Aug 10th 2009
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.
About Esther Friedberg Karp
Esther Friedberg Karp is a Certified QuickBooks ProAdvisor in both Canada and the United States. She is President and Owner of CompuBooks Business Services and a frequent contributor to Intuit ProConnection.