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useralexa
February 28, 2022
Question

Invoicing US customer USD billable amounts that have come into our canadian bank account with a different exchange rate

  • February 28, 2022
  • 1 reply
  • 0 views
We have US clients, that we are travelling to, but these travel expenses have gone into our CAD bank account on a certain exchange rate - and then when we invoice the client, it converts back to USD but not at amount that is listed on the receipt - usually differs a few cents or dollars. Is there a way around this to change the amounts so that they match the actual receipt, despite the exchange from USD to CAD and back to USD for invoicing? Thanks.

1 reply

T
Trish_T
March 1, 2022

Hi useralexa,

 

Welcome to Community!  QuickBooks Online is a great way to track your finances and keep your books aligned.  It's important that the exchange rates are accurate so your accounts remain balanced.  I'll be happy to provide some insight here!

 

Receipts will only be recorded in Canadian currency in QuickBooks Online.  Any transactions in other currencies would need to have the exchange rate revalued or you could enter the transactions manually as an expense and attach the receipt to them.

 

If you've set up the supplier in US currency, here's how to create the expense and attach the receipt:

 

1. Open +New in the top left menu

2. Select Expense

3. Use the ▼ dropdown menu to choose the Payee

4. Enter the Payment date

5. Complete the required fields

6. Click on the Attachments icon and browse for the receipt to Open it

7. When you're ready, hit Save and close

The transaction should match with your bank feed.

 

Follow these steps if you need to revalue the currency:

 

1. Click on Settings ⚙ in the top right

2. Select Currencies

3. Hit Edit currency exchange in the Action column

4. Enter the date for the Market rate or choose Your rate to enter a specific amount

5. When finished, hit Save

 

For your reference, here's a guide to enter home currency adjustments for foreign balances in QuickBooks Online.

 

Please don't hesitate to reach back out if you have any other questions.  We'd be glad to assist!

 

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