Opening balance for foreign currency suppliers

Hi Terah!

I'm happy to guide you through entering an opening balance for your foreign suppliers.

If you're on QuickBooks Online Plus and have turned on the Multicurrency feature, you can add a supplier profile in a different currency. Then, enter their opening balance by creating a lumpsum bill. Just use any item that represents what they bill you for or you can create one.

You may have probably asked this because it's a different thing when you add suppliers in your home currency because there's an option to add an opening balance. For foreign suppliers, there isn't such an option in their profiles, so a bill is an alternative. It's actually just the same thing because an opening balance of a supplier in your home currency will also turn into a bill.

Please don't hesitate to go back to this thread if you have any other questions about your supplier's opening balance. Take care and have a good one!