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Level 1

My company account is in USD Some bank accounts are in euros. What can I do to recognize transactions in euros that were made in accordance with expenses invoices in USD?

I uploaded bill in USD currency, and when I want to make a match of bank transactions, I am shown only those bills that were added in euros.
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RCV
QuickBooks Team
QuickBooks Team

My company account is in USD Some bank accounts are in euros. What can I do to recognize transactions in euros that were made in accordance with expenses invoices in USD?

Let me help you match your invoice/bill from a different currency.

 

QuickBooks Online (QBO) can use Invoice/Bill in a variety of foreign currencies. However, we can only use the home currency bank account or the bank account with the currency that matches the Invoice/Bill when recording payments received/made. To receive and make payments in a foreign currency, you must enable your Multicurrency feature.

 

First, we'll have to create a new dummy bank account in the home currency to facilitate the movement between 2 different currencies.

 

  1. Go to the Gear icon, then select Chart of Accounts
  2. Tap New
  3. Under the Account Type column, choose Cash and cash equivalent. Under the Detail Type column, select Cash on hand. And under the Name column, type in Dummy Bank
  4. Before saving and closing, make sure that it is in the home currency.

 

We must record the payment of the foreign invoice. In the Receive payments section, choose the Deposit To field to dummy Bank. Let's make sure to take note of the home currency amount displayed at the bottom right before saving the transaction. Next, we'll have to transfer this USD from the dummy bank to the Euro bank account. Here's how: 

 

  1. Click the + New Plus icon. 
  2. Select Transfer.
  3. Under the Transfer Funds From column, choose Dummy Bank from the drop-down arrow.
  4. Under Transfer Funds To, select Euro Bank from the drop-down arrow.
  5. Under the Currency column, choose USD from the drop-down arrow.
  6. Under the Transfer amount column, type in the amount.
  7. Under the Exchange rate, the exchange rate will automatically appear. You can manually change the rate.

 

Note: This article receiving and making payment for a foreign invoice/ bill in a foreign currency from Singapore. However, can be applied to all regions. After performing the steps above, you can refer to this article to categorize and match online bank transactions in QuickBooks Online.

 

Feel free to read these articles for more information about multiple currencies. 

 

 

Feel free to reply to this post if you have further questions about matching transactions with different currencies. I'll be happy to lend a hand. Take care always.