I hope someone may be able to help.
I am in the UK and my clients all pay me in GBP. However, many software's and hosting payments I make supply their invoices in USD and sometimes Euros.
The problem is, when I upload the receipts or forward the receipts via email it is accounting for them in GBP. For instance, I just spent $200 on a software but QuickBooks has accounted for this as £200. Is there a way I can simply deal with this?
The ability to keep track of multiple currencies isn't available in QuickBooks Self-Employed. We can send it as feedback to let our Product Developers Team review this.
For now, you can deal these transactions by excluding and adding them in your register. Please check out these articles for the steps:
If you have more questions about recording transactions or anything else, please let us know. We are here to help.
We will most likely send an email out to everyone when Multi-currency is supported on the Self Employed product, however currently only our Essentials and Plus packages are advertised to support Multi-currency.
I am not personally aware of any plans to change this, however this is being fed back internally to the development teams. I suspect the among the limitations would be that the currency conversations would need to post to a Chart of Accounts or Accounts list, to accurately record and represent the Gain/Loss of the income. QBSE is not built around an accounts list, but SA103F categories; as such - QBSE is designed around the submission of the SA103F, whereas the Foreign Currency gains falls under the SA106 form, which our system is not designed to support. I will format the feedback in such a way to include recommendations to support these supplementary pages of the SA returns.
I have spent the whole day trying to find an alternative solution to manage multi currencies expenses. I decided to upgrade from QBSE to QBO, but Quickbook online is not easy to use and the helpdesk is not trying to help me. I am looking for a different software now since Quickbook is ignorant of the essential problem. In the global world, it is difficult to imagine that all your expenses will be in one currency only!
Same issue here. QBO is HORRIBLE, super slow and to many steps to do simple things. Its not done for professionals.
Doing multi currency receipts does not work in QB either. It only works if you enter them manually