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azizultex
Level 1

Receiving payment in other currency rather home currency

Hello, 

I've multi-currency enabled. I create an invoice for my client in AUD and I receive it to my Payoneer account in USD. Then I transfer the USD to my local bank account in BDT. 

 

The problem is whenever I'm receiving payment, the invoice shows a conversion rate between AUD and BDT ( home currency ) but I actually received the payment in USD that's not yet in my local bank. 

 

How do I get rid off this issue? I created an account for Payoneer account in USD but it seems I can't select the receiving currency USD as the home currency BDT is automatically selected while invoicing. 

 

Thank you.

3 Comments 3
Joesem M
Moderator

Receiving payment in other currency rather home currency

Hi there, @azizultex.

 

I'm here to share information about receiving payment in other currencies in QuickBooks Online.

 

We can only save one home and one foreign currency each transaction.  We’ll first have to create a new dummy bank account in the home currency to facilitate the movement between 2 different foreign currencies.

 

Here's how:

 

  1. Go to the Gear icon, then select Chart of Accounts.
  2. Select New.
  3. Under Account Type column, select Bank
  4. Under Detail Type column, select Cash on hand.
  5. Type in Dummy Bank under the Name column.
  6. Before saving and closing, make sure that it's in the home currency.

 

Second, record the payment of the foreign invoice, set the Deposit To field to Dummy Bank before saving the transaction in the Receive Payment tab.

 

Lastly, we'll have to transfer the home currency from the  Dummy Bank account. Here's how:

 

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

 

I've also got these helpful articles for future reference:

 

 

Let me know if you need further help. I'll be glad to assist. Take care.

Fiat Lux - ASIA
Level 15

Receiving payment in other currency rather home currency

@azizultex 

Another option, consider using this payment service to accept your payment in BDT and let your customer pays in AUD. You don't need any USD account in between and it supports QBO.

https://veem.grsm.io/veems

 

Just my 2 cents.

Talon9
Level 1

Receiving payment in other currency rather home currency

I have a similar issue, where I am physically transferring money between accounts, maybe the same day but sometimes not. My home currency is CAN, and the two accounts are in USA. QBO wants to convert the Transfer out into Canadian, and the Transfer in later from Canadian, which leaves me with a loss or gain which does not really exist.

 

Should I create a Bank account in USA funds, USA Cash on Hand, transfer the money in one day, and out the day I deposit it in the other account? I tried this, but it still wants to exchange funds going from USA to USA accounts.