Using the QuickBooks multicurrency feature

istock_UltraONEs_software
istock_UltraONEs_software
6
All Hail Multicurrency Intuit QuickBooks 2009 has come out with a dynamite multicurrency function, available in most Windows versions, [Note 1] that truly exceeds my expectations. Not only does it handle all the currencies in the world, it can handle new ones, and it can track historical exchange rates. My editor wanted me to call this article “Multicurrency Made Easy,” and it’s easier than in other applications I’ve seen, including the Canadian version of QuickBooks from a year back. [Note 2] But multicurrency is easy only once you learn how it works. So at first, it helps to take things slow as we walk through its features. Best Practices for Getting Started with Multicurrency To learn more about multicurrency, choose an existing company file for practice, but be sure to back it up first. The reason? The ability to track multiple currencies is not available in a company file until you turn it on. But once you turn it on, you can’t turn it off. Then, signed in as the Admin user, select Preferences > Multiple Currencies > Company Preferences  and choose the radio button next to Yes, I use more than one currency. Then you will be asked to choose a Home currency. In most cases, you will choose the U.S. dollar, since that is the currency in which you are reporting financials to governing bodies.

Please Login or Register to read the full article

To access all of the content on our site, register (it's free!) or login to your existing account.

Replies

Please login or register to join the discussion.

avatar
By manish
Jun 26th 2015 01:11

great job

Thanks (0)
avatar
By bard
Jun 26th 2015 01:11

An interesting option for any company making foreign currency supplier payments is www.transfermate.com

Very popular for companies, better exchange rates, lower transfer fees than the bank and a nice alternative to just using your bank,

Thanks (0)
avatar
By cw
Jun 26th 2015 01:11

I notice that the currency in bank stays the same even though i change their currency rate.
For e.g I put the 1.30 SGD to 1 USD on 30th June, on the 30th July i set my currency from 1.20 SGD to 1 USD. My bank account will still show 1.30 instead of 1.20. what happen to the 0.10 exchange loss?

Thanks (0)
avatar
By posh
Jun 26th 2015 01:11

I'm setting up two different companies (using QB 2012 Pro), one is located here in the U.S. and the other one is located in the Philippines (PH). If I set up the PH company to multi-currency, it would ask for a home currency... I don't want to use USD currency on any transactions for the PH company so I wanted to set up the Philippine Peso as my home currency.... however, will this affect the transactions already recorded in the US company (where the home currency was already set up to US Dollar)? Is the multi-currency function applicable per company or will it affect other companies that are set up in QB?

Thanks (0)
avatar
By alex
Jun 26th 2015 01:12

It will affect other companies too

Thanks (0)
avatar
By seahen
Jun 26th 2015 01:11

Can custom currencies be added? Not only would bitcoiners want to do that, but one way to work around those nasty negative-inventory bugs might be to call the inventory items currencies (and maybe track "A/R" and "A/P" for them).

Thanks (0)