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dsimanton
August 14, 2020
Question

Is it possible to have payments from a foreign currency account be applied to a home currency customer account and show up on the customer statement correctly?

  • August 14, 2020
  • 1 reply
  • 0 views
We have customers with running account balances who can request a cash advance. The customers is setup in the home currency. However, they may request a cash advance in a foreign currency. When the statement is previewed the amount due has ignored the foreign exchange and does not agree to the aged AR summary list. Am I trying to make QBO do something it was not designed to do or is the statement not calculating correctly?

1 reply

LeithG
LeithG
August 14, 2020

Hi dsimanton:

 

When posting against an account, the posting is always made in that account's currency; so if you have a customer setup as CDN all entries will be in CDN.  There are two ways around this:

1. Have both a CDN and USD (or other currency) customer account, posting the value against the appropriate account; or

2. Convert any foreign currencies to a local value based on the rate of that particular day.  You can either use the rate supplied by QBO, or if you have another source you prefer to use, use that.

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