total amount regarding tax charge

add tax · ‎April 15, 2021

Hello,

Currently, I set up a Free 30-Day Trial account to find out whether QuickBooks is working for our company’s invoicing work.

Our company issues the invoice in two currencies as below screenshot.

1) USD: one currency invoice

2) USD → KRW (South Korean Won): multi currency invoice

I have two questions-

• In order to issue the invoice in the above way I wanted, how should I choose the home and multi currency each?

I chose the South Korean Won as the Home currency and USD as foreign currency, and it seemed the wrong choice.

• When we issue the invoice in Korean won,

1) we need the final invoice amount which is combined one of total KRW (USD amount x fixed rate) and 10% V.A.T to be displayed at the bottom of the invoice.

2) 10% Korean V.A.T must be calculated from the amount in KRW (USD amount x fixed rate), NOT from the USD amount.

Could you please advise me how i should set-up to make it work?

I appreciate your help.

AlcaeusF · ‎April 15, 2021

Hello @add tax,

I appreciate you for providing detailed information here in the Community. I can provide clarification about the currency in QuickBooks Online.

Currently, the system can only handle one currency on an invoice. The option to use multiple currencies in a single transaction is unavailable.

For now, there's no workaround to make it work in QuickBooks. Though, it would be beneficial to have this feature in the product, too.

Our engineers might be working to bring this feature over to this platform in the future. You can check our QuickBooks Blog for product updates.

Please check out the Enter home currency adjustments for your foreign balances article if you need to create home currency adjustments in the future.

Glad to answer any other questions you might have related to creating invoices. Just visit the Community space again and I'll help you out.

View solution in original post

AlcaeusF · ‎April 15, 2021

Hello @add tax,

I appreciate you for providing detailed information here in the Community. I can provide clarification about the currency in QuickBooks Online.

Currently, the system can only handle one currency on an invoice. The option to use multiple currencies in a single transaction is unavailable.

For now, there's no workaround to make it work in QuickBooks. Though, it would be beneficial to have this feature in the product, too.

Our engineers might be working to bring this feature over to this platform in the future. You can check our QuickBooks Blog for product updates.

Please check out the Enter home currency adjustments for your foreign balances article if you need to create home currency adjustments in the future.

Glad to answer any other questions you might have related to creating invoices. Just visit the Community space again and I'll help you out.

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