Question

We are a CAD company that invoices all customers in USD and want all payments made in US$.

Forum|Forum|5 years ago
June 2, 2021
2 replies
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We are a CAD company that invoices all customers in USD and want all payments made in US$. Home currency is set to CAD because bank and cc are Canadian. How can I issue invoices with payment by Credit card to ensure payments are made in US$ and when the payment is received how do I book the exchange amount received as it comes into the CAD bank?

DivinaMercy_N

I'm glad to see you here in the Community, @nden.

QuickBooks Online (QBO) makes it easy to help you process foreign funds. This is more possible if you have the Multicurrency feature enabled in your QBO account.

Then, to guide you with the detailed steps in receiving payment for an invoice with foreign currency, please check out this article: Receiving and making payment for a foreign invoice/ bill with a foreign currency.

Also, QBO uses exchange rates to get the home currency values of your foreign currency transactions. The program downloads and uses exchange rates from IHS Markit. You can also enter and use your rates whenever you need to.

You can learn more about this by visiting this link: About Multicurrency.

Should you need any resources that you can bookmark or save for future use? You can always found it here on our QuickBooks Help articles page . Simply type a keyword or phrase of your concern on the search field or select any of the categories displayed to start browsing.

Please know that I'm always here if you have further concerns about processing foreign funds in QBO. I'd be happy to lend you a hand. More power to your business.