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QuickBooks Team

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Hello there, @ukt.

 

Let's first make sure to add the foreign currency in QuickBooks. Once completed, you can create a clearing account where you can deposit the invoice payments. Then, you'd have to transfer the funds to your foreign currency account.

 

Here's how:

  1. Go to the Accounting menu.
  2. Choose the Chart of Accounts tab.
  3. Enter the account details.
  4. From the Currency drop-down, select the currency for the clearing account.
  5. Click Save and Close.

Once completed, let's record the payment of the foreign invoice, set the Deposit To field to the clearing bank account before saving the transaction in the Receive Payment tab.

 
Now, we can transfer the funds from the home currency to the clearing account. Here's how:
 

  1. Go to the + New button.
  2. Select Transfer.
  3. Fill in the necessary information.
  4. Make sure to choose the correct currency.
  5. Hit Save and Close.

Get back to us here if you have other questions about using the multicurrency feature in QuickBooks. I'm always here to help.