Quickbooks Support

Contact QuickBooks Customer Care USA to know How to Use Multi-Currency

With this QuickBooks feature of multi currency, you can keep track of transactions in foreign currency. This assigns a specified multi currency and accounts.

  • Customers
  • Vendors
  • Price Level
  • Bank Accounts
  • Accounts Payable/ receivable

Method 1 

Turn on multicurrency

  • Select Edit >> Click Preferences
  • Go to Multiple Currencies
  • Select Company Preferences >> Click on Yes, I can use more than one currency
  • From Drop down menu >> Select your home currency

Method 2

ADD foreign currency customers and vendors

Only one currency is given to per customer or vender supplier

  • All existing customers and vendors will be provided with you your home currency when you turn on the feature. This currency can’t be changed for names that already have transactions recorded against them.
  • Continue home currency customers or vendors as you close open balances. Use your foreign-currency customers or vendors for any new sales or purchases you create but continue using the home currency names till you complete any current open transactions.
  • Use the Customer and Vendor Centers to create foreign-currency customers or vendors. If a name is already listed using your home currency, assign a slightly different name to the foreign-currency customer or vendor that you created.

To add foreign-currency Vendors or Customers:

  1. Go to the Customers(or Vendors) >> Customer Center.
  2. In Customer Center>> New Customer job Choose New Customer (or New Vendor).
  3. Write Customer(or VendorName and Currency.
  4. Click OK.

Method 3

Foreign Currency Accounts

Only one currency will be assigned for each individual account

  • Your home currency is already assigned to existing accounts
  • We can use home currency accounts to complete open balance
  • Currencies can only be assigned to following bank types ;Banks, credit card, account receivable/payable
  • Use COA chart of accountant to create foreign currency bank.

To add foreign-currency Accounts:

  • Click on Lists >> Chart of Accounts.
  • In Chart of Accounts, right-click anywhere and select New.
  • Choose the account Type >> assign a name.
  • Select Save & Close.

Method 4

Update your exchange rates

You can download currencies if your home currency is US dollar.

How to download exchange rates:

  • Click on List menu >> click on Currency list
  • Select Activities button >> Download latest exchange rates

How to enter exchange rates manually

  • Click on List menu >> click on Currency list
  • Double click on Currency
  • In Edit currency >>Update Currency exchange rate

Method 5

Create Foreign Currency transactions

  • You don’t have to assign a currency to sales and purchase transactions. Exchange rates are part of each transaction and determine the home currency value of the transaction.
  • Amounts on sales and purchase transactions are in the customer’s or vendor’s currency

We assure you that we will provide you right guidance for any error. Our technical expertise will contact you within 24 hrs of your query. For more details please contact our QuickBooks Customer Care USA or you can also drop a mail on support@quickbooksupport.net.

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