How to Manage Multicurrency Bills in QuickBooks Online with BillBjorn
Managing bills in different currencies is one of the most complex parts of bookkeeping. Between exchange rates, vendor setup, and reconciliations, it’s easy to lose accuracy. BillBjorn integrates seamlessly with QuickBooks Online to make multicurrency handling reliable, and consistent.
This guide explains in detail how multicurrency works in QuickBooks Online and how BillBjorn extends these capabilities to simplify your workflow.
Multicurrency in QuickBooks Online
QuickBooks Online determines the currency of a bill based on the **vendor’s default currency**. This means:
- Each vendor (contact) is assigned a single currency.
- Every bill you create for that vendor automatically uses that assigned currency.
- You cannot manually change the bill currency during bill creation.
For example, if a vendor is set up with USD as their currency, every bill for that vendor will always be in USD, regardless of the document you upload.
This vendor-level setup ensures consistency but makes it essential to configure vendors correctly before creating or importing bills.
How BillBjorn Handles Multicurrency
BillBjorn mirrors QuickBooks’ vendor-based multicurrency model but enhances it with smarter tools for:
- Capturing invoice data in multiple currencies.
- Allowing manual or calculated exchange rate entry.
- Exporting bills directly to QuickBooks.
- Keeping original invoices attached for audit-proof records.
With these tools, you don’t just enter data—you also ensure accuracy in exchange rates and reconciliation.
Uploading and Reviewing Invoices
When you upload an invoice to BillBjorn, the system automatically extracts key information:
- Vendor name
- Invoice amount
- Currency
If the vendor doesn’t yet exist, you can create a new one and assign their default currency. This ensures that both BillBjorn and QuickBooks Online stay aligned on how bills are classified.
At this stage, you also have the option to enter a custom exchange rate rather than relying solely on QuickBooks defaults.
Using the Exchange Rate Calculator
One of the standout features of BillBjorn is the Exchange Rate Calculator. Instead of relying on generic or approximate rates, you can enter the exact amount charged in your home currency and let BillBjorn calculate the real exchange rate used by your bank or credit card.
Example:
- A USD bill is processed by your card and converted to 31.54 AUD.
- Input this into BillBjorn.
- BillBjorn calculates the exact exchange rate applied by the bank.
This means QuickBooks receives the bill with the true exchange rate, ensuring your home currency balances reconcile precisely.
Exporting Bills to QuickBooks Online
After reviewing the data and confirming exchange rates, you can export the bill to QuickBooks Online. The export includes:
- Vendor details with assigned currency.
- Invoice total in foreign currency.
- Equivalent amount in home currency.
- Applied exchange rate.
- Original invoice document as a PDF attachment.
QuickBooks then creates a new transaction without requiring additional manual input.
Reconciling Multicurrency Transactions
Reconciliation is often the most error-prone step in multicurrency workflows. With BillBjorn, it becomes straightforward:
1. Your bank feed in QuickBooks shows the transaction in your home currency.
2. The bill in QuickBooks (sent from BillBjorn) already reflects the exact converted amount and exchange rate.
3. QuickBooks automatically suggests a match.
4. You reconcile with a single click.
This eliminates manual adjustments and avoids mismatched balances between foreign invoices and local payments.
Key Benefits of Using BillBjorn for Multicurrency
By combining BillBjorn with QuickBooks Online, you gain:
- Accuracy: Exchange rates reflect real transactions.
- Efficiency: Less manual work and faster reconciliations.
- Compliance: Original documents stay attached to every transaction.
- Consistency: Vendor currency setup is mirrored across systems.
These benefits save significant time for bookkeepers, accountants, and finance teams while reducing audit risks.
Final Thoughts
Multicurrency accounting doesn’t need to slow you down. QuickBooks Online provides the foundation, and BillBjorn extends it with precise exchange rate handling, automated invoice capture, and seamless reconciliation.
By using BillBjorn, you can confidently manage international bills without spreadsheets, manual calculations, or reconciliation headaches.