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Level 1

Hi! How multicurrency company in Singapore can setup USD as a reporting currency? Given that there is a recommendation not to pick USD as a basic currency if not in US

 
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Moderator

Hi! How multicurrency company in Singapore can setup USD as a reporting currency? Given that there is a recommendation not to pick USD as a basic currency if not in US

Hello office138,

 

Yes, it is not recommended to use USD as the home currency for none-US users. Instead, select the home currency based on your location. You can browse these articles to know more about multicurrency in QuickBooks Online:

When you set up accounts, customer or vendor profiles, you'll have an additional field where you can set it for USD.

Here's how to create a USD account:

  1. Select Accounting on the left menu and go to the Chart of Accounts tab.
  2. Click the New button and select the Account Type and the Detail Type.
  3. Enter the Name and other necessary details.
  4. In the Currency field, select USD United States Dollar.
  5. Click Save and Close.

Here's how to create a USD customer profile:

  1. Click Sales on the left menu and go to the Customers tab.
  2. Select the New customer button and enter the necessary details.
  3. Go to the Payment and billing tab.
  4. Select USD United States Dollar in the This customer pays me with field.
  5. Click Save.

Here's how to create a USD vendor profile:

  1. Click Expenses on the left menu and go to the Vendors tab.
  2. Select the New vendor button and enter the necessary details.
  3. Select USD United States Dollar in the I pay this vendor with field.
  4. Click Save.

You can always get back to us if you require additional help in setting up your multicurrency company. Have a great day!

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Level 11

Hi! How multicurrency company in Singapore can setup USD as a reporting currency? Given that there is a recommendation not to pick USD as a basic currency if not in US

@office138 

If you are opening a QBO SG version, SGD will be your default home currency. You need to turn multi-currency feature on to set USD as the home currency. 

https://quickbooks.grsm.io/Singapore

 

As additional option, explore this payment service to deal with multi-currency transaction.

https://veem.grsm.io/veems

 

Hope it helps.