I've found many answers online but none is a solution to what we need or it states it is impossible. Considering the market size of QB, I am very doubtful that I am the only one requiring this.
I need to customize the Invoice to adopt a custom-calculated field. UAE has started with VAT few years back and it is demanding that a VAT amount is clearly displayed in AED in each invoice (along with VAT as per line item but this is already solved by Intuit). My Home currency is USD as all my contracts are in USD (even for UAE companies) and I am paid in USD 99% of the time. We require to issue an invoice in USD (or other currencies) but at the bottom of the invoice to have converted total and total VAT in AED currency.
Did anyone sorted this out? Any ideas? I have already reviewed different plugins found on internet and have managed to customize via DOCX file to display the VAT at the bottom of the page but NONE is converting the monetary values and plugins I'd like to avoid, if possible.
As an IT person I find it difficult to accept that I cannot customize the filed and insert function to calculate it when I have all parameters required (Price in Home Currency, Total, Currency rates, etc.).
Also option to set Home Currency in AED and use it to display VAT won't work as then I have different problem with Product pricing (not round numbers when conversion is applied from USD), previous audited financials all in USD, etc.
Let me add some insights and information, @Veselin.
Currently, we're unable to customize the invoice to adopt a custom-calculated field, and setting a Home Currency in AED is unavailable right now.
It could be beneficial if we're able to customize the invoice to adopt with the AED tax and set the company to a foreign currency. Please know that our Development Team is looking for innovative features like what you've shared now.
I'd also suggest visiting our developer's Community site to share your insights about this functionality. Then, click the QuickBooks Online tile and the Ask a question button.
In the meantime, you'll want to create a new company set for AED home currency. You can check this link for more details: QuickBooks Online UAE. Having this account will help calculate the VAT that you can assign to products/services.
For additional info about how multicurrency works and about exchange rates, you can reference this article: About Multicurrency.
I'm always a post away if you have other concerns with QuickBooks. I'll keep my notifications. Stay safe and have a good one!
I am testing in parallel AED and USD as Home (base) currency. I have found the way to have UAE as location with USD and UAE with AED.
If I use AED, I can have the VAT in AED (some problems so far with displaying all info within the template but working on it to fix those), even if invoice is in USD but losing many other things which may prove more important, such as that all my products and pricing are in USD. I have to be careful if any currency rate changes in the future, as well as, I have to report continuously currency loss/gain as VAT Currency Rate (mandatory by UAE Central Bank) doesn't match to actual currency rate 99% of the time.
If I use USD, I do not have above problem, just I have to print out invoices outside of QB which is then a double work.
I will check your suggestion for developers community page, but experience is unfortunatelly that QB won't do much on this or at least not in near future.