transfer.
2. In the Transfer Funds From, enter the EUR account.
3. For Transfer Funds To, choose the Clearing account.
4. Hit Save and close.
5. Create a new Transfer (repeat step one).
6. In the Transfer Funds From, enter the Clearing account.
7. For the Transfer Funds To, choose the GBP account.
8. Hit Save and close.

Here is an article you can check to learn more about Multi-currency: Learn about multi-currency in QuickBooks Online.

Let me know if you have any other questions about transferring funds. I'm here to help.