Our company currently operates Intuit QB for a medium size business which invoices customers in USD but our companies house reporting is done all in GBP. In the next 6 months or so we plan to convert the entire balance sheet and P&L to USD as it will become our functional currency i.e. (the currency in which we do most of our transactions), however our payroll will still be paid in GBP as mostly based in the UK.
My question is:
1. How easy is it to convert the balance sheet/P&L etc. to USD going forward? The multicurrency button has been switched on therefore I believe it cannot be done via settings and will require resetting QB. If we were to set up a brand new QB account and export the data, at which point in the process would historic data be converted to USD? - what exchange rates would be used for this conversion.
2. How would this work in practice i.e. does QB allow the home currency (sales, invoices, debtors etc.) to be in USD but payroll payments and some expenses to be settled in GBP?
Any advice on the matter is appreciated.