Welcome to the Community, SadiqHalimi.
Allow me to share information about simultaneously calculating invoices and payments in two currencies, as well as the calculation of inventory balance in the balance sheet and profit/loss report in QuickBooks Desktop.
When dealing with transactions in multiple currencies in QuickBooks Desktop, it's important to record all customer or supplier transactions in the currency assigned to them. This also applies to accounts receivable (A/R) or accounts payable (A/P) accounts associated with those transactions.
When dealing with transactions in different currencies, QuickBooks Desktop is unable to calculate multiple currencies within a single transaction. To address this, you can consider using a clearing account to manage transactions involving multiple currencies.
To set up a clearing account
- Go to the Lists menu and select Chart of Accounts.
- Right-click anywhere in the Chart of Accounts, then select New.
- In the Add New Account window, select the Bank radio button.
Note: While you can choose from several types of accounts, the best option is a bank account because of the following reasons:
- You can pay into a bank account via Receive Payments or Make Deposits.
- You can pay out of a bank account via Write Checks or Pay Bills.
- A bank account appears on the balance sheet and on the statement of cash flows to show balances and changes in balances.
- To allocate expenses to overhead or class using a zero check, you must use a bank account as your Clearing account.
4. Choose Continue. In the Account Name field, enter Clearing Account, Barter Account, or Wash Account.
6. Do NOT enter an opening balance. Then Save & Close.
To learn more about how to utilize a clearing account properly, you can check this article: Set up a clearing account.
Moreover, regarding properly recording inventory balance to avoid affecting the calculation of our monthly balance sheet and profit/loss report, I suggest consulting with an accounting professional. Your accountant can review your books and recommend the best way to record the transfer based on your business needs. If you don't have an accountant, you can find one in our Resource Center.
Additionally, I’ve added some resources you can look into to manage your transactions as well as your books:
Let me know if you need further assistance with handling your invoices and processing payments in QuickBooks Desktop. I'm here to help in any way I can. Have a great day!
