By The Plus version of QuickBooks Online supports using multiple currencies. Typically, you use the Multicurrency feature when you sell products and services to customers or buy products and services from vendors whose base currency is different from your home currency. If you don’t need to record transactions in multiple currencies, don’t turn on this feature because you can’t turn it off again. Also be aware that the multicurrency feature in QBO doesn’t support customer- or currency-specific pricing.
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If you need either of those features, you need to use QuickBooks desktop. Because you can assign only one currency to each account, customer, or vendor, you need to add new asset and liability accounts, customers, and vendors for each different currency that you will use in transactions; as you create these new elements in QBO, you assign to them the currency you want to use. Be aware that, once you’ve posted a transaction to an account, a vendor, or a customer, you cannot change the currency of the account, vendor, or customer.
Income and expense accounts continue to use your home currency — the currency of the country where your business is physically located. So, if you’ve decided to use the Multicurrency feature, do these things in the order listed: So, if you’ve decided to use the Multicurrency feature, do these things in the order listed:. Turn on the Multicurrency feature. Set up the currencies you intend to use. Add customers, vendors, and necessary asset and liability accounts for each currency you expect to use. Note that QBO automatically creates Accounts Receivable and Accounts Payable accounts in the foreign currency after you create one foreign sales and one foreign purchasing transaction, so you don’t need to set up those accounts. Enter transactions.
How the Multicurrency feature changes QBO After you turn on the Multicurrency feature, you will see new fields in QBO. Specifically, you’ll see changes on these screens:. When you open the Gear menu, you’ll see the Currencies option at the bottom of the Lists column. You use the Currencies list to establish the foreign currency you want to use, along with the exchange rate. When you view the Chart of Accounts, you’ll find a Currency column that shows the currency assigned to each account.
You’ll also find a new account — an Other Expense account called Exchange Gain or Loss. When you view Bank and Credit Card registers, the currency of each transaction appears in brackets in the Payment, Deposit, Sales Tax, and Balance Due columns. Sales and purchase forms use both your home currency and the foreign currency; QBO does all the conversions for you on the screen. On QuickBooks reports, you find that QBO converts all foreign currency amounts to home currency amounts, automatically reflecting exchange rate changes. Turning On the Multicurrency feature You can change your home currency from the same place that you enable the Multicurrency feature.
Follow these steps: Once you turn on the Multicurrency feature, you cannot change your home currency. Click Gear → Account and Settings. QBO displays the Account and Settings dialog box. Click Advanced. Scroll down to the Currency section. Set your home currency by clicking the Home Currency list box. Choose the currency of your country.
If you’re not in the United States, don’t set the United States as your home currency. Select Multicurrency. QBO warns you that, once you turn on the Multicurrency feature:. You can’t turn it off, and. You can’t change your home currency.
Select I Understand I Can’t Undo Multicurrency. Click Save. Click Done. You can’t turn off the Multicurrency feature because it affects many accounts and balances in QBO. Setting up currencies After enabling the multicurrency option, you’ll find an option to display the Currencies list if you click the Gear button; the Currencies option appears at the bottom of the Lists section on the Gear menu. Follow these steps to set up the currencies you need to use:.
Click Gear → Currencies. QBO displays the Currencies page. In the upper right corner of the page, click Add Currency. QBO displays a drop-down list. Select a currency you want to use.
QBO redisplays the Currencies page with the new currency added.
2015-06-11 00:-06-11 00:00:00 Product Updates English Year-end processing for foreign currency transactions is now a breeze, with the ability to add multi-currency to QuickBooks Online. Multi-Currency in QuickBooks Online QuickBooks Australia. For many businesses today the economy is global, with even the smallest businesses sometimes needing to operate in more than one currency. Just look at how we purchase things, quite often it’s online from overseas. This means that the business owner needs an accounting software program that will support multiple currencies. QuickBooks and multi-currency QuickBooks Online has a powerful multi-currency function, available in QuickBooks Online Essentials and QuickBooks Online Plus. Not only can it handle 145+ currencies throughout the world using Wall Street On Demand exchange rates, it also updates the rates every four hours automatically for you.
It tracks historical exchange rates, which I absolutely love, making it easier to run foreign currency transactions compared to any other accounting software I have used. There is no longer the need to manually change the exchange rate each month, I no longer have to check historical rates, or try work out which bank exchange rates I have to use. I love that this has taken over the hard part and works for me regardless of what date I enter or what currency I use. At year-end when foreign currency has to be adjusted to the 30th June value, I no longer have to go through the process of using spreadsheets to work out the original invoice and currency used, or work out manually what rate to use, or what’s the exchange difference, or did I make a loss or was it a gain Year-end processing for foreign currency transactions is now a breeze. If you’re an MYOB Premier desktop user who has been waiting for a multi-currency cloud based solution, you should take a look at Intuit QuickBooks Online. There is a free conversion process, where you can import your data from MYOB including both.myo &.myox files (AccountRight & AccountRight Live versions), and also the older versions of MYOB, Reckon and Xero. Currently QuickBooks Online offers conversion services for Australian versions of:.
Reckon Accounts 2014 or earlier. Reckon Accounts Hosted. Reckon QuickBooks 2009 or later (.qbb or.qbw file type). MYOB AccountEdge V14 and earlier (.myo file type). MYOB AccountRight Enterprise, Premier V19 and earlier (.myo file type).
MYOB AccountRight Live V2012-2015 (.myox file type). Xero (excluding Xero US version). It’s definitely worth taking a look at the numerous benefits and mobile solutions QuickBooks Online could deliver to your business. For more info on how the Multi-Currency feature works, please.