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userlilu
Level 1

The default national currency of the account is New Taiwan Dollar, and the U.S. dollar also has been added, but when inputting, cannot be designated as U.S. dollars.

 
2 Comments 2
Rea_M
Moderator

The default national currency of the account is New Taiwan Dollar, and the U.S. dollar also has been added, but when inputting, cannot be designated as U.S. dollars.

You'll have to first assign the US dollar currency to your customers or suppliers to designate it when creating transactions, @userlilu. Let me share further details about this.

 

When you activate the multicurrency feature in QuickBooks Online (QBO), the default value for all customers, suppliers, and accounts is your company's home currency (New Taiwan Dollar). With this, you need to add another customer or supplier profile to assign the US dollar currency into your transactions. Just make sure to use a different name or add another character in their profile in case the customer or supplier uses both currencies. This is because the system won't allow you to use the same profile name.

 

Once ready, here's how:

  1. Go to the Sales menu.
  2. Select Customers.
  3. Click the New customer button.
  4. Enter all the necessary details.
  5. Go to the Payment and billing tab.
  6. In the This customer pays me with section, choose USD United States Dollar.
  7. Click Save.

 

I've attached a screenshot below that shows the last four steps.

 

Once done, you can receive payments in the customer's currency. Just select the new customer profile when creating your sales transactions. Please see the screenshot below.

 

Additionally, your reports will convert all your foreign to home currency amounts. This will also automatically reflect the exchange rate changes. To learn more about this, kindly check out this article: How Multicurrency works. This includes details about the before and after circumstances when you turn on the feature.

 

You can always select the Reply button below if you have other multicurrency concerns in QBO. I'll be glad to help. Take care always.

Fiat Lux - ASIA
Level 15

The default national currency of the account is New Taiwan Dollar, and the U.S. dollar also has been added, but when inputting, cannot be designated as U.S. dollars.

@userlilu 

As additional option, you may open a virtual multi currency bank account at TW and utilize the bank feeds. You can send an invoice in NTD and your customer will pay it in USD.

https://prf.hn/l/7gg1NWy