Multicurrency set up

bev8878 · ‎July 21, 2021

I created a backup of my company to test a Multicurrency setup. In the test company, I edited the preferences for a multicurrency company.

When I contacted support, I was told that a gain/loss account and an unrealized fx account would be set up automatically when I set up Multicurrency in the test company. Neither of these accounts are set up after posting a transaction - as a test transaction, I transferred funds between a CDN and a US bank account.

I have also looked at a B/S the next month to see if anything re-valued at month-end, but I do not see the account.

Did I miss a step in the multi-currency set-up? I am using QB Desktop Enterprise

JamesM4 · ‎July 21, 2021

Hello bev8878,

Thanks for taking the time to reach out to us here in the Community. I'll be glad to assist you with achieving your QuickBooks goals. The program is designed to help business owners get ahead with their work using the amazing features in QuickBooks.

I'd like to make sure I'm on the same page as you. Could you elaborate more about what you're looking to accomplish in QuickBooks? In the meantime, I encourage you to check this helpful article that shows you how to:

Set up and use Multicurrency. The article goes over the necessary steps required to set up multi-currency in QuickBooks Desktop.

Feel free to reach back to me in the comments below. I'm here to here to help you get back on track with your work.

bev8878 · ‎July 22, 2021

Thank you for your response. I was able to load the rates. Are you able to load HISTORIC rates? I am implementing QB after the start of a fiscal year and I would like to be able to load month-end historic rates (if possible) from the start of this fiscal year.

Tammy_H · ‎July 22, 2021

Hi bev8878,

It's great to hear that you're making use of the multi-currency feature in your QuickBooks account. The article James provided you actually show you how to change the exchange rate or specific dates. For your convenience, I'll provide the steps for you.

To manually enter exchange rates:

Go to the Lists menu, then Currency List.
Double-click a currency.
In the Edit Currency window, update the currency exchange rate for specific date/s.

If you have any issues with this, reach back out. We're here to help. Have a fabulous day!

Topics

Training

Community

Resources

Multicurrency set up