Foreign Currency Journal

Either MoneyWorks or QuickBooks can’t do the expenses journal in SGD (foreign currency) when your home currency is set to USD.

In either software, only Bank, Accounts Receivable and Accounts Payable account can be in foreign currency. All other accounts will be default to home currency.

When passing a journal in QuickBooks in SGD (Home currency set as USD) for:

Debit Utilities expenses (USD currency type): 1000.00

Credit Accrual – Expenses (USD currency type): 1000.00

A warning message will be prompt:

“The currency of the journal entry must either match the currency of the accounts selected or be your home currency.”