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What to know about foreign transactions

  • Sales and purchase transactions use the currency of the customer or vendor on the transaction.
    To create a foreign transaction, use a foreign customer or vendor on the transaction.

  • Accounts receivable and accounts payable accounts are automatically created by QuickBooks for each foreign customer's or vendor's currency.

  • When you deposit a foreign payment or pay a foreign bill, QuickBooks displays the payments or bills for one currency at a time. Be sure to select the correct currency for the payments or bills you need to work with.

  • Exchange rates on foreign transactions determine the home currency value of the transaction.

  • When you change the exchange rate on transactions, the foreign value stays the same and the value in your home currency changes.
    To update the foreign price after changing the exchange rate, go to the Edit menu, click Delete Line to delete the line item, and then enter the line item again. QuickBooks uses the updated exchange rate for the line item you enter.

See also

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