in multicurrency : when paying a bill in advance must the exchange rate of the payment and the exchange rate of the BILL be the same?

Yes, @kasaneacc. The currency on payments you send must match the currency on the bill in QuickBooks. I'll provide more details below.

QuickBooks' multicurrency helps you record foreign transactions easily without worrying about exchange rate conversions.

When you turn on multicurrency, you can use exchange rates from IHS Markit or your exchange rates for foreign currency transactions. If you want to use your rates, you can set them up so you can use them for one or more transactions.

Here's how to use your exchange rate for a foreign currency transaction:
 

1. Click the + New button, then select the transaction you want to enter.
2. Select the Customer or Supplier from the dropdown.
3. In the Rate field, enter the exchange rate.
4. Complete the transaction details, then select Save and close.
    

If you want to use your exchange rate for multiple foreign currency transactions, refer to this article for guidance: Enter and use your own exchange rates in QuickBooks Online.

Additionally, you can check out these articles for more details about exchange rates in QuickBooks: Learn about exchange rates in QuickBooks Online.

Furthermore, I've attached this article as a future resource on adding transactions in foreign currencies: Set up and use Multicurrency in QuickBooks Online. It also covers managing employee and customer payments in multiple currencies.

We're all ears for any further assistance you might need with managing bills and other transactions using multicurrency in QuickBooks. Please post your questions in this thread. We'll be ready to assist you.

Thank you for your repsonse, however, I already know that the currency must match. I think a misunderstanding on the question....I want to know if the Rate of Exchange on the Bill and the Rate of Exchange on the Payment must (Match) be the same?

Thank you

Thanks for coming back and providing us with in-depth details of your concern, kasaneacc.

In QuickBooks Online (QBO), the exchange rates for bills and payments don't necessarily have to match. The rate can vary based on the transaction date and the applicable exchange rate on that specific date. When you record a bill in a foreign currency, QBO uses the exchange rate from the bill date to convert the amount to your home currency. Likewise, when you pay that bill, QBO applies the exchange rate from the payment date.

These two rates may differ due to exchange rate fluctuations over time. Therefore, even if you prepay a bill, the exchange rate at the time of payment might not be the same as when the bill was recorded. It's important to understand that any variations in exchange rates will be tracked as gains or losses in your financial records, affecting your financial statements.

When you record a bill in a foreign currency, QBO utilizes the exchange rate from the bill's transaction date to convert the amount to your home currency. When you make a payment for that bill, the program applies the exchange rate from the payment date. This exchange rate might differ from the one on the bill date due to fluctuations over time. You can check out this article for more details about for more information about tracking bills and recording payments: Enter and manage bills and bill payments in QuickBooks Online. This article is from the US however, this is also applicable to other regions. 

Any discrepancies due to different exchange rates will be recorded as an exchange rate gain or loss. This process ensures that your financial records accurately capture the effects of exchange rate variations. For more details about exchange rates, refer to this article: Learn about exchange rates in QuickBooks Online.

Furthermore, I'm sharing this link that can further assist you in using the Multi-currency feature in QBO: Frequently Asked Questions about Home Currency Adjustments.

If there's anything else that we can help you with aside from how exchange rates work or any QuickBooks-related concerns, please let us know in the comments below. We'll be here ready to lend a helping hand, kasaneacc.