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Old 01-24-2017, 07:30 PM
mnschwarz mnschwarz is offline
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Join Date: May 2016
Posts: 20
Paying a bill in the wrong currency

Hi guys,

My base currency is USD & I have a vendor that is also based in USD. I paid a bill however from my SGD account and I'm not sure how to record this in Quickbooks. If I try to record it as I paid it, I get an error stating the currency of the payee receiving the check must match the currency of the bank account.

I can set up a duplicate of the Vendor in SGD but this doesn't seem correct and I don't really want a dozen copies of each vendor if I pay them in different currencies - not that I'm planning to make a habit of this. What is the best way to record this transaction? Thanks.
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Old 01-28-2017, 12:15 AM
Lorin Browning Lorin Browning is offline
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Location: Landrum SC
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Use the account Gain/Loss of Currency Exchange or something similar.
Lorin Browning, Ph. D.
Fellow -- National Tax Practice Institute
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Old 04-05-2017, 03:03 PM
mnschwarz mnschwarz is offline
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Join Date: May 2016
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Lorin, I don't understand what you mean by that? The problem is that QB will not let me even record the transaction correctly.

In the meantime I simply created a duplicate vendor with SGD as the currency but as stated originally, this seems a little dodgy. If there's a better way to record this please let me know.
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