Handling currency exchange in your accounting system is crucial, FPADV. Let's work together to rectify the issue.
Since you paid the JPY bill using your USD account, you need to record this transaction in your USD account as an outgoing payment.
We can set up separate bank accounts for each currency and record transactions in their respective currencies. This approach eliminates the need for a clearing account and automatically handles the exchange rate differences.
You can follow the steps provided by my colleague
MichaelaS on how to use a multi-currency in QuickBooks Online (QBO).
Feel free to read these articles for more information about multiple currencies.
I'm always prepared if you have more questions or concerns about handling foreign currency in QBO. Kindly leave a comment below, and I'll promptly lend a hand.
