Creating multicurrency accounts receivable and payable


I am not sure how I could create a multicurrency accounts receivable and payable account. Has somebody done this? What I mean is that sometimes I invoice in one currency and for some reason I get paid in another currency at a later time OR I owe somebody in one currency but then I paid the supplier in another currency. Is this vie the cash account? I saw an example for credit cards. I was wondering if that would be similar.

Accounts receivable / accounts payable should be in currency, in which those are billed.

If you pay in another currency, simply make payment from bank account that is opened in that currency, if bank currency mismatch customer/supplier currency, you will be prompted to put amount in original currency. That amount will be deducted form invoice.

Say you have a supplier A, who issued you invoice for USD 1,000. You’ve created Supplier A, added invoice for USD 1,000.
Then you are paying from EUR bank account.
You’ve created said EUR account, and when you post payment you will have to input amount paid, say EUR 900, this is equal to your bank statement amount. And as Supplier A denominated in USD and you’ve paid in EUR, you will have an optional field on payment screen. Enter there USD 1,000.

After that you will have: (a) paid invoice, (b) correct bank balance, © gain/loss on FX in PL.

You don’t actually create multicurrency accounts receivable and accounts payable accounts. When you create any Customer / Supplier you can nominate their currency - then any transaction within them will be converted to your base currency and be included within the default accounts receivable and accounts payable accounts.

Then you have the flexibility of settling any transaction via the cash accounts.

Thank you very much. I ask this question because I get a situation where I bill my supplier for my commission in USD and they pay me in CNY/RMB. hence the question. Same with Some Clients I have where the billing is in USD and the payment can be in other currencies. Unfortuantely, I have to use a third base currency since my domicile is in that 3rd currency. That’s where the complication is

No, you just use one base currency - your place of domicile - all other currencies will be converted to that one.