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SadiqHalimi
June 10, 2024
Question

calculating invice and payment in the same time in two currency

  • June 10, 2024
  • 1 reply
  • 0 views

Hello  every one 

this problem that i have in QuickBooks transaction submitting. 

thanks for you attention, 

 

Is it possible to simultaneously calculate two prices for customer payments in QuickBooks? For example, if a customer has a USD account and has made a purchase of $750 from us but has paid 20000 Afghanis at the time of payment, and then pays the remaining amount in dollars. The balance sheet of this customer should be viewed in both dollars and Afghanis. The question is whether QuickBooks has this capability or not?

 

If we have purchased 10 tons of goods at $750 per ton but the goods have not yet arrived at the warehouse, and a customer buys 12 tons of the mentioned goods from us, transferring 2 tons from the existing stock in the warehouse and paying $3000 in cash, the remaining $6000 will be paid over time. The customer is also supposed to receive the remaining 10 tons of goods one month after they arrive at our company's warehouse. This transaction will be recorded in QuickBooks to avoid negative impact on the inventory balance and ensure it does not affect the calculation of our monthly balance sheet and profit/loss report.

1 reply

S
Shania_C
June 10, 2024

Welcome to the Community, SadiqHalimi.

 

Allow me to share information about simultaneously calculating invoices and payments in two currencies, as well as the calculation of inventory balance in the balance sheet and profit/loss report in QuickBooks Desktop.

 

When dealing with transactions in multiple currencies in QuickBooks Desktop, it's important to record all customer or supplier transactions in the currency assigned to them. This also applies to accounts receivable (A/R) or accounts payable (A/P) accounts associated with those transactions.

 

When dealing with transactions in different currencies, QuickBooks Desktop is unable to calculate multiple currencies within a single transaction. To address this, you can consider using a clearing account to manage transactions involving multiple currencies.

 

To set up a clearing account

  1. Go to the Lists menu and select Chart of Accounts.
  2. Right-click anywhere in the Chart of Accounts, then select New.
  3. In the Add New Account window, select the Bank radio button.

Note: While you can choose from several types of accounts, the best option is a bank account because of the following reasons:

  • You can pay into a bank account via Receive Payments or Make Deposits.
  • You can pay out of a bank account via Write Checks or Pay Bills.
  • A bank account appears on the balance sheet and on the statement of cash flows to show balances and changes in balances.
  • To allocate expenses to overhead or class using a zero check, you must use a bank account as your Clearing account.

4. Choose Continue.  In the Account Name field, enter Clearing Account, Barter Account, or Wash Account.

6. Do NOT enter an opening balance. Then Save & Close.

 

To learn more about how to utilize a clearing account properly, you can check this article: Set up a clearing account.

 

Moreover, regarding properly recording inventory balance to avoid affecting the calculation of our monthly balance sheet and profit/loss report, I suggest consulting with an accounting professional. Your accountant can review your books and recommend the best way to record the transfer based on your business needs. If you don't have an accountant, you can find one in our  Resource Center.

 

Additionally, I’ve added some resources you can look into to manage your transactions as well as your books:

 

 

Let me know if you need further assistance with handling your invoices and processing payments in QuickBooks Desktop. I'm here to help in any way I can. Have a great day!

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