Invoice in home currency, but receive payment in another

Hello there, ChinaUser. 

Let's make sure that we have the Multi-currency feature on. Just a heads up, once turned on we can't already turn it off. 

I'll show you how to turn it on:

1. Go to the Gear icon and click Account and Settings. 
2. From the Advanced menu, click the Currency section. 
3. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
4. Click Save and then Done.

Yes, you're right, we'll need to create an account for each foreign currency we have. I also suggest reaching out to your accountant for advises on how to manage exchange rates. Check out these articles for more information about Multi-currency: 

• Multi-currency FAQ
• Turn on and use multicurrency

I'll be here if you need anything else. Take care!

thanks. We have multi currency turned on and it works.

However, do you have any suggestions on how to solve the problem with customers paying in a different currency than the original invoice is? In international business this is a very common occurrence and I cant believe that QB Online would require people to set up fake bank accounts to pretend the money gets exchanged into the invoice currency to apply it to the invoice and then exchange it back into the currency it really is in.

I dont understand what you mean there needs to be an account for each currency? There are of course different bank accounts for each currency, but this is not the issue here. Could you elaborate?

@ChinaUser 

You have to create a new customer profile with their specific currency. Then you may able to create an estimate/invoice with their currency later. Otherwise, utilize this 3rd party payment service to deal with multi currency transactions. You may release an invoice and get paid in CNY as your home currency, and your customer will pay it in their local currency (e.g US customer pays in USD). 

https://veem.grsm.io/veems  

Thanks - thats rather troubling.

Having two customers and invoices for each customer (one "fake" one real) sounds like an even bigger data management nightmare then creating a fake account where the money gets exchanged into home currency to apply to the invoice and then back into the actual currency it is in. I have to say I am quite amazed that QB online does not provide an option to be paid in another currency than the original currency of the invoice. So if anyone from QB online is reading this, in case you want to get into the international market outside the USA then having that feature is pretty important as that happens all the time.

Thanks for sending the link however somehow it does not open? @Fiat Lux - ASIA 

@ChinaUser 

Try this link

https://veem.grsm.io/veems

Another problem with the QBO multi currency is the fact that there is no way to run reports to show the foreign balances of accounts that have a foreign currency. This issue is posted here: https://quickbooks.intuit.com/learn-support/global/reports/in-qbo-can-i-run-a-balance-sheet-detail-r...and another similar issue here: https://quickbooks.intuit.com/learn-support/global/reports/will-qbo-ever-add-the-ability-to-run-a-re...

Hello there, Drew_E.

Please check your first post about this issue. It has been answered already by my colleague. Here's the link: https://quickbooks.intuit.com/learn-support/global/reports/will-qbo-ever-add-the-ability-to-run-a-re....

I"ll be here if you have other questions. Thank you!

I have the same issue. And I agree that the previous suggestions seem overly complicated and there should be a simpler alternative. Did you ever find a good solution?

Hi brianmge,

I'll help you with this, but the question is where did you deposit the invoice payment? Did you deposit it in your bank account in that currency, or you deposited it to 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.

1. Create a Dummy Bank account in your home currency.
2. Pay the invoice in full and assign the Dummy Bank account in the Deposit to field of the payment transaction.
3. Transfer the funds from the Dummy Bank account to your business in that currency.

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

You can also check this related article for your additional reference: Receiving and making payment for a foreign invoice/ bill with a foreign currency.

Let me know if you have additional questions about receiving payments.

Thank you, that's helpful. I understand the process now :-)

@brianmge 

If you deal with many multi currency transactions, consider opening a virtual business account at TW. You may accept payments for up to7 currencies in your bank account and convert to more than 40 currencies easily. Then utilize it with the bank feeds into your QBO account.

https://transferwise.prf.hn/l/75dqNgB

Hi.  Did u find a solution for this issue ?

Thanks for joining in this conversation. It's my pleasure guiding you today. 

You'll want to follow the suggested steps on this thread. We also want to know how it works for you. 

If the issue persists, I'd recommend contacting our Customer Caret team so we can take a close look at the issue and help you fix it. 

Here's how: 

1. Go to the Help menu on the top right and click Contact Us. 
2. Type your concern in the box, then tap Let's talk. 
3. Click Chat and complete the required information. 

You can check our support hours to make sure we can help you right away.

Additionally, here are related articles for your references: 

• Multi-currency FAQ
• Turn on and use multicurrency
• Receiving and making payment for a foreign invoice/ bill with a foreign currency.

I'd be delighted to assist you more if you have additional concerns. Take care and enjoy your day!

No, there is no real solution for this issue. There are work arounds with fake dummy bank accounts like described above, but Intuit does not seem to be overly concerned with users who use different currencies or do international business. They assume that their customers do everything in just one currency

The "reply" from the "employee" is copy and paste from a bot it seems.

I made a dummy account, but can seem to find a way to transfer the funds from the dummy account to the real account. Any solutions?

Hi there, photoj. 

I'll make sure you'll be able to transfer funds from the dummy account to the real account in QuickBooks Online (QBO). 

If you're referring to a bank/credit card account, we can create a bank transfer to move your funds from the dummy account to the real account. Here's how: 

1. Go to the + New button.
2. Select Transfer.
3. Select the bank account that the money is coming from. From the Transfer Funds To dropdown list, select the bank account that the money is going to.
4. Enter the amount and date.
5. Select Save and close or Save and new to complete the transfer.

For more details on this process, you can check this article: Transfer funds between accounts.

I've also added this awesome resource that you can use as a guide in handling multicurrency transactions in QBO: Receiving and making payment for a foreign invoice/ bill with a foreign currency.

I'm always here if you have other concerns about recording data in QuickBooks. Take care and stay safe always.

Is there any actual solution for the issue by now? Dummy accounts are cumbersome and incorrect work around creating fake transactions - this is something to short term continue to work with QB, however it is not a solution.

For me, the bank account is  in USD funds and the sales receipts are also USD.  I create my invoice from stripe for example and then there is a place to REVALUE and that will convert it to your home currency because I am in Canada, we must convert USD to Canadian sales..etc. etc. wonder if that will help you at all. check out how to revalue.  I also do not do anything else except have a clearing account. None of that other nonsense. 

Thanks. You revalue on Stripe or on QB?

Nothing is in Stripe.  Stripe just receives the USD funds.  I first make a customer in QBO called Stripe USD Customer.  I then go to Recurring Transaction and make a template under Sales Receipt.  I have same customer Stripe USD Customer , oh and when you make the customer, choose USD as the currency.  This is very important. Then get your reports from Stripe and fill out.  Receive the money into a Stripe holding account, clearing account, whatever name you want.  Your sales go to sales, your expenses go to expenses.  Then save your template and use stripe reports monthly to fill out.  On the sales receipt it also shows the exchange rate so you need to convert.  Find any USD to CDN to convert put that in sales receipt.  When you look at PNL it will already show in CDN  which is my home currency.  Just change everything to your own currency.  Now the money coming into the bank is also in USD so when you receive it into your holding account, it will convert to home currency.  Its so easy.  Now to revalue do this end of month, go into currency and just do it...easy