AUD to USD

Hello there, @rludwig. I'm here to help you record the payment made from a different currency in QuickBooks Online (QBO).

In QBO, you can only use the home currency bank account or the account with the currency that matches the invoice when recording payments made. To do so, ensure that the Multicurrency feature is enabled to successfully record payment with a foreign currency.

To start, you'll have to create a dummy bank account in the home currency to cater for the movement between 2 different foreign currencies. Here's how:

1. Select the Gear icon and choose Chart of Accounts
2. Then, click New
3. Under the Account Type column, click Cash and cash equivalent. In the Detail Type column, click Cash on hand. Then, under Name column, type in Dummy Bank
4. Make sure that it is in the home currency, before saving and closing it.

Once done, you'll have to record the payment of the foreign invoice first. In the Receive Payment page, set the dummy account in the Deposit To field. Before saving, take note of the home currency amount displayed at the bottom right.

Then, create a bank transfer to move the funds to the correct bank account.

For more details, check out this article: Receiving and making payment for a foreign invoice/ bill with a foreign currency. This article is for QBO SG but can be applied to QBO US users. 

I also recommend reaching out to your accountant for additional guidance in recording the transaction. This is to ensure you'll account for the transaction correctly. If you don't have one, you can use the Find an Accountant tool to look for one near your area.

I'm always here ready to lend a hand if you have any other concerns about managing multi-currency transactions in QuickBooks. Have a good one and stay safe.