cancel
Showing results for 
Search instead for 
Did you mean: 
oxypam
Level 1

How to receive invoice payment with British Pound Sterling pls?

Invoice Payments from England UK
1 Comment 1
Kevin_C
QuickBooks Team

How to receive invoice payment with British Pound Sterling pls?

Nice to see you here in the Community space, @oxypam. I can share some information about receiving payments from other currencies in QuickBooks Online (QBO).

 

Can you please tell me where you deposited the invoice payment? Did you deposit it in your bank account in that currency, or did you deposit it in your bank account in your home currency?

 

If the invoice payment in another currency was deposited to your business account in that currency, here's what you can do.

 

First, let's create a Dummy Bank account in your home currency. Here's how:

 

  1. Go to the Gear icon, then select Chart of Accounts.
  2. Select New.
  3. Under Account Type column, select the Account Type ▼. 
  4. Under Detail Type column, select the detail type that best fits the transactions you want to track.
  5. Type in Dummy Bank under the Name column.
  6. Before saving and closing, make sure that it's in your home currency.
    Multicurrency 1.PNG

 

Next, we can pay the invoice in full as you normally do in QBO. However, you need to assign the Dummy Bank account in the Deposit to field of the payment transaction.
Multicurrency 2.PNG

 

Lastly, we'll have to transfer the funds from the Dummy Bank account to your business in that currency.

 

  1. Click the + New button, then select Transfer.
    1. Under Transfer Funds From column, select Dummy Bank from the drop-down arrow.
    2. Under Transfer Funds To, select your Bank account from the drop-down arrow.
  2. Fill in the necessary information and ensure to choose the correct currency.
  3. Hit Save and Close.

 

For the detailed steps, you can check out this article: Transfer between accounts.

 

Also, if you received a cash payment in another currency, simply pay the invoice the usual way. Then, enter a memo on the payment transaction about the scenario.

 

Let me share this article for additional information. It explains how to add or delete currencies, enter exchange rates, and add foreign customers or vendors, to name a few things: Learn about Multicurrency in QuickBooks Online.

 

I'll be here if you need anything else about managing your invoice payments in QBO. Please don't hesitate to click the Reply button below. Stay safe, oxypam!

Need to get in touch?

Contact us