Matching bank transaction to a Foreign bill currency

A pleasant day to you, @Jen151. We're glad to interact with you today. It's our great honor to help you match your bank transaction to your foreign bill currency. 

Before anything else, let me share some insights. QuickBooks Online is able to use Invoice/Bill in different foreign currencies. However, when recording payments received/made, we are only able to use the home currency bank account or the bank account with the currency that matches the Invoice/Bill.

We'll need to turn on your multicurrency feature in order to receive and make payments in a foreign currency.

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

1. Select the Gear icon, then select Chart of Accounts
2. Select New
3. Under the Account Type column, select 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 module, set the Deposit To field to dummy Bank. Ensure to take note of the home currency amount displayed at the bottom right before saving the transaction.

Next, we'll have to transfer the foreign currency from the dummy bank to the USD bank account:

1. Select + New.
2. Select Transfer.
3. Under the Transfer Funds From column, select Dummy Bank from the drop-down arrow.
4. Under Transfer Funds To, select the USD Bank from the drop-down arrow.
5. Under the Currency column, select the foreign currency 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.

Keep in mind that 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 this article for more information about multiple currencies. 

• Enter and use your exchange rates.

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. Have a good one!