QuickBooks Tricks & Tips To Create & Manage Single currency and Multicurrency Accounts
In this article, we will tell you how to create and manage Uni-currency and Multi-currency accounts using QuickBooks Software. Uni-currency account is easy to manage than Multi-currency accounts. Because the latter involves the currencies of your Vendors and customers living on foreign soil.
If you are also planning to extend your business overseas, our good wishes will always be with you. But we would like to tell you that till now your accountants were dealing with single currency and it was easy for them to use QuickBooks to enter transactions and bills. But now they will have to create and use multi-currency accounts for foreign vendors and customers, the task can be very daunting for them.
But you don’t need to worry we will show you how you will use your QuickBooks software to manage both multi-currency and Single currency accounts.
QuickBooks and Multi-Currency accounts
Features of QuickBooks Multi-currency accounts are as:
- The multi-currency feature of QuickBooks enables users to assign a particular currency of any country to Vendors, customers, Credit cards and banks.
- The QuickBooks users can manage fluctuations in the exchange rate of currency very easily.
- You should know that your QuickBooks software application keeps itself updated with exchange rates from WOSD after every four hours.
- Plus, you have also facility available to enter and revalue exchange rates whenever you feel the need of it.
- QuickBooks users can pay and receive the desired payments from customers and Vendors currency very easily.
- They can also reevaluate a currency
How To Use Multi-currency Feature
Multi-currency feature is essential for companies who have clients in foreign countries. Suppose home currency of yours is the Dollar (USD) and your clients are located in Africa and Asia. It is obvious they will be paying you in their own currencies.
The steps to use Multi-currency feature are as:
- First of all, you will need to turn on your multi-currency feature
- You should know that, after turning your multi-currency feature on, you will not be able to turn it off again and
- you will not be able to change your native currency
- Now Press Gear> then Company settings>> and then Advanced>> at the end Currency
- Now chose your Multi-currency Checkbox
- Select “I understand I can’t undo Multi-currency” checkbox
- Click on ‘Save’ option
Things that you notice after turning on the multi – currency feature.
Once you will turn on your multi-currency feature on your QuickBooks, you will notice some changes in the functions of your software.
What are those changes, get to know here.
- The currency you are using for your business will be called ‘Home Currency’. It is the particular currency of any specific nation where the business of yours is based at.
- Your currency lists will appear in Gear>> Lists. You can easily view currency used and exchange rates as well. You can also add new ones to it.
- Things are done automatically on QuickBooks, but you can override some tasks in some things such as a rate if it is important.
- Your currency column will show in the currency of charts
- Reports will convert your foreign currency into home currency and will track exchange rates automatically
How to view and manage multi-currency list
The steps are given as below:
- Go to your currency list, Click ‘Gear’, then ‘Lists’ and finally Currencies.
- Your home currency, as well as foreign currencies that you have added, will show on your QuickBooks screen with the date and current exchange rate.
- You have options to add currency, edit, exchange rate of a currency and delete or revalue a currency
How To Add A Foreign Currency
Steps to add a foreign currency are as:
- Press Gear>> Currencies and>> Add currency
- Now check the list to select your foreign currency
- After selecting, Tap ‘Add’ option
- You will see your foreign currency will appear towards the bottom of the list.
- Now add this currency account to the accounts chart.
How To Create A Foreign Currency Account
You have also the option available to create an account to use and make foreign transactions accordingly in one specific currency only.
The steps are as:
- Click Gear>> Chart of Accountants>> New
- Now type a name to avoid any sort of confusion between Home and Foreign Currency Account. Try to type the name of that Nation.
- Now choose a Foreign currency from the list
- You have options available to add foreign currency accounts payable or receivable. The account will be created automatically and now you can purchase transaction or enter foreign currency sales.
How To Add A New Customer To A Foreign Account
The steps to add new customers to foreign account are as:
- Once you will add a new customer, you have the option to select the type of currency customer uses to pay you.
- Tap Customer option>> New Customer
- Select Billing Tab and Payment
- Tap “This customer pays me with” option to choose the customer’s currency
How To Add A Vendor Who Basically Uses The Foreign Currency
- Once you will add a new Vendor, as we did in the case of a customer, you can choose the currency in which the vendor requires the payment.
- Tap Vendors>>New Vendor
- Go to “I pay this vendor with” section to select Vendors currency.
How To Set A Home Currency Adjustment
Home Currency Adjustment is necessary to convert the value of home currency into all of your foreign balances. But you will need to consult a professional before making any such adjustments because it can impact your balance sheet.
Multi-currency feature is available with QuickBooks plus and QuickBooks Essentials only. But it is coming to QuickBooks Online very soon.
QuickBooks Single currency accounts- tricks to save money, space and time
These QuickBooks tricks and Tips will save your money, space and time. There are much more benefits of these tricks which you will come to know once you will apply them
Tips to view recent transactions on the individual forms
This tip helps you to check list of your recent invoices to gain quick access. It also works for other tasks like expense, bank deposit, receipt and bill etc.
- Click Create (+) >> Invoice>> clock in the upper left corner
- Select Best “Save” options for you.This trick is based on the concept that QuickBooks remembers the last ‘Save’ option you entered so that next time you can directly jump to that point.
- Select Create (+)>> Invoice >> ▼.
- You can also achieve the same results by using these below mentioned shortcut keys
- Save and new: Ctrl + ALT + S
- Save and close: Ctrl + ALT + D
- Save and send: Ctrl + ALT + M
Steps to hide and show billable items Column
This step is extremely useful to save space when you are working on Quick Books
- Click Create (+) >> Invoice. Invoice option is present on the right side of the form.
Tip to get instant access to Bank rules
This option is useful to get instant access to Bank rules that automate and control how your QuickBooks software allows bank transactions.
- Click Transactions>> Banking (option available on the right of Update)
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