Welcome to the Community, @mick_univ_1. I appreciate you laying out the details of your concerns. Rest assured, I'm here to assist you with your queries one at a time.
To enter those invoices in foreign currency, we can utilize the Multicurrency feature in QuickBooks Desktop. This way, it allows you to assign a specific currency to a profile or an account. Please know that it can no longer be turned off once enabled.
Before proceeding, ensure to o create a backup company file. Once ready, here's how you can turn on Multicurrency:
- Go to the Edit menu, then select Preferences.
- Choose Multiple Currencies.
- From the Company Preferences tab then, tick Yes, I use more than one currency.
- Go to the drop-down, and select your home currency.
From there, we can now enter those transactions with a foreign currency. For more details about adding foreign currency to transactions, please refer to this article: Set up and use Multicurrency.
Also, with regards to the entries or the appropriate VAT codes that are needed, I recommend consulting your accountant to ensure the accuracy of your accounts. If you're not affiliated with one, you can utilize our Find an Accountant tool to look for one in your area.
In addition, I've got these helpful resources that may come in handy if you’ll want to pull up some reports that can give you a snapshot of your business and personalise them to modify the information according to your needs:
Please let me know if you need clarification about multicurrency and VAT in QBDT. I'll be standing by for your response. Have a great day, and stay safe.
