First international dealings need extra support to offer efficient accounting and banking options. So, this is where QuickBooks Multi Currency feature comes into the picture. Moreover, it helps you to track foreign transactions and allocate a particular currency to an international vendor.
In this blog, we will discuss how to set up and make the most out of QuickBooks Multi-Currency feature.
Note: Once you switch to the multi-currency option, your home currency is automatically set up and there is no option to change it.
The QuickBooks multi currency feature has its own benefits which include no change in exchange rate each month, no need to check historical rates or keep an eye on specific bank’s exchange rates. It has reduced the burden of handling the dates and currency while or before entering transactions. Furthermore, It is not required to open spreadsheets for finding out original invoice and currency used at the time entry.
The QuickBooks multi-currency feature has its own benefits like you don’t have to change the exchange rate each month, we don’t need to check historical rates or keep an eye on specific bank’s exchange rates. It has reduced the burden of handling the dates and currency while or before entering transactions. We don’t have to go through several spreadsheets to find out the original invoice and currency used at the time entry.
Also Read: How to Fix QuicklBooks Error 1603?
You can allocate only one currency per customer or vendor profile. You have to make new profiles to allow a new currency. Existing customers and vendors will be allotted in your home currency after turned on this feature. Currency can’t be changed for names that already have recorded transactions. Below are a few steps we can follow:
You can allocate only one currency for each account and create a new one for your foreign transaction. After you turn on this feature, existing accounts will be allotted in your home currency. Currency can’t be changed for accounts with previously recorded transactions. Currencies assigned to the following accounts such as Credit Card Accounts, Vendors, Bank Account, Customers, Account Receivable(A/R) and Account payable(A/P).
Note: Currencies of the accounts of (A/R) and (A/P) should match customer’s(Vendor’s) currency used in all the transactions.
Downloading Exchange Rates: You can download rates at one condition if your residency lies in USD (US dollar=$).
Automatically download Exchange Rates: Go to the list menu, Then choose Currency List.
After that choose the Activities button and select Download New Exchange Rates.
Manually enter the Exchange Rates: Go to the list menu, Then choose Currency List. Double click to choose the Currency. Afterward, you can update the Currency Exchange Rates for particular date/s in the Edit Currency window.
If you face any difficulty while setting the multi-currency feature, our certified experts will guide you and provide the best solutions. Call us on our QuickBooks Support Phone Number.
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