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Enter a foreign bill payment in QuickBooks

When you use the International Payment Service to make foreign bill payments, you need to enter those payments in QuickBooks.

I use bills to pay vendors

Note: Before you enter the foreign bill payment in QuickBooks, be sure to enter the bill as you normally would for a foreign vendor.

  1. Go to the Vendors menu and click Pay Bills. Shortcut

  2. Select the foreign A/P Account that matches the currency of the bill you're paying. QuickBooks only shows bills due for the currency of the A/P Account selected.

  3. Select the bill to be paid and set your discounts and credits as you normally would.

  4. Use the Go online International Payment Service to make the foreign payment. (You can also access the service from the Pay Bills window by clicking the Pay Foreign Vendors link at the bottom of the window.)

    Note: Be sure to make a note of the transaction fee, exchange rate, and item ID of the foreign payment.

  5. Set the Method field to Check and click to select the Assign check number option.

  6. Set the Account field to the account used to make the international payment.

  7. Enter the exchange rate used for the payment by the service. This information is on the order processed screen for the transaction. When QuickBooks asks if you want to save the exchange rate for that date, click No.

  8. Click Pay Selected Bills.

  9. In the Assign Check Numbers window, enter the item ID from the payment transaction. You may want to include a W for wire transfers and a D for drafts when entering the item ID. Click OK to record the bill payment.

I use checks, not bills, to pay vendors

To record a foreign payment using a check, you will need to record the exchange rate and item ID from the payment transaction.

  1. Use the Go online International Payment Service to make the foreign payment.

    Note: Be sure to make a note of the transaction fee, exchange rate, and item ID of the foreign payment.

  2. Go to the Banking menu and click Write Checks. Shortcut

  3. Set the Bank Account to the account used to make the international payment.

  4. Select the foreign vendor to whom the payment is being made.

  5. Enter the date, foreign amount, and expense account (or items) as you normally would when paying a vendor.

  6. Click to uncheck the To be printed option.

  7. At the top of the check, enter the item ID from the payment transaction. You may want to include a W for wire transfers and a D for drafts when entering the item ID.

  8. At the bottom of the check, enter the exchange rate used for the payment by the service. This information is on the order processed screen for the transaction. When QuickBooks asks if you want to save the exchange rate for that date, click No.

  9. Save the transaction.

Record international payment fees

If there are fees associated with your foreign payments, you need to account for these fees in QuickBooks. We recommend that you speak with your accountant about recording international payment fees.

One way to enter these fees for a home currency account is to use your bank account register. If you need to enter fees for a foreign bank account, see Enter fees when reconciling foreign accounts .

  1. Go to the Banking menu and select Use Register.

  2. Select the home currency account for which the fees were charged.

  3. Record the fees and select the account where you track your international service fees.

See also

KB ID# H_MC_FOREIGN_BILL_PAYMENT
9/24/2016 8:41:45 PM
PPRDQSSWS406 9138 Pro 2017 493b24