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smbuser01
April 3, 2025
Question

Bill Expense With Multi Currency

  • April 3, 2025
  • 1 reply
  • 0 views

Hi,

 

I am using Wise payments for some of my bills. The Supplier's Bill is in a foreign currency and Wise processing fees is in my home currency. I separated into two Bills based on their own currency, but when I select Payment, I can only pay each at a time, and the General Ledger doesn't accurately reflect the one-time payment. For example, $100 was paid using Wise, $98 was converted with the Foreign Currency and $2 for the Process Fees. If I separate the payments, it would show $98 and $2 were paid separately instead of one-time $100.

 

Thanks

1 reply

JenoP
JenoP
April 3, 2025

Thanks for joining us here, smbuser01. Allow me to share details to address your inquiry.

 

For now, there's no option to process multiple bill payments with different currencies at once. This is because you can only select one currency in the Pay Bills window.

 

 

Aside from that, you can only assign one currency per transaction. This is also the reason why your ledger shows two separate payments instead of one.

 

Let me share these articles for more details about the Multicurrency feature: Set up and use Multicurrency in QuickBooks Online.

 

Given the complexity of handling bill payments involving multiple currencies, I recommend consulting with your accountant for personalized advice about this matter.

 

To further assist in navigating currency-related features in QuickBooks Online, I've compiled these articles for you:

 

 

Let me know if you need anything else or have questions about currency management in QBO. Remember, we're here to support you in maximizing the benefits of QuickBooks Online for your business's global financial management needs.

S
smbuser01Author
April 3, 2025

Should I change the supplier to my local currency since the bill would be converted by Wise?

T
ThomasJosephD
April 3, 2025

There's no need to change the supplier's currency, smbuser01. Allow me to suggest an alternative way to move the foreign currency to your home currency account.

 

You can move the foreign currency into your home currency account. This will allow you to combine all your payments into one currency. To enable this process, you'll need to set up a clearing account.

 

Here's how to set up a clearing account:

  1. Go Settings.
  2. Select Chart of Accounts.
  3. Click New.
  4. Select Cash and cash equivalents in Account type.
  5. Choose Bank in Detail Type.
  6. Click Save.


To use a clearing account:

  1. Create a journal entry.
  2. Add the AR or AP from which you are moving money.
  3. Add the Clearing account.
  4. Save the Journal Entry.
  5. Create a second Journal Entry.
  6. Add the Clearing Account.
  7. Add the AR or AP account to which you moving money.
  8. In either Pay Bills or Receive Payments, link the Journal Entries together.

 

It's advisable to consult an accountant when creating a journal entry. An accountant's expertise ensures accuracy and compliance with accounting standards, they can also guide you on proper documentation and identify potential errors, helping maintain the integrity of your financial records.

 

For an in-depth exploration, this article in US provides step-by-step instructions on how to establish a clearing account in QuickBooks Online QBO: Set up a clearing account.

 

Additionally, I've attached a resource that may help you how to create journal entry in QBO: Create journal entries in QuickBooks Online.

 

We're here to help you manage your multi-currency payments, smbuser01. If you need more information, don't hesitate to Reply. We're here to help promptly.

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