Deep Dive: QuickBooks Online Multi-Currency
When using QuickBooks Online Multi-Currency, there are a few limitations based on your export options.
Vendor bills and Checks:
We recommend making sure the vendor currency and the A/P bank account currencies match.
While we are able to export your report, the currency conversion rates in QuickBooks Online are not used. Everything will export with a currency conversion rate of 1:1.
In this example, you see a vendor currency of CAD with a home currency of USD.
In order to correct this, you will need to manually update the conversion rate after the report has been exported to QuickBooks Online.
Specifically for Vendor Bills:
- If multi-currency is enabled and the Vendor's currency is different from the policy currency, OR if QBO home currency is different from the policy currency, then:
- We create the Vendor Bill in the Vendor's currency (this is a QBO requirement - we don't have a choice)
- We set the exchange rate between the home currency and the Vendor's currency
- We convert line item amounts to the vendor's currency
- QBO home currency is USD
- Vendor's currency is VND
- Policy (report) currency is JPY
Upon export, we:
- Specified the bill is in VND
- Set the exchange rate between VND and USD (home currency), computed at the time of export
- Converted line items from JPY (currency in Expensify) to VND
- QBO automatically computed the USD amount (home currency) based on the exchange rate we specified
Journal Entries, Credit Card, and Debit Card:
Multi-currency exports will fail as the account currency has to match both the vendor currency and the home currency.