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StRenzie
Level 1

Multi-currency setup: we want to invoice in USD, our bank account is in HKD, we report taxes in MOP. How do I need to setup the customers/invoices/etc?

 
4 Comments 4
SarahannC
Moderator

Multi-currency setup: we want to invoice in USD, our bank account is in HKD, we report taxes in MOP. How do I need to setup the customers/invoices/etc?

Hello there, userstefan-renziehau.

 

Let me help you in setting up a multi-currency to your customer and other sales transactions in QuickBooks Online.

 

Once you enable the multi-currency feature, we'll have to create a customer profile and assign it to USD before creating an invoice or any other sales transactions. To guide you further, please follow these steps. Here's how:

 

  1. Go to Sales on the left panel.
  2. Within the Customers tab, click the New customer at the upper-right corner.
  3. Record all your customer's information by adding them in the fields. 
  4. In the Payment and billing section, click the This customer pays me with drop-down arrow.
  5. Select USD United States Dollar.
  6. Then, hit the Save button.

 

Afterward, create an invoice or any other sales transactions. Here's how:

 

  1. Go to the +New button.
  2. Select Invoice under Customer.
  3. Click the Customer drop-down arrow. Then, select the name of the customer whom you've assigned to USD.

As we can see, the invoice will automatically generate the currency you've set up for this customer. That's how it works. I'm sure you'll be needing these handy articles soon to learn more about the multi-currency feature in QBO:

 

 

If you have follow-up questions about QuickBooks, please don't hesitate to let me know by commenting below. Take care and have a nice day!

StRenzie
Level 1

Multi-currency setup: we want to invoice in USD, our bank account is in HKD, we report taxes in MOP. How do I need to setup the customers/invoices/etc?

Thanks Sarah,

 

I understand these steps and have setup our customers in this way. When i then record a payment for the invoice in USD, I get this error message: "Please enter the exchange rate or the original foreign currency amount". Our bank accounts are in HKD and we report tax in MOP. Is there one too many currency calculations for the system to handle? It wont work for us then...

Jen_D
Moderator

Multi-currency setup: we want to invoice in USD, our bank account is in HKD, we report taxes in MOP. How do I need to setup the customers/invoices/etc?

Welcome back to our forum, @userstefan-renziehau,

 

I want to make sure this resolved for you. May I know what is the Home currency set up for your account? I need his information to give you the right information you needed.

 

In the meantime, receiving payment to and HKD bank should not give you any error messages. All you need to do is setup a USD customer like what SarahannC instructed you, and an HKD Bank. The example I have below is from an account with HKD set up as the Home currency:

 

I'll be waiting for your response on this, I want to make sure this is resolved and I'll be right here to help you further.

StRenzie
Level 1

Multi-currency setup: we want to invoice in USD, our bank account is in HKD, we report taxes in MOP. How do I need to setup the customers/invoices/etc?

Thanks Jen, I appreciate the help. The home currency is MOP.