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peppermill
January 19, 2022
Question

How do I pay a foreign currency bill (NZD), from a foreign currency account (USD), when neither is my home currency (CAD)?

  • January 19, 2022
  • 1 reply
  • 0 views
Multi Currency is on, and I have NZD and USD set up. When I go to pay the NZD bill, and choose the USD account it was paid from, the exchange rate only allows me to enter a NZD to CAD exchange rate, which is my home currency but I paid it out of a USD bank account. I need to enter a NZD to USD exchange rate. My home currency has nothing to do with this payment.

1 reply

T
Trish_T
January 19, 2022

Hi peppermill,

 

Thanks for reaching out here.  Your banking is a vital part of your books and it's important that your able to complete your transactions with confidence.  QuickBooks Online is a dynamic accounting software that provides the features you need to establish your bookkeeping goals.  I'd be happy to provide the information needed so you're on track with your work.

 

When you set up your company in QuickBooks your home currency will be the default.  This is why you're seeing the exchange rate calculated to Canada.  To ensure the amounts are being recorded accurately for transactions with multi currency, it's best to reach out to your accountant for their expertise and the best course of action.  If you don't have an accountant, we can help you locate a ProAdvisor in your area.

 

If you'd like to see more multi currency options when paying bills or recording payments, you can submit a suggestion to our Development Team.  Recommendations are greatly appreciated for ensuring you have the best customer experience with QuickBooks Online.

 

Please don't hesitate to reach back out with any other questions.  We'd be glad to assist!

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