How do I record a payment for an invoice that I received to a different foreign currency account?
Currently, recording payment for a customer in a different currency other than the customer’s currency or base currency is not possible. However, to keep your books intact, you can follow the below workaround:
- Manually record the Invoice payment in the customer’s currency (say GBP) to the Undeposited Funds account
- Provide the appropriate exchange rate for customer’s currency and base currency while recording the payment.
- Now, the Undeposited Funds will have the payment amount in the base currency (USD).
- You can move this amount to the required foreign currency bank account (say EUR), providing exchange rate for EUR and USD, by recording a “Transfer To Another Account” transaction.
To record a “Transfer To Another Account” transaction, please follow the steps below,
- Navigate to the Banking module and select the Undeposited Funds account from the list.
- Click on the Add Transaction button found on the top right corner of the page.
- Select Transfer To Another Account under Money Out.
- Enter the relevant details and click Save.