Hello there, @CorinneMcKay.
I've come with a solution that can help you manage invoice payments with a different currency.
When recording payments received, QuickBooks is only able to use the home currency bank account or the bank account with the currency that matches the invoice. To handle this scenario, you'll want to create a new dummy bank account in the home currency to facilitate the movement between 2 different foreign currencies. Here's how:
- Sign in to your QuickBooks Online (QBO) account.
- Click the Gear icon, then select Chart of Accounts.
- Select New.
- In the Account Type drop-down, select Cash and cash equivalent. Then choose Cash on hand under Detail Type.
- Enter Dummy Bank from the Name field.
- Make sure it is in the home currency, then click Save.
Once done, record the payment of the foreign invoice. To do so, you can go to the Receive Payment page and select the Dummy Bank from the Deposit To field. Also, make sure to take note of the home currency (USD) amount displayed at the bottom right.
After receiving the payment, you'll have to transfer the amount from Dummy Bank to the CAD bank account.
I'm adding this article for more guidance: Receiving and making payment for a foreign invoice/ bill with a foreign currency. This article is for the Singapore region but it also applies to the other region.
You may want to learn more about multicurrency. This article will give you further information: About Multicurrency.
Please let me know how things go, @CorinneMcKay. I'll be around to provide further assistance.
