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UserChina
Level 2

Foreign Currency Invoices from Salesforce to QBO

We have invoices in Salesforce issues in foreign currencies and want to transfer them to Multiple Currency QBO via Zapier.

The problem is that when they arrive in QBO, the currency is changed to our default currency and the exchange rate used is always 1:1 so a 1000 Yen invoice is suddenly a 1000USD invoice.

Any suggestions how to keep a 1000 Yen invoice to stay a 1000 Yen invoice, or if it has to be exchanged into the default currency, it at least is done at the correct rate, not 1 to 1?

9 Comments
MaryLurleenM
Moderator

Foreign Currency Invoices from Salesforce to QBO

You'll want to turn on multicurrency, UserChina.

 

This feature allows you to record transactions in foreign currencies. For example, the invoice in yen, you can turn on the multicurrency feature to properly track these transactions, as well as exchange rate gains and losses.

  1. Click Settings.
  2. Select Account and Settings.
  3. Click Advanced.
  4. Select Edit in the Currency section and choose your Home Currency.
  5. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  6. Select Save and close.

The Manage Currencies link that appears takes you to the Currencies page, where you can manage the currencies you use.

 

To learn more about how this feature works, here's an article: How Multicurrency works.

 

Stay in touch with me if you have other questions.

UserChina
Level 2

Foreign Currency Invoices from Salesforce to QBO

Thanks a lot for the reply. As mentioned in the original article though, we are using Multiple Currency QBO. The problem is importing invoices with a currency other than the default currency into Multiple Currency QBO (in our case via Zapier, though other softwares probably face the same problem).

UserChina
Level 2

Foreign Currency Invoices from Salesforce to QBO

Thanks a lot for the reply. As mentioned in the original article though, we are using Multiple Currency QBO. The problem is importing invoices with a currency other than the default currency into Multiple Currency QBO (in our case via Zapier, though other softwares probably face the same problem).

 


@MaryLurleenM wrote:

You'll want to turn on multicurrency, UserChina.

 

IamjuViel
QuickBooks Team

Foreign Currency Invoices from Salesforce to QBO

Let me share additional information, @UserChina.

 

When importing invoices, it's posted using the home currency of your QuickBooks account by default. However, the good thing here is that the system automatically detects and assigns a foreign currency to your imported invoices. You just need to make sure to set up your customer and assigned a foreign currency to them. You can follow the steps to enable multi-currency in your account shared by my colleague, @MaryLurleenM.

 

Once completed, let's now add your customer and assigned a foreign currency. Here's how:

  1. Go to the Sales menu.
  2. Choose the Customers tab.
  3. Click the New Customer button.
  4. Enter the customer's detail.
  5. From the Payment and Billing tab, click the This customer pays me with drop-down.
  6. Select the foreign currency the customer is using in paying you.
  7. Click the Save button.

Just a heads-up, existing customers are automatically assigned to the home currency of your account. Now, you can start importing your invoices.

 

I'm adding these articles to help you maximize the multi-currency feature in QuickBooks:

Always feel free to leave a post below if you have other questions about syncing your sales transactions to QuickBooks. I'm always here to lend a hand.

 

UserChina
Level 2

Foreign Currency Invoices from Salesforce to QBO


@IamjuViel wrote:

Let me share additional information, @UserChina.

 

When importing invoices, it's posted using the home currency of your QuickBooks account by default. However, the good thing here is that the system automatically detects and assigns a foreign currency to your imported invoices. You just need to make sure to set up your customer and assigned a foreign currency to them. You can follow the steps to enable multi-currency in your account shared by my colleague, @MaryLurleenM.

 

Once completed, let's now add your customer and assigned a foreign currency. Here's how:

  1. Go to the Sales menu.
  2. Choose the Customers tab.
  3. Click the New Customer button.
  4. Enter the customer's detail.
  5. From the Payment and Billing tab, click the This customer pays me with drop-down.
  6. Select the foreign currency the customer is using in paying you.
  7. Click the Save button.

Just a heads-up, existing customers are automatically assigned to the home currency of your account. Now, you can start importing your invoices.

 

I'm adding these articles to help you maximize the multi-currency feature in QuickBooks:

Always feel free to leave a post below if you have other questions about syncing your sales transactions to QuickBooks. I'm always here to lend a hand.

 


Thanks for the information.

The problem we are having is that the customer is also being imported (created) with the invoice together (from Salesforce via Zapier). So I assume what happens is that the newly imported customer gets the home currency automatically assigned and then the foreign currency invoice that comes with it is incorrectly recorded as the home currency instead of the foreign currency, so the whole process doesnt work.

Any ideas how to solve this problem, to have the newly imported (created) customer have the foreign currency also assigned to them automatically so that the invoice automatically detects the foreign currency?

 

RenjolynC
QuickBooks Team

Foreign Currency Invoices from Salesforce to QBO

I'll share a solution that you can try, UserChina.

 

When you import customers with no currency specified, QuickBooks assumes the customer's home currency is your home currency.

 

You'll want to reach out to Salesforce on adding the new customer's currency. This way, our system will automatically recognize the transactions with the correct information.

 

Otherwise, follow the steps provided by my colleague IamjuViel in adding the customer with their specific currency. Then, download a sample CSV file to import the invoices.

 

Here are the steps:

 

  1. Go to the Gear > Import data
  2. Select the Invoice tile.
  3. In the Import invoices window, click the Download an example link under Upload your CSV file. This will open a sample Excel file that you can modify.  
  4. Open the downloaded file and edit the information. Make sure to change the currency. 
  5. Once done, save the file where you can easily find it.
  6. Go back to the Gear > Import data page and click the Browse button to select the file.
  7. Follow the on-screen instructions to map the columns. 

I've got this article that you can use as a guide: Import multiple invoices at once.


Once you've successfully imported the transactions, you can run the sales reports. Here's article for more information: Run reports in QuickBooks Online.

 

Please feel free to get back to me if there's anything else you need. I'm always here to help. 

UserChina
Level 2

Foreign Currency Invoices from Salesforce to QBO

Thanks for the reply and idea. However, we need an automated import process via the QBO API that connects to the software that connects it to Salesforce (for us Zappier) though.

Manually bulk importing invoices or manually creating customers, changing their currencies etc. would be an enormous amount of extra work that we need to avoid.

It works well at the moment, just not when the invoice is not in the home currency.

 

PS: All the customers have their currencies attached in Salesforce, so this works well in Salesforce, just QBO struggles to receive that information. We also have multiple currency set up in our QBO and are using it successfully.

 

JessT
QuickBooks Team

Foreign Currency Invoices from Salesforce to QBO

Hi UserChina,

 

I truly appreciate your effort in trying to find an answer about the exchange rate. However, please know that we have limited information about settings for integration because settings are mostly on the app's side. And since this integration is made possible through Zapier, I would recommend contacting their support to check if you need something like a number and currency formatting tool. That way, QuickBooks can get the right exchange rate for your transactions.

 

If you still have other questions about this matter, please feel free to comment below.

caroline-armstro
Level 1

Foreign Currency Invoices from Salesforce to QBO

Just for the record, I have exactly the same problem - we have multicurrency set and receive payments in USD and EUR. I contacted zapier for a solution, but they don't have one. They put it on their list of enhancements to make, but ddin't get the impression that they gave it any urgency. So I have to daily go through the laborious process of changing the date on each new foreign sales receipt in QB, and changing it back again - that way the exchange rate for the day is picked up. I imagine there are other compan ies who have the same issue.