Multicurrency Journal Entry posting not working

We are in Lebanon where home currency is LBP.
We also use USD in transactions within the country.

We used to be able to create Journal entries for our suppliers who bill us in USD, set the exchange rate, and post to the Accounts Payable account, which has to be in LBP.

Two weeks ago, this has stopped working.  QBO is requiring us to manually translate the amounts before posting them to any account.

the transaction amounts and all the accounts used in the JE are in the same currency, USD, which is different from home currency.  And that's why i need QBO, to do this translation automatically.

This unfortunately renders the multicurrency option in QBO useless.  If i have to do things manually, then I would not need QBO for this!

QBO should not claim they support multicurrency if they require their subscribers to do manual calculations as workarounds!


If anyone has an answer or a solution to this, please reach out.

Answer

Dear nizar,

Good day! I am here to assist you on your query!

Based on your description, understand that you wish to record the Supplier Bill in USD and get it automatically translate into LBP. This can be done when you use "Bill" function in QuickBooks Online.

First, you will need to set up the vendor/supplier in USD currency. Here are the steps to do so:

  1. Log in to your QBO account
  2. Select "Expenses" > "Suppliers"
  3. Select "New Supplier"
  4. Make sure to select "USD" under "I pay this supplier with"
  5. Save and close

Once you have create the supplier in USD, you may use the "Bill" function to record the supplier in USD.

You will have the option to enter the exchange rate you want and the system will post the double entries as following:

Debit: Expense account
Credit: Account payable - USD 

At the back end, the system will translate the USD amount and show it in home currency. When you run the balance sheet report, it will be in LBP and this "Account payable - USD" are translated in LBP.

I hope you find this useful and have great day ahead!

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