Working with Multiple Currencies
QuickBooks will import only into a bank account in the Home Currency, meaning the Account and Vendor to which you post the transaction must be in your Home Currency.
Here is a workaround for importing multiple-currency transactions:
Before importing, assign the transactions a "temporary vendor" name in your home currency. This makes it easy to identify in QB which transactions need to be edited and posted to the correct vendor name. After importing, edit the transactions and change the vendor to the correct foreign-currency vendor.
You can also do this with the bank account: assign the transactions to a "temporary bank account" in your home currency. After importing, edit the transactions to specify your foreign-currency bank account.
1. Setup QB:
Create a new bank account in your Home Currency named, say, "To-convert-to-Foreign-Bank"
Create a new vendor in your Home Currency named, say, "To-convert-to-Foreign-Vendor"
2. Setup Statement Converter:
Enter the settings:
QB_Bank_Account = To-convert-to-Foreign-Bank
QB_Payee_Name = To-convert-to-Foreign-Vendor
3. Convert and Import, as usual
4. Edit the transactions in QB:
Edit the transactions for vendor "To-convert-to-Foreign-Vendor" and assign them to the correct foreign-currency vendor name. At the same time or later, assign the correct foreign-currency bank account.
Note that the vendor must be changed before the bank account otherwise QuickBooks will complain:
"The currency of your Bank Account must either match the currency of the Payee receiving the check or be your home currency."
An alternative is to create a name in the QuickBooks "Other Name" list for each foreign-currency vendor, import the transactions using the "Other Name" as the payee, then edit the transactions in QuickBooks. In other words, in addition to your foreign-currency vendors, you would also have them as payees in your Other Name list. This would allow you to know exactly which foreign-currency vendor to assign when you edit.
Say you have a vendor in another currency named "Vendor A":
1. In the QB "Other Names" list, create an entry named "Vendor A-FC" (e.g. Vendor A - foreign currency).
2. Before converting, assign the payee "Vendor A-FC" to all transactions for Vendor A. You can use Statement Converter's Lookup feature to do this.
3. After importing, edit any transactions assigned to "Vendor A-FC" and specify "Vendor A" as the vendor name.
4. You can also edit the bank account, if desired.
If you have any questions, please ask by submitting a support request.