Yes, WebPro25. Dummy Account and Clearing Account serve similar purpose for multi-currency transactions, typically a temporary holding account used specifically for recording transactions involving foreign currencies, helping to manage exchange rate differences during invoice/bill payments. Allow me to guide you about managing cross-currency payments in QuickBooks Online.

To begin with, we'll have to create a new dummy bank account in the home currency to facilitate the movement between two (2) different foreign currencies.

Here's how:

1. Go to the Gear icon, then select Chart of Accounts.
2. Click New.
3. In Account Type column, select Cash and cash equivalent.
4. Under Detail Type column, choose Cash on hand. 
5. Next, in Name column, type in Dummy Bank.
6. Before saving and closing, make sure that it is in the home currency (which is AUD in this case)

Next, we need to record payment of the foreign invoice. In the Receive Payment , set the Deposit To field to Dummy Bank. Before saving the transaction, take note of the home currency (AUD) amount displayed at the bottom right.

Lastly, we’ll have to transfer the created account with the right amount from Dummy Bank to the EUR bank account.

Moreover, I'm adding this article for future reference on how to reconcile your accounts, so that they always match your bank and credit card statements: Reconcile an account in QuickBooks Online.

Keep me updated by leaving a post if you still require assistance with managing cross-currency payments in QBO. Don't hesitate to hit Reply below, we'll get back to you.