Welcome to Community, mary154.
Allow me to provide some clarification about using multi-currency in QuickBooks Online.
When creating an invoice, you'll see two amounts: one in your home currency and one in the foreign currency. I've got a screenshot as your reference.
Also, when making payment via credit card, the amount will the same as on the invoice, both in foreign currency and in US dollars.
To give you more insights with multi-currency in QuickBooks, please refer to these links:
You always get back to me if you have any other multi-currency concerns. or have follow-up questions about QuickBooks. I'd be more than willing to lend you a hand.
The invoicing with 2 currencies is correct. It is incorrect when going to add payment with credit card. Notice on these 2 screen shots what QuickBooks did. It took the GBP amount and made is the USD currency amount to charge.
No the credit card amount is not the same as the invoice. That is what I am trying to tell you. It is the incorrect amount. It assigned USD to the GBP amount. Below is a charge card amount for GBP but QuickBooks assigned the USD sign and did not charge the correct GBP amount. Don’t mind charging USD , but it has to match the invoice
Did you see my 2 screen shots? Understand the problem?
Normally, the system will use the current rate on the day those invoices are created, which is why rates may fluctuate.
If you want to use today's rate or update all the invoices with the rate you want, you'll need to do it manually. Open one GBP transaction then input the conversion rate.
Please note that once you turn on the multicurrency, you can't undo. Also, you're unable to change the currency for an existing customer. You'll need to create a new one with a different profile and be sure to select the foreign currency during creation.
Let me guide you how:
To learn more about Multicurrency reports and basic tasks in QuickBooks Online, check out the following links:
For other questions about Multicurrency on invoices or other topics concerning our program, feel free to mention me anytime. I'll be right here to help. Have a wonderful day!
You are not understanding the problem in quickbooks. I have already turned on multi currency. When showing the 2 currencies on the invoice, correctly, the card reader will replace the foreign currency amound with a dollar sign. So, £33 is $40. When charging a credit card, the program replaces the £ with the $ sign and tries to charge in this example $33 instead of £33. Does theproblem seem to be clear now? I am having to put all invlices in USD in the UK because of this. Clients want to see how many sterling they are getting charged not USD, but we can't use the multi currency or we are going to go bankrupt if we try to show them £ amounts, because credit card reader wont charge the correct amount.
Community only lets me post one photo at a time. Here is the charge card screen showing it reversed the currency signs.
Thanks for following up, mary154.
Since non of the steps above did the trick, I recommend reaching out to a member of the QuickBooks Online Support Team. Agents have the necessary tools, such as the ability to share screens, to take a more in depth look into the issue with the currency signs being reversed. An agent will also be able to escalate this matter further for you if necessary. Here's how to get in touch with the team:
1. Click the Help button in the top right corner.
2. Select Contact Us.
3. Enter Support in the field and choose Let's talk.
4. From here you can select to receive a callback at a time that's convenient for you, or begin a live chat session with an agent.
The following link provides these steps if you ever need them again in the future: QuickBooks Online Support
Please feel free to reach back out if you have any other questions or concerns.
I'm having the exact same issue. Did you happen to figure out a way to resolve this?
I hear you, @MenzoBooks.
I want to ensure this matter is addressed timely so you can pay the correct amount of invoices for your multicurrency customers in QuickBooks Online.
Since the issue persists after following the suggestion discussed in this thread, I recommend contacting our Customer Care Support. You can work with one of our online specialists in letting our engineering team investigate why the system seems to not let you use the correct amount of exchange rate when paying multicurrency invoices.
You can do so by following the steps below:
I want to include that reaching out to our Customer Care Support is best during business hours from 6 AM-6 PM PT Monday-Friday. Use this article to learn more: QuickBooks Online Support.
For now, I've also included this reference helpful with the steps needed to identify how stable is your business's financial status: Create and Manage Reports in QuickBooks Online.
You can always leave a comment below if you have follow-up questions with this or start a new thread if you have questions other than working with your sales transaction in QuickBooks. Don't forget to give me a tag, @JonpriL, so that I'll be here to lend a hand. Stay safe!
Hey @MenzoBooks @mary154 were either of you able to find a solution? It seems like a such a basic process that shouldn't have this kind of error but I can't figure out how to fix it! Haven't tried customer service yet but figured I'd see if either of you were able to figure out a fix? Thanks!
Allow me to join you on this thread to guide how this feature works, JaySLC.
As @TirzahC mentioned, the system uses the current rate when invoices are created. That's the reason why rates may differ or sometimes fluctuate. However, since non of the steps above works, I suggest reaching out to our support team so they can check why is this happening. They also have the tools to pull up your account in a secure environment which we're unable to do it here in the Community. To reach out to them, I've outlined the steps below:
Additionally, QuickBooks offers different kinds of reports that cater to your business needs. You'll only have to filter them to show some specific data. I've got this article for more details: Customize Reports In QuickBooks Online.
Please get back to us if you have any questions about multicurrency. We're here to cover your needs. Have a nice day!
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