The latest update of the Android App for QuickBooks Online sees multicurrency, Chart of Accounts and Products and Services added to the app. Please note that for all IOS users this update will happen towards the end of December 2015.
Changes in this update give you more flexibility whilst out on the road, not just here in Australia but even overseas. So imagine you’re doing a business trip in New Zealand. You’re sitting with the company’s representative talking business and he would like a quote. All you have to do is pull out your mobile phone and:
- Email directly a NZD$ quote while you’re in their office, but if required:
- Add the overseas currency customer
- Check that the correct products are there
- Add your new products
- Link them to your Chart of Accounts income account
- Add a new account if the income account is not in the QBO file
While leaving the office you receive a call to say the CEO has accepted your quote. If you can forward an invoice and they will pay you immediately as goods are required urgently.
Now it gets even better! All you need to do is get your mobile phone out, find your quote and turn it into an NZD$ invoice and email the invoice directly to them – all this whilst you haven’t even arrived at your next destination.
Prior to having access to the multicurrency functions on your app please ensure that this is turned on in QuickBooks Online file on the web. The exchange rates are updated every four hours, using the Wall Street on Demand rate. You can manually change the rate if you require.
Click on the Company Preferences Cog icon right hand top corner > Under Settings click Company from left hand side navigation bar > Click Advanced > In Currency turn on Multicurrency.
- Click on the pencil icon to open the currency tab
- Select the Multicurrency tickbox
- Select the I understand I can’t undo Multicurrency and click Save
Once multicurrency has been turned on you can process the following in your QuickBooks Online Android App.
Assign a foreign currency transaction to: customers, suppliers, banks and credit cards.
The assigned currency can to used in transactions such as invoices, estimates (quotes), payments, sales receipts and expenses.
Chart of Accounts
The Chart of Accounts can now be seen from the app and the individual register can be viewed. See Debtors below. You can also click to Edit Account name or description, Filter by Account Type and Sort Transactions.
Note: In the register list view (screen shot 2) QuickBooks Onlie can only fetch and display one year of transaction data.
Products and Services
You can now access Products and Services, giving you an overview of ALL your products and services in QuickBooks Online. It also allows you to create new items.
Click the Products and Services button on the left hand side bar. This will bring up your list of Products and Services > Click the plus sign + to Create Item.
Now you can search for text in more fields in a list, such as address, date and other fields.
These updates to the mobile app will help you when you are out and about doing on the job. Keep an eye out for the IOS update later in December.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.