cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Created with Sketch. Visit our new QuickBooks News section for news, updates, and opportunities to give feedback.
Highlighted
Level 2

Multiple foreign currency billable expenses

I'm trialing QB Enterprise currently.  We incur a lot of expenses in different foreign currencies on behalf of our clients.  I set up a GL code to allocate these expenses to (as a test) and allocated as billable to the client.  When I raised the invoice to bill the client for these expenses I end up with a small balance remaining due to forex.  Is there are way/best practise to ensure the balance is always zero?  Do I fake the exchange rate to force the balance to zero?  Do I do a general journal after raising the invoice to move the balance to forex gain/loss (this is what I chose to do)?  Thanks!

Solved
Best answer August 28, 2020

Best Answers
Highlighted
QuickBooks Team

Multiple foreign currency billable expenses

Hi AS37,

 

Multi currency is a great way to keep track of all the expenses your clients make so they can be billed at a later time. I can help go over how multi currency and exchange rates work in QuickBooks Enterprise.

 

When you are using multi currency it is best to always make sure you have the latest exchange rate downloaded. It is recommended to do this once a day to make sure your balances are accurate. Due to how often exchange rates change its not always possible to get a balance of zero as it is always changing. One thing you can do though is use the home currency adjustment to correct the exchange rate for your expenses to what they were when the charge was made. You can do this by going to Company>Manage Currency>Home Currency adjustment. You'll just have to know what the exchange rate was at that time to allow for the correction.

 

Before making any changes it may be best to consult your accountant to make sure that you have the correct numbers and exchange rates to prevent any issues with your books. If you don't have an accountant however we have you covered. You can find one in your area by going to our find an accountant page.

 

Hope this was able to help.

View solution in original post

Highlighted
QuickBooks Team

Multiple foreign currency billable expenses

Hi AS37,

 

You can use the home currency adjustment for that reason but it's also used to adjust entries when receiving payments as you can select which invoices or bills to change. So while you can use if for that it could be a bit more time consuming as you need to make sure you are selecting the correct transactions.

 

Hope that better explained the home currency adjustment feature.

View solution in original post

5 Comments
Highlighted
QuickBooks Team

Multiple foreign currency billable expenses

Hi AS37,

 

Multi currency is a great way to keep track of all the expenses your clients make so they can be billed at a later time. I can help go over how multi currency and exchange rates work in QuickBooks Enterprise.

 

When you are using multi currency it is best to always make sure you have the latest exchange rate downloaded. It is recommended to do this once a day to make sure your balances are accurate. Due to how often exchange rates change its not always possible to get a balance of zero as it is always changing. One thing you can do though is use the home currency adjustment to correct the exchange rate for your expenses to what they were when the charge was made. You can do this by going to Company>Manage Currency>Home Currency adjustment. You'll just have to know what the exchange rate was at that time to allow for the correction.

 

Before making any changes it may be best to consult your accountant to make sure that you have the correct numbers and exchange rates to prevent any issues with your books. If you don't have an accountant however we have you covered. You can find one in your area by going to our find an accountant page.

 

Hope this was able to help.

View solution in original post

Highlighted
Level 2

Multiple foreign currency billable expenses

Thank you!  I wasn't aware of this feature.  Would this be the right feature to use for revaluing foreign accounts/balances at year end?

Highlighted
QuickBooks Team

Multiple foreign currency billable expenses

Hi AS37,

 

You can use the home currency adjustment for that reason but it's also used to adjust entries when receiving payments as you can select which invoices or bills to change. So while you can use if for that it could be a bit more time consuming as you need to make sure you are selecting the correct transactions.

 

Hope that better explained the home currency adjustment feature.

View solution in original post

Highlighted
Level 2

Multiple foreign currency billable expenses

Is there another feature for doing the year end revaluations?

Highlighted
QuickBooks Team

Multiple foreign currency billable expenses

Hi there. It's important you're able to complete your Year-end revaluations and I'll be happy to steer you in the right direction. I encourage you to check out this article for more info on: QuickBooks year end guide. Let me know if you have questions by leaving a comment below.