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A
A2023
June 29, 2023
Question

Payment of Foreign Bills

  • June 29, 2023
  • 1 reply
  • 0 views

Hi, I have a bank payment from our home currency for the amount of $9,376.37 USD.  This is to pay bills in 3 different currencies, the total bill amount being $9,376.37. When I pay the bills using a dummy USD account (as these can't be matched from the bank feed) QuickBooks adjusts the amount for exchange differences so the total amount paid is $9,453.61, exchange difference of $77.24.  So now I have a bank figure of $9,376.37 from the bank feed & a balance of $9,453.61 to clear from the dummy account but the exchange differences are already recorded.

Could you please let me know the best way to deal with these.

Many thanks

1 reply

M
MirriamM
June 29, 2023

Hello there, @A2023. Welcome to the thread.

 

The exchange rates that QuickBooks Online (QBO) uses are from IHS Markit. And the rate showing in your QBO account changes day by day depending on the new rate. That said, when toggling the dates, the exchange rate differs. If you prefer to use your exchange rates, you can do so by following these steps:

 

  1. In the left menu, click the + New button.
  2. Choose the transaction you want to enter.
  3. From the ▼ dropdown, select the customer or supplier.
  4. In the Rate field, enter the exchange rate.
  5. Enter the necessary transaction details.
  6. Select Save and close.

 

For more details, see this reference for a guide in manually editing the rate: Enter and use your own exchange rates. 

 

In addition, for more insights about how exchange rates work in QBO, take a look at this article: Learn about exchange rates in QuickBooks Online.

 

Keep in touch here in the thread if you need more assistance with exchange rates in QuickBooks. We're always available to help you out. Have a great day.

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