QuickBooks Desktop possesses multi-currency features that allows the small business house to track income and expenses in multiple currency around the world and track previous exchange rates. The multi-currency features allows one to allocate specific currency type to different profile and accounts like customers or vendors, bank accounts, credit card accounts, Account receivable , price levels and so on. Setting up QuickBooks to handle different currencies enables company to record foreign transactions for new vendors dealing in foreign currencies. This multiple currency features is activated through company preferences option , which cannot be reversed or changed once currency of account is created.
How to Enable Multiple Currencies in QuickBooks
Before turning on multi currency features one need to take care to keep backup copy of QuickBooks company file as once multi-currency features is turned on, one cannot reverse or turn off the multi-currency features. Following conditions also need to be taken care before turning the multi-currency features.
- One will not be able to use Bill tracker and Income tracker
- One cannot select multiple customers in invoices for Time and Expense windows.
- One cannot make online payment of invoices in multiple currencies.
- One cannot exchange data file information with QuickBooks desktop for Mac system.
In case one needs additional support, one can get in touch with our QuickBooks technical helpdesk in case of any issues who will deliver cent percent user satisfaction.
Steps for Set up and Enable Multi Currency in QuickBooks
Following are the steps involved in setting up and using multi-currency features in QuickBooks.
Total Time: 20 minutes
Step #1: Way to turn on Multi-Currency features:
🔶 First step involves to go to option “Edit” menu and then select “Preference”
🔶 Select the option “Multiple Currency” visible on left plane
🔶 Select the option “Company Preference” tab and then select the option “Yes, I use more than one currency”.
🔶 Select the home currency from the drop-down menu.
Step#2: Way to add foreign-currency customers and vendors
🔶 First step is going to option “Customer or vendors” in the menu, select the “Customer or vendor center”.
🔶 Under Customer Center, select the option “New Customer” from the drop down bar.
🔶 One need to mention “Customer name and Currency” and then click on “Ok” option
🔶 One can assign only one currency per vendor or customer. In case new currency is to be added one need to create new profile for same.
🔶 The existing vendors and customer will be allotted home currency when multiple currency features is turned on as currency in which current transaction has been already initiated cannot be changed.
Step #3: Need to add foreign currency account
🔶 First step is go to menu “List” and then select “Chart of Accounts”.
🔶 Right click on “chart of Accounts” and select the option “New”.
🔶 Now select the Account type and give a new name.
🔶 Now click on option “Save & Close”.
🔶 All the current existing accounts will be allotted home currency, as one does not have option to change the transaction already entered in particular currency.
🔶 One can assign only one currency for each account. Create new account for different currency option.
🔶 One need to use Chart of Accounts for creating foreign-currency bank and credit card accounts.
Step #4: Need to add exchange rates
🔶 To enter the rate of exchange manually , go to the option “Lists” in the menu and then select the “Currency list”
🔶 Double click on the currency to select the currency as required.
🔶 Now in the option “Edit Currency” window, one needs to update the current exchange rate as applicable for particular date.
Step #5: Way to create foreign currency transactions
🔶 One need to use foreign–currency accounts that one had added for new foreign currency transaction.
🔶 If one has open invoice for current customers that has home currency, do not use foreign currency version, when payment against the invoice is received. One needs to use home currency to complete previous transaction.
🔶 Reports will always be shown in home currency no matter which currency is used for transaction.
If case there is any problem related to setting up multi currency features, it is wise to approach the Accountinghub Technical support expert to resume work.
QuickBooks Tech Helpdesk Services
In this article we have described how to set up and use the multi-currency features. This is really useful for online business house who need to perform multi currency transactions by selling products to customers scattered all over the world. After going through the article if you still want help related to this topic or you need any further discussion related to your QuickBooks, feel free to contact our QuickBooks Enterprise Support help team.
If you need any further information related to QuickBooks products and services, please contact our QuickBooks Technical support experts for instant support on Quickbooks Support Phone Number 1 844 31 4856.