QuickBooks accounting software has lots of features and functionalities for its users. QuickBooks Multi Currency is one of those features helps you to track foreign transactions and allocate a specific currency to an international seller. However, you can assign only one currency to one customer. To assign foreign currency, you’ll need to create new profiles. Once you turn on QB Multi-Currency, you will be unable to turn it off.
You can set up QuickBooks Multicurrency and enable it by taking help from the following blog. We have described the steps of setting up and enabling this feature in the blog.
In case, you are unable to perform any of the steps by yourself, feel free to talk to our team at Accountant Squad.
Initially, we are going to start with some important points that you need to consider before setting up QuickBooks Multicurrency.
If you turn on Multicurrency in QuickBooks Online, you will be unable to turn it off. So it is necessary to know the terms and conditions before turning on this feature. You need to ensure that you have the backup of your QuickBooks company file. Go through the following points too:
The multi-currency permits you to allocate a particular currency type to the accounts such as Accounts receivable (A/R), Accounts payable, bank accounts, vendors, customers, credit card accounts, and price levels.
Listed below are the steps to turn on Multi-currency in QuickBooks:
First of all, you need to remember that only one currency can be assigned to one customer or vendor profile. If you want to assign a new currency, then you’ll need to make new profiles.
Keep remembering only one currency can be assigned for each account. If you want to assign foreign currency, make new accounts for it. After turning on this feature, current accounts will be assigned in home currency. You will be unable to change the currency for accounts with previously added transactions. Now, follow the points written below to add accounts:
You can download rates for active currency only. You will be able to download rates only if home currency is the US dollar.
Steps to download exchange rate
Steps to enter exchange rates
You just need to utilize the foreign-currency accounts or names that have been included for new foreign currency transactions.
If you have an open receipt for a current client that has your home money, don’t utilize the new foreign currency variant of that client to get installment against that receipt. Rather, keep on utilizing the home currency variant of the client to finish the transaction.
If a customer whose base currency is the Canadian dollar and home currency is U.S. dollar. According to this example, foreign currency means the Canadian dollar. Follow the steps written below to use QuickBooks multi currency:
QuickBooks Multi Currency is a useful feature for its users. The aforementioned blog will help you in knowing the steps to set up and enable this feature in QuickBooks. You will also get to know the use of QuickBooks online multi-currency. In case, you find difficult to understand about multi-currency in QB or want more guidance for the same, then quickly get in touch with us at our QuickBooks 24/7 Support Phone Number 1-888-502-0363.