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Cuixe
October 15, 2024
Question

Setting Expenses Account in Foreign Currency

  • October 15, 2024
  • 1 reply
  • 0 views

Hi, I have an account with a functional currency in SGD. I have a loan with interest expenses denominated in USD. I have transferred the loan to a subsidiary, which will repay the interest in USD to me. I will then repay the loan holder in USD.

 

I am able to issue a debit note in USD but not on the P&L. The "Interest Income" account I received from the subsidiary is in SGD and I can't seem to convert it to USD.


Could someone please advise on the best approach for handling this situation? Thank you.

1 reply

T
Trish_T
October 15, 2024

Hi Cuixe,

 

Thanks for reaching out to Community!  It's essential that you're able to record your transactions effortlessly in QuickBooks Desktop.  I would be glad to help!

 

Using Multicurrency, let's you track sales and purchases in the associated currency.  Currencies can be assigned to the following account types: Bank, Credit Card, Accounts Receivable (A/R), and Accounts Payable (A/P). QuickBooks will create other account types (income, expense, liability, and cost of goods sold) for each currency as you create transactions.  Each account can only have one currency and this cannot be changed.  With that being said, you'll need to create a new "Interest Income" account, with the currency set as USD.

 

Should you require additional assistance, I recommend contacting our QuickBooks Desktop specialists here.

 

Feel free to reach out again, with other questions,  We would be happy to assist!

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