Basics Of QuickBooks Multicurrency
Every Businessperson in U.S. wants to expand their business beyond borders in foreign countries but face a common challenge which is, managing and tracking of multiple currencies. QuickBooks helps with handling this problem for international business owners at ease.
Features of QuickBooks Multicurrency:
- Allocates a currency to vendors, customers, and financial institutions.
- Receive and pay payments in customer’s or vendor’s currency.
- Managing and tracking of currency exchange rate fluctuations automatically or manually.
No Turning Back
Once you turn on Multicurrency feature, you cannot Hide or Turn it off in QuickBooks. Also, you can’t change your home currency.
Aftermaths of turning on Multicurrency Feature:
- The currency of where your business is located becomes your current currency.
- You can add or watch a list of currencies and current currency exchange QuickBooks updates them automatically every four hours.
- You can choose a vendor’s or customer’s currency when you add them.
- The currency appears in brackets for the deposit, payments, sales tax and due balances column on banks and credit card registers.
- All foreign currencies are automatically converted into home currency amounts by tracking current exchange rates in Reports.
Functions of QuickBooks Multicurrency:
Manage and Add Currency
You can view and manage your currencies in currencies list. You have to go to Gear > Lists > Currencies and a list will open showing you the foreign currencies you have added with current exchange rates.
Same way click Gear > currencies, and select a foreign currency to add to your list.
Adding Foreign currency chart
Click Gear > Charts of Account > New.
Enter an easy name and it will create a separate account for you to get ahold of foreign transactions in a particular currency making it easy for you to Operate in different currencies.
Adding Vendors and Customers
- Click Customers > New Customer
- Select the Payment and Billing Tab.
In the same way,
- Click Vendors > New Vendor
- Select “This vendor pays me With”
And, Add the foreign currencies you want to deal with your particular customers or vendors. That makes it easy for you to keep tracks of the exchange rate of the customers and vendors.
Multicurrency is provided in QuickBooks Essentials and QuickBooks Plus versions only at the moment, but will soon be available in QuickBooks Online too.
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