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Ted-NLC
March 26, 2023
Question

Multi-Currency transactions

  • March 26, 2023
  • 1 reply
  • 0 views

I need some help with the process for accounting for the following...

  • I have three invoices in USD
  • Payment for all three was received in one transaction to the bank
  • The total USD paid figure was reduced USD20 for the senders bank charges
  • The balance USD was converted to GBP by the UK bank
  • The UK bank then deducted GBP6 bank fee

I have the USD invoices all set up in QBO, and the amount received in GBP is showing in banking.

How do I receive the USD invoice payment and deduct both the USD & GBP bank charges?

Thank you!

1 reply

LieraMarie_A
LieraMarie_A
March 26, 2023

Hey there, @Ted-NLC. Thank you for reaching out to us. Let me share the steps on how to handle these multi-currency transactions.

 

You can add the bank charges as a separate line item on the USD invoices. Then, enter the amounts as negative. If you're unsure about this process, I recommend reaching out to your accountant for further guidance.

 

  1. Open or edit the invoice.
  2. Select an item under Product/Services. You can create a new service item for bank charges if you don’t have one yet.
  3. Enter the amount as negative.
  4. Click Save and close.

 

Once done, match the invoices with the deposit. I'm also adding these resources for additional information:

 

 

Don't hesitate to post again if there's anything else you need about recording payments in QuickBooks. I'm always glad to help you.

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