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BenBlumer
August 1, 2019
Question

Foreign ATM + credit card transactions

  • August 1, 2019
  • 1 reply
  • 0 views

Hi there,

 

Our primary currency is CAD.

 

However, I made a business trip to China.  I several purchases there. All the receipts are in Chinese RMB. 

 

The transactions were made in several ways:

1) withdraw cash from my Canadian debit card and make purchases using RMB cash.

2) on my Canadian funds credit card.

 

How do I manage these expenses in Quickbooks?

1 reply

Angelyn_T
Angelyn_T
August 2, 2019

Let me walk you through the steps so you can record the transactions accordingly, @BenBlumer.

 

First, you have to turn on multi-currency in QuickBooks Online (QBO) to pay your vendor or record an expense using a foreign currency or currency that differ from your home currency.

 

Here's how:

 

  1. Log in to your QBO account.
  2. Select Account and Settings.
  3. Go to the Advanced tab.
  4. Click the pencil icon on the Currency section.
  5. Put a check-mark on Multicurrency to turn it on. Once turning it on, you can't turn it off.
  6. Check the box beside I understand I can't undo Multicurrency.
  7. Click on Done.

Once completed, you can now record the expense and create a vendor under the Chinese RMB currency.

 

  1. Go to the Plus (+) icon.
  2. Click on Expense.
  3. Under the Payee section add a new vendor and select the desired currency.
  4. Select your bank under Payment account.
  5. Fill in the necessary information.
  6. Click on Save and close.

You can check this article for additional reference: Record Expenses in QuickBooks Online.

 

If you have any other questions about recording your expenses, just add a comment below. I'm always available to help.

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