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Making An Entry For A Utility Deposit In a Foreigh Currency

I am running quickbooks in 2 separate currencies.  I had to make a security deposit for untilities in a new office we are leasing.  The payment was made in a foreign currency but I do not know how to make the entry in quickbooks.  All the other asset accounts are in US dollars and I need to make the entry in JA dollars.  When I try to setup another account, I don't have an option to tie the account to the foreign currency.  Does anyone know what I need to do?

1 Comment
QuickBooks Team

Re: Making An Entry For A Utility Deposit In a Foreigh Currency

Hello Mike,

 

You'll need to turn on the Multiple Currencies feature so you can create a foreign account. Before that, I'd recommend backing up your company file. This is because we won't be able to turn off this feature.

 

Here's how to turn on Multicurrency:

  1. Click Edit at the top menu and select Preferences.
  2. In the Preferences window, click the Multiple Currencies menu.
  3. Go to the Company Preferences tab and select Yes, I use more than one currency.
  4. Choose your home currency and click OK.

Now, you can already create a foreign currency account:

  1. Click Lists at the top menu and select Chart of Accounts.
  2. Click the Account button and select New.
  3. Choose the account type and click Continue.
  4. Enter the account details and make sure you select the Currency correctly.
  5. Click Save & Close.

You can also use this article for reference: Set Up and Use Multi-Currency.

 

I'd also recommend contacting your accountant on how you can create the entries. They know what's best for you and your books.

 

Let me know if you need anything else.

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