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Level 1

multi-currency payments



Our company's home currency is Nigerian dollars (NGN) we have bank accounts is both NGN and USD. We also have vendors who bill us in GBP, and we would like to pay them from our USD bank account. We have multi currency turned on but when I try to do a bill payment for bills in GBP from our USD account I get an error message saying we can only have one foreign currency at a time. How do I pay bills in a third currency from a secondary currency account? 

5 Comments 5
QuickBooks Team

multi-currency payments

Hello there, @Molafinance.


I'm here to share some information on how does multi-currency works in creating a bill in QuickBooks Online.


With QuickBooks Online Plus, you can assign a specific currency to each vendor you add in the system.. Here's how:

  1. Go to Expenses.
  2. Choose Vendors.
  3. Click New Vendor.
  4. Enter your vendor information.
  5. Make sure to select GBP under I pay this vendor with.
  6. Click Save.  

Once completed, you can now proceed with creating the bill. Just a heads-up though, the amount displayed on the bill will be both under GBP and NGN regardless if you're using your USD bank account. 


You will have to create a clearing account and transfer the funds from QuickBooks register to your USD Bank register.

  • GBP account to Home Currency (Clearing Account)
  • Home Currency (Clearing Account) to USD Bank account

Here's how to add a clearing account:

  1. Click Accounting.
  2. Choose Chart of Accounts.
  3. Select New.
  4. Complete the Account details.
  5. Make sure to choose USD as the account's currency.
  6. Click Save and Close.   

That should do it! You can use this specific account in paying your bill.


Feel free to click the Reply button if you have other questions about using multi-currency in QuickBooks Online. I'm always here to help.

Level 2

multi-currency payments

I followed these steps as I ahve a similiar situation.


I have a ZAR vendor 

My home currency is USD 

we paid the ZAR vendor from our GBP account. 


I only have the exchange rate from GBP to ZAR 

your instructions say we need to transfer from GBP to USD and then from USD to ZAR but I don't have those exchange rates - I  only have the GBP to ZAR exchange rate so are all these all manual calculations we have to do every time we face a situation like this? 


Does QuickBooks foresee upgrading their multi-currency platform because I'm sure there are many businesses who have multi currency accounts who are not necessarily paying vendors from their home currency? 


QuickBooks Team

multi-currency payments

I admire you for going through the steps shared by my colleague above, LMB77. Allow me to join you in this thread and help you pay your vendor using foreign currency.


QuickBooks Online can issue vendor transactions in different currencies. Though, when recording payment, we're only able to use the home currency bank account or the one that matches the expenses or bills. I'd suggest creating a dummy account to facilitate the movement between the different foreign currencies.


Here's how to create a dummy account:


  1. Go to the Accounting menu and then select Chart of Accounts.
  2. Click New.
  3. Fill in the required field, then select Save and Close.


Then, transfer funds from your bank to the dummy account you've created. For the detailed steps, please see this article: Move Money from One Account to Another.


Once done, you can now pay the vendor bill. I'll show you how:


  1. Go to the + New icon and then select Pay bills.
  2. Choose the account under the Payment account section.
  3. Select the vendor currency. If you're done assigning their currency, please skip this process.
  4. Choose the open bill/s, then enter the payment amount.
  5. Click Save and close.


Also, I can see how the functionality to make payments using foreign currencies would be beneficial to your business. With this, I'd recommend sending a feature request directly to our Product Development team. This helps us improve your experience with the program. Here's how:


  1. Go to the Gear menu and then select Feedback.
  2. Type in your feature request in the description box.
  3. Once done, click on Next.


You can track feature requests through the Customer Feedback for QuickBooks Online website.


Additionally, I've included these articles that'll help you manage your transactions with foreign currency. 



I'm only a post away if you need more help in completing your other tasks in QuickBooks, LMB77. It's always my pleasure to help you out again.

Level 2

multi-currency payments

Thank you  for your help _ i appreciate your time but I did create a dummy account to transfer the GBP to ZAR clearing account so I could then pay the vendor in ZAR 

Quickbooks will only allow me to pay in GBP or transfer from GBP to USD but it will not allow you to transfer from GBP to ZAR ( two foreign currencies ) 


so then I had to transfer from GBP to a USD clearing account ( not knowing the exchange rate because I didn't do it that way in real life)  and then from the USD clearing to a ZAR clearing  ( once again not having an exchange rate and having to do calculations to make it work  because I didn't do it that way in real life) and only from the ZAR clearing account would it let me pay the vendor in ZAR 


if you know of a way  to pay from a GBP or foreign bank account to a vendor in another foreign currency or to even transfer to a clearing account in a  foreign currency please let me know. 

QuickBooks Team

multi-currency payments

You appear to have made two posts in the Community with the same concern. We already provided an answer to your first post. You may refer to this link to review the solution to your concern.

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