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Level 1

Multicurreny - Currency Accounts Receivable and Payable

Hi there, 

 

I am using Multicurrency but I cannot assign a different currency to Accounts Receivable and Payable.... 

 

Could you help me out?

 

Kind regards,

Ana

4 Comments
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QuickBooks Team

Multicurreny - Currency Accounts Receivable and Payable

Hi Ana,

 

Glad to learn you're using QuickBooks to get ahead with your work. I'd be happy to share more info about using Multicurrency is QuickBooks. 

 

QuickBooks is designed to simplify your work by doing most of the manual calculations and currency conversions for you. With our Multicurrency feature, you can assign a currency to most types of accounts, including customers, suppliers, bank and credit card accounts, accounts receivable, and accounts payable. The other thing to note is that income and expense accounts always use your Home currency. Your Home currency is the currency of the country where your business is physically located. 

 

I'd like to look into why you're unable to assign a different currency on your end. What happens when you try assigning the different currency? Are you getting an error message? Feel free to send screenshots for visual reference. If you prefer direct and immediate support, I recommend contacting our support team using the details below. One of our agents can share your screen and help figure out what's going on. You can also work with me herein the comments below. 

 

  • Schedule a Callback or start a Chat: click (?)Help in the upper right > type and enter "Contact support" into the QB Assistant > click Contact Us > explain your situation > click Let's Talk > choose Get a callback or Start a Chat. Support is available from Monday to Friday between 9 a.m. and 8 p.m. ET.
  • Social MediaFacebookTwitter, and Instagram.
Highlighted
Level 1

Multicurreny - Currency Accounts Receivable and Payable

Hi James,

 

Thank you for the quick reply. Well I did not receive an error message. Just that the option for the beginning balance disappears.  

 

Please find the screenshot where the option for beginning balance disappears.

 

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QuickBooks Team

Multicurreny - Currency Accounts Receivable and Payable

Thank-you for the clarification on the issue you're experiencing, Ana.

 

I gave this a try in my test account and received the same result - the option to enter a beginning balance for the supplier disappears after selecting a different currency. However, it's easy to enter a beginning balance in QuickBooks Online. You'll simply need to enter a journal entry against the opening balance equity, hitting the accounts payable account, with the supplier in question selected. The article below goes over all of the steps to enter this transaction:

 

 

I always recommend working with an accountant when entering journal entries. They can ensure that this is the best way to enter the balance for your business. If you're already working with an accountant, you can invite them to your books by entering their email address on the My Accountant page in QuickBooks Online. If you're looking to start working with a QuickBooks-certified accountant, the Find a pro to help button on the same page will take you to our database of ProAdvisors that are ready to support you.

 

Since entering an opening balance for a supplier from the supplier profile is a handy feature, I encourage you to submit feedback on including this field when a foreign currency has been selected. Our product development team is always looking for new ways to improve our product for users like you. Navigate to the Gear icon, then Feedback to have your voice heard.

 

Enjoy your weekend!

 

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Level 14

Multicurreny - Currency Accounts Receivable and Payable

@Ana18 

As additional options, if you deal with multi currency transactions, utilize these services to integrate with your QBO account.

https://veem.grsm.io/veems

https://prf.hn/l/7gg1NWy