How does multi-currency invoicing feature work in QuickBooks Online

QuickBooks Help QuestionsHow does multi-currency invoicing feature work in QuickBooks Online
Ryan N. asked 3 years ago

How does multi-currency invoicing feature work in QuickBooks Online
My home currency is USD and I am invoicing the customer in CDN currency. How it shows on my Balance Sheet and P&L when if the CDN Invoice is still open. What happens to currency difference. I have already enabled the multi-currency function in QuickBooks.

admin Staff replied 3 years ago

1. Once the multi-currency feature is enabled, you will need to set up your new Customer in CAN currency. Create an Invoice (Create “+” sign > Customers > Invoice) in the same CAN currency. It will use default market currency exchange rate. You can use your own rate if needed.

Multicurrency Invoice

2. On the Balance Sheet report, it will show a separate Accounts Receivable (A/R) – CAD account in the home currency.

Balance Sheet

3. To record the payment on the Invoice from the Customer, use Receive Payment form (Create “+” sign > Customers > Receive Payment). When you record the invoice payment, it will post exchange gain or loss on the same transaction journal. By clicking “More” at the bottom on the same Receive Payment screen, you can run “Transaction Journal” report to see exchange gain/loss on the transaction.

Receive Payment

Exchange Gain/Loss

4. To change from Market Rate to Your Rate in QuickBooks:
Gear at the top right > Lists > Currencies > Edit Currency Exchange under Action column



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