We’re somehow providing this service in Australia so the tax is exempt. The rates displayed in the invoice in Australian dollars, and we can see below the equivalent amount in Canadian dollars. Notice that the exchange rate is displayed automatically. Now let’s create an invoice for this new customer. This customer pays me with, let’s drop down and choose, Australian dollars, then save.
Under the Payment and Billing section of this page, you can scroll down and select the currency. Let’s name our company Australian Dollar Customers, not very imaginative but it will do for illustration. In the right hand corner, we can set up a new customer. I’ll walk through an example so you can see the result.Ĭlick the Sales tab, select Customers. QuickBooks actually does this for you like magic. A very common concern users of QuickBooks have about multicurrency is how to set up the accounts receivable and accounts payable in different currencies. If you’ve not yet turned it on, you can access that video and come back when you’re ready. In a previous video, I’ve walked through the steps to turn on multicurrency.
Be sure to watch to the end of the video and I’ll show you how the transactions appear on your balance sheet, and you’ll be able to see where any variations due to currency adjustments appear. Today, I’m going to show you how to assign a different currency to your customers and bank accounts on QuickBooks Online.
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