How do i receive payment in USD to my USD fx bank account and transfer it to my AUD bank account for receiving as a payment for an AUD invoice in QBO, so it reconciles correctly?
Currently I am invoicing my Canadian customer in AUD who pays me in USD into my FX Cash and cash equivalents account, which I then exchange for AUD in that account and transfer it to the Cash and cash equivalents AUD home currency account and Categorised as Accounts Receivable (A/R) AUD to then be applied to specific Invoice as payment.
Currently when I receive USD into my FX Cash and cash equivalents account I categorise as Accounts Receivable (A/R) - USD which can't be reconciled to the associated AUD invoice.
Therefore I have an unreconcilable amount in my Balance Sheet in Accounts Receivable (A/R) - USD.
Can I create a Clearing Account as Unapplied Cash Payment Income USD or Uncategorised Income USD instead of Accounts Receivable (A/R) - USD and when FX exchanged from USD to AUD in FX Account it could then be transferred to Cash and cash equivalents AUD home currency account?
I have read the QuickBooksHelp, Receiving and making payment for a foreign invoice/ bill with a foreign currency, about setting up a Dummy Account but is this the same as a clearing account.
Any help appreciated so I can reconcile and balance my accounts.
