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Hi,
Just a quick question hopefully....
I have just set up multicurrency, as I might be starting a new contract in Belgium shortly and I believe that my invoices will be billed and paid in Euros.
Now, each time I raise a bill, the euros side will be fine, as I will bill in Euros and will be paid that amount of Euros, but the conversion from my business account, I suspect will differ each time, since the exchange rate will fluctuate.
My question is, if I set the exchange rate in the settings manually, will this affect past invoices? By that, I mean would it go back and amend the exchange rate used in all previous invoices? Or will this only impact new invoices/payments received?
Obviously, the aim is to end up where the converted (exchanged) euro payment in to Pounds matches the Pounds amount on my invoice so that everything matches up nicely :)
Thanks
Andrew
Solved! Go to Solution.
Hello Andrew,
Welcome back to the Community - thank you for your question!
If you alter the exchange rate within the settings, it will not affect any previous invoices/payments, only those going forward.
Please let us know if you have any further questions.
Thank you,
Talia
Hello Andrew,
Welcome back to the Community - thank you for your question!
If you alter the exchange rate within the settings, it will not affect any previous invoices/payments, only those going forward.
Please let us know if you have any further questions.
Thank you,
Talia
Thank you Talia. Perfect!
Hi @TaliaI
Sorry to kind of resurrect this, but I've found out a little more on the process of my billing now and I am still a bit unsure how best to handle this...
So, from further reading of the FAQs I have spotted that I can add in an additional account (as an account can only have 1 currency) and I have noticed in the Chart of Accounts that all of the accounts, including my bank account lists GBP (as expected).
But what I would like to know is:
I am just trying to learn as much as possible on the affects of this and how I should handle things like the multiple bank accounts, different expense categories (Chart of Accounts) and reporting for people like the Tax Man :)
As I have said, I have seen some FAQ docs which I am working through but haven't spotted anything (yet) that answers the above, and would therefore appreciate any help that you, or anyone else that may have experience in dealing in multiple currencies could offer me with this.
Many thanks
Andrew
Hello again, @pezza.
Thanks for sharing such detailed information. It gives me an overview on how to help you handle your transactions in QuickBooks.
Based on the information provided, the Multi-currency feature will help you manage them. Just a heads up, this feature is only available in the Essentials and Plus version.
If that’s your current subscription, let me walk you through the process of activating it.
Here’s how:
Since you’ll be accepting Euro and Pounds, make sure to create these customers and banks in QBO. This will help you efficiently track transactions for each currency.
To add customers:
To add the foreign currency accounts:
After setting them up, you can now create invoices and accept payments in Euro. Once done, transfer the funds from your EU account to the GBP bank.
In regard to your other question, you don’t have to create another expense account for each currency because the amounts recorded in QBO are based on the home currency, and it goes the same way on your reports. However, you can run the Balance Sheet report to check the data for each currency.
The information I provided should point you in the right direction.
If you have additional questions about QBO, reach out to me by posting a comment below. I'm here to assist you further.
hello,
Im Yassir i need to set a fixed exchange rate to all new and past invoice in quickbooks online
Thanks
Hi there, @Yassir.
You'll want to go to your Account and Settings and enter a fix exchange rate from there. Let me guide you how.
In your QuickBooks Online (QBO) account:
I got you this article for more details: Enter an exchange rate.
You might also want to check this article that can guide you on how to give your invoice a unique look: Customise invoices, estimates, and sales receipts in QuickBooks Online.
Know that our door is always open whenever you need help. Keeping you in working order is our top priority. Take care and stay healthy.
Utilize the trial period of a 3rd party tool to modify your xchange rate in past transactions. Export your data out, modify the rate, and reimport back into your QBO in bulk. Make sure to set some filters to avoid any duplication.
https://transactionpro.grsm.io/qbo
Hi,
Thank you for the details explanation and steps here.
I have a more important questions as since we deal with customers with different currencies - is there any way to fix the pricing to that currency and not base it on the exchange rate?
For examples,
I sell the home customer (US) at $10.00 per unit. However I would like to sell to a foreign customer (UK) at £15.00 per unit.
The currency exchange will give the price per unit £8.50 for instance.
Is there anyway to set it to £15.00 without involving the currency exchange? if this is possible it will be great help.
Hello, @AnnieUK2020.
I can share additional information on how the multi-currency features work in QuickBooks.
Since you've mentioned that your home customer is in the US, are you perhaps using QuickBooks Online US version? If yes, you can use the Price Rules Beta which is available only in the QuickBooks Online US version. It enables you to enter an optional or fixed price on your multi-currency products.
Here's how to set it up:
Once turned on, you can follow the steps below to creating a price rule.
You can read through this article for more in-depth information: Set pricing rules in QuickBooks Online.
Also, you can browse these articles to know more about multi-currency in QuickBooks Online:
Swing by here again if you have other questions about tracking your income and expense multi-currency transactions in QuickBooks. I'd be more than willing to lend you a hand.
How do I adjust the exchange rate in Quickbooks desktop?
Hi there, @swilsey.
Allow me to step in and share some information on how you can adjust your exchange rate in QuickBooks Desktop.
QuickBooks Desktop downloads rates for active currencies only. In addition, you can only download rates if your home currency is the US dollar.
To download exchange rates:
To manually enter exchange rates:
To learn more about the process, check out this article: Set up and use Multicurrency
Stay in touch if whenever you need anything else. I'm always right here to help.
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