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September 7, 2020
Question

How do I enter opening balance for a New Customer in USD (foreign currency). No option given.

  • September 7, 2020
  • 1 reply
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1 reply

Rose-A
September 7, 2020

I can help you enter an opening balance for your new foreign customer in QuickBooks Online, useraccounts2.

 

Entering an opening balance is only an option if you're adding a new customer for a home currency. As a workaround, you can enter a journal entry (JE) transaction to record an opening balance for your foreign customer (USD currency)

 

However, using this method (JE) needs the assistance of an accounting professional for the accounts you need to use.  Also, your accountant can help and guide on which account to debit and credit.

 

Here's to create a JE:

  1. Click + New in the left panel and choose Journal Entry.
  2. Fill out the fields to create your journal entry. Make sure to enter the new customer (USD currency)
  3. Hit Save and close.

I'll be sharing with you the following article: Multi-Currency: Journal Entry Error Message. This will provide you steps on how to manage journal entry errors as well as on what steps are recommended to resolve currency issues in QuickBooks Online.

 

Let me know how the result of this troubleshooting in the comment below. I need to make sure this is resolved and you're back to running your normal business processing. All the best!