QBO multicurrency - adjust USD amount for bill payment

Just to clarify one thing prior to response your queries. Are you from GNI?

No, I'm not. (I don't know what GNI is, at any rate, so I don't think so!)

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@budgie315 wrote:

1. If I pay a foreign bill using an FX company, how do I match the USD amount to what we actually paid?

If you are using QB Desktop in the US, you may utilize these paid apps to send international payments (e.g UGX). You don't have to manually calculate and post your exchange rate in QB.

https://billcom.grsm.io/qbd

https://plooto.grsm.io/quickbooks

But if you are using QB Online, utilize these apps to deal with multi currency transactions with a better rate and a lower fee (e.g UGX).

https://veem.grsm.io/veems

https://wise.prf.hn/l/64dl92k

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@budgie315 wrote:

2. If our foreign affiliate sets up an international QBO account, will I have any problems logging into that from the U.S?  I understand that I can't set up an international QBO account from the U.S. - just want to be sure that logging in from the U.S. won't be an issue.

You can open your international QBO account from US as long as you put the local info correctly. e.g QBO Global version for Uganda

https://quickbooks.grsm.io/Africa

Hello Fiat Lux - ASIA, thanks for responding.

#1 - I don't want to establish a new FX company or app as I am happy with the arrangement I have. I simply want to know how to adjust the USD paid amount to match my actual when it is slightly off.

#2 - Great information. I had understood that I would be blocked from setting up an international QBO account from the U.S. I will experiment with this.

Hello there, @budgie315.

There are options that you can take to adjust the USD amount for bill payment in QuickBooks Online.

If you're referring to the Banking page, you can enter an adjustment by utilizing the Resolve difference option. Here's how:

1. On the Banking page, find an item with an amount that doesn’t match the transaction you entered for it.
2. Select the transaction, and once the row expands, click Find Match.
3. On the MatchTtransactions page, select the transaction to match. If you don’t see it, enter the search criteria above the table to find it.
4. Once you select the transaction, scroll to the bottom of the table and click Resolve difference on the right.
5. Click Add new transaction. Then, complete the fields in the table to add the adjustment.
6. Hit Save.

QuickBooks matches the transaction, bank item, and adjustment and moves it to the In QuickBooks tab on the Banking page.

On the other hand, if you're referring to the Bill page, you can update the exchange rate. Then, make sure it is matched to the amount received. Here's how:

1. Go to the +New button.
2. Change the exchange rate. You can select Use for this transaction only.
3. Then, OK.
   

For other options, I'd recommend reaching out to your accountant. They'll share with you the best or accurate way when adjusting the USD amount for bill payment.

You can check these resources for more details about multicurrency:

• About Multicurrency.
• Turn on and use multicurrency.

If you have other concerns about multicurrency, please post them. I'll be around to continue to assist you. Other product experts might also connect to answer questions and share their best practices. Take care always.

Thank you, SarahannC.

I am in fact referring to the bill payment page. It sounds like I will need to make an adjusting entry to reconcile the QBO calculated USD amount to the actual USD amount. I have already adjusted the exchange rate to match my actual exchange rate as closely as possible, but the USD amount is still off slightly, so I will just plan to do a journal entry to adjust for the difference.

Thanks.