QuickBooks Online has embraced multiple currencies recently. It has taken in these ‘on the web, on the desktop app and the mobile app.’ An important aspect to look into here is that only the inclusion of ‘multiple currencies’. It does not mean that these will work in QuickBooks Online. Therefore, it is essential to verify the features and functionality that are present for this inclusion.
Track ‘Billable time for a foreign customer’
You can track ‘Billable time’ for a foreign currency customer in ‘QuickBooks Desktop’ and then have this on an ’Invoice.’ You need to overwrite the hourly rate of the service item so that it is reflected correctly on the invoice at the correct rate in the foreign currency. QuickBooks desktop will depict ‘the selling price’ of the service item’s rate to a foreign currency at the existent rate of exchange present on that date.
QuickBooks Online Time Tracking does not have ‘Price levels’ at this point. Improvements are awaited. You cannot track the ‘Billable time’ for a particular ‘foreign currency customer’ in QB online currently.
You can unmark the ‘checkmark’ next to the ‘bill at’ option to track the ‘Billable time,’ however, this entry will not come in the drawer next to the ‘invoice of this foreign customer.’
Option 1- ‘Do not show it as Billable in QuickBooks Online & Use reports to your aid’.
In the first option, you can add ‘a code’ for the currency in the ‘time tracking memo,’ for example, ‘FX’ for foreign customers.
- Put that code in the ‘time tracking entry.’
- Run the ‘Time activities by employee ’
- Customize it for a date range and ‘Non-Billable.’
- Customize further to ensure that the ‘Memo field’ has the same code.
- Change the report title ( for example- Foreign Billable Time)
- Run the report
- Save the ‘customization for future use.
- Use the report to ‘invoice foreign customers’ for time ( you can do this by manually entering the ‘time entries’ on the invoice utilizing the foreign currency rate for this customer)
- Drill down each entry in ‘Foreign Billable time report’ & take off the code
- Now you can track the hours for the ‘employees’ for running the ‘payroll in QB Online’. In case, I was using the ‘hours report’ to pay the ‘subcontractors,’. Then I could have utilized the ‘Time activities by employee detail report to have a right number of hours on the I could also verify the ‘number of hours’ on the subcontractor bill I have got.
Option 2- Utilize the app
The second option is to utilize a ‘time to track’ app such as TSheets that works well with Time Tracking in QuickBooks Online.
Earlier, it appeared that using ‘TSheets’ would allow tracking the ‘billable time’ for the customer for whom invoicing would be done in a foreign currency.
Utilizing the ‘TSheets,’ export time for a foreign customer that is not ‘billable,’ it will export well to QuickBooks Online. However, when you export the ‘Billable time’ for a foreign customer, it will not export from the TSheets to QB Online. You will face an error.
To make this work, you will have to make the time ‘Non-billable’ & add a ‘memo’ that has a code (example FX). Follow the same reporting as was for the ‘Foreign Billable time report.’
Option 3- Keep track of time outside the ‘QBO and Apps’
One can guess that there is a third option, that does not utilize QuickBooks Online or any integrated apps to track the billable time. Instead, use something similar to a ‘spreadsheet.’
To materialize this plan, you need to have a ‘separate tracking system’ for foreign customers time against the time workers for the home / local currency customers.
If you have ‘payroll for hourly employees’ this is not a very practical method. If you want to use this for the sub-contractors and have to ensure the time on their bills else know what number of hours payment they have received or coming to them, there needs to be a system to keep track of time. If these systems are there, then you can well use the systems and use this method. However, the option does not look very practical in many ways.
The new ‘Multi-currency’ feature does add to the several technologically advanced features that QuickBooks Online provides to its users. However, it is important to test the functions that are needed to conclude that all the home/local currency workflows will be converted and translated to foreign currency set of steps. It is very important to verify and check to assure these facts. It can be a confusing aspect to work with this new feature. Do not hesitate and seek help at QuickBooks Online Support Desk Number 1-855-857-0824 to solve any such queries.