Skip to main content
U
Ultimate logistics
June 13, 2024
Question

Use of Multi currencies

  • June 13, 2024
  • 1 reply
  • 0 views

Hello Team

 

I am fairly new to Quickbooks and need some help on use of multi currency. I managed to set up the multi-currency in my quickbooks. I have a debtor/ customer setup in home currency but the payment from the client is in another currency. How do I apply this payment to the invoices in home currency.

1 reply

G
GeorgiaC
June 13, 2024

Hello and welcome to the Community, Ultimate logistics

 

With multicurrency in QuickBooks Online, you can get paid in the foreign currencies of your customers that don't use your home currency. 

 

Tip: For each currency that a customer is invoiced in, you'll need to create a new customer in QuickBooks (as each customer can only have one currency assigned). 

 

Usually, it isn't possible to match (the payment in a connected bank feed) to a transaction in a different currency due to the difference in amounts. Instead, you would exclude the payment from the bank feed and record the payment manually against the invoice. 

 

So that we can provide some further guidance, can we confirm if the money for the payment was paid into a GBP bank account in GBP value or in the foreign currency value? 

U
Ultimate logisticsAuthor
June 13, 2024

Hi

Thank you for the feedback, unfortunately I am in Zimbabwe but made a mistake by selecting the UK community on signing up but still your help is most welcome. The challenge I have is I was using USD as the home currency since all our transactions were in that currency but now Zim has now introduced its own currency and its now mandatory to transact using the new currency.

I have customers/ debtors whom I had setup their accounts in USD and all their invoices are in USD but now they are obliged to pay us in ZiG$ which is our new currency. Now I cant apply the payments in ZiG$ to the USD invoices.

These Invoices were all done in May 2024 going backwards.

 

How can this be fixed.

 

 

M
MAnneJ
June 13, 2024

Thanks for coming back to the thread, @Ultimate logistics. Let me give additional information about multi-currency in QuickBooks Online (QBO).

 

Please know that Zimbabwe Gold or ZiG is not yet recognized as an official currency in QBO. However, we assure you that our team is working to make changes to our system and acknowledge ZiG as an official currency.

 

For now, I suggest sending feedback to our product developers team. They can review your suggestions and consider adding them in future releases. Here's how:

 

  1. Open your QBO account.
  2. Go to the Gear icon at the upper right of your screen, then select Feedback.
  3. Type in your product suggestions.
  4. Click Next to submit.

 

To get updates about the status of your feedback, you may visit the Customer Feedback page.

 

Furthermore, for your future transactions with us, you can also post in the QuickBooks Global Community.

 

Additionally, I've added this article for you to check and review information about home currency adjustments in QBO: Frequently Asked Questions about Home currency adjustments.

 

I'm always available if you need additional assistance managing your currencies and any QuickBooks-related queries. Have a great day ahead of you.

Terms & ConditionsAccessibility statement