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S
skonduru
August 28, 2020
Question

Record foreign currency payment against the invoice raised

  • August 28, 2020
  • 1 reply
  • 0 views

Hi, 

 

I have two bank accounts GBP and USD. GBP is my home currency and USD is my foreign currency, I raise invoice in USD for some of my customers who are outside UK and EU. The invoice payments were received in USD account. Can you please explain how do I match my USD invoice with USD payment received? 

Thanks

Suresh

 

1 reply

JasroV
JasroV
August 28, 2020

 

I appreciate you for sharing the details with me, @skonduru.

 

I'm more than happy to guide you on how to match USD invoice with USD payment.

 

Since the payment made for the USD invoice is USD account, you can receive the payment as you normally do in QuickBooks Online (QBO). Let me show you how.

  1. Go to the + New menu
  2. Select Receive Payment.
  3. Select the name of the customer from the drop-down menu.
  4. From the Outstanding Transactions section, select the invoice you’d like for QBO to calculate.
  5. Select the payment method.
  6. Then click Save and close.

You can also check this article for more details: Record invoice payments in QuickBooks Online.

 

Also, to learn more about multicurrency in your QBO account, check out article for reference: Turn on and use multicurrency.

 

You can always leave a reply below if you have other follow-up questions about multicurrency in QBO. I’ll be around to assist you. Take care!

S
skonduruAuthor
August 29, 2020

Thanks @JasroV 

 

Even though I do receive payment, I see that my invoice and deposit in the USD account and it is doubling up total sales. 

 

Like my GBP account why I am not able to see the MATCH on imported USD transactions to match with USD Invoice. Please suggest

 

Regards,

Suresh

    S
    SarahannC
    August 29, 2020

    Hello there, Suresh.

     

    Let me share additional details about recording foreign currency payments in QuickBooks Online.

     

    We can match the imported USD transactions to offset the open invoice we've created for the customer. We'll have to select the Foreign currency radio button to generate the foreign currency payment against the invoice you've raised.

     

    Let me walk you through to accomplish this task. Here's how:

     

    1. Go to Banking or Transactions on the left panel.
    2. Within the For Review tab, find the imported USD transactions.
    3. Click that transactions and select Find Match or Find other records.
    4. Make sure to toggle the Foreign currency.
    5. You can enter dates and search for other information to find the invoices easily.
    6. Put a check-mark next to the Date column of the transaction.
    7. Finally, hit the Save button.

     

    Here are the sample screenshots for additional reference:

     

    Also, you may want to explore this article: Categorise and match online bank transactions. It provides additional details on how to manage the downloaded transactions in QBO.

     

    If there’s anything else I can help you with, please don't hesitate to let me know by commenting below. I’m always here to assist you further. Take care and stay safe always!

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