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michelleopm
May 21, 2020
Question

How do i adjust the exchange different between the invoice amount and the amount deducted from bank due to foreign exchange?

  • May 21, 2020
  • 6 replies
  • 0 views
Original commenter did not share additional details

6 replies

AlexV
AlexV
May 21, 2020

Good day, michelleopm.

 

You can manually enter the rate when recording the payment. From the Receive Payment page, there's a field where you can edit it, below the Customer.

 

Then, you can check your Exchange Gain or Loss account to see the gain and loss details. Simply go to the Accounting tab and select Chart of Accounts.

 

I have articles here for more details about multicurrency:

Please post again if you have other concerns. Have a great day!

michelleopmAuthor
May 21, 2020

HI, Thank you for your suggestion, i was referring to supplier payment, not customer's receipt. In Supplier payment, there is no field in the bottom to adjust the difference as exchange. But no worries, i went on to take in a Journal entry, follow by creating a supplier payment, then select supplier and the related entries which sums up to zero, and applied payment, problem solved. I was hoping there is the function whereby i can instantly within the same transaction, enter the exchange different to save another step rather than creating a journal for this. As accounting rules, if it can be done all in the same transaction, there will be lesser tracking required. 

BettyJaneB
BettyJaneB
May 21, 2020

Hello there, @michelleopm.

 

I appreciate you for sharing the steps that you've taken to get this issue sorted out. Allow me to provide additional insights about adjusting amounts for suppliers in QuickBooks Online.

 

At this time, being able to adjust the exchange rate of the suppliers' payment isn't available. The best way to handle the adjustment is to create a journal entry. 

 

Know that our developers are always finding and considering new ways to improve the product. This way, we'll be able to make the product work the way you'r business needs.

 

For now, I encourage you to visit our QuickBooks Online Blog site regularly, to stay in the loop about our recent updates and developments. 

 

You can always scan through these resources attached if you have questions about currency adjustments and managing exchange rates in QBO:

Let me know if you have any other questions, I'll be around to help. Take care!

 

 

 

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