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1336978935
Level 1

Convert presentational currency

Hi, 

 

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.

Solved
Best answer August 11, 2021

Accepted Solutions
JonpriL
Moderator

Convert presentational currency

Hello @1336978935,

 

In QuickBooks Online, all existing entries will use the preferred home currency after turning it on. Even if you convert your data, your accounts and transactions will still use the home currency you've chosen.

 

Yes, you can use more than one currency in each entry as long as the name has been assigned to the correct one. Say, your customer and suppliers be assigned to USD to enter sales and expenses with USD. And your employees be assigned to GBP to process payroll in GBP funds.

 

In the same manner, here's an article you can read to learn more about multi-currency and how it works: The Effects on the Accounts and Balances on your Company File when Turning on Multicurrency.

 

On top of that, I've also included this reference helpful with the steps needed in understanding how stable is your business's financial status: Setting up Reports to Customise, Run, and Share in QuickBooks Online.

 

If you have any other questions, please let me know by leaving any comments below. I'll be here to lend a helping hand. Take care and stay safe!

View solution in original post

1 REPLY 1
JonpriL
Moderator

Convert presentational currency

Hello @1336978935,

 

In QuickBooks Online, all existing entries will use the preferred home currency after turning it on. Even if you convert your data, your accounts and transactions will still use the home currency you've chosen.

 

Yes, you can use more than one currency in each entry as long as the name has been assigned to the correct one. Say, your customer and suppliers be assigned to USD to enter sales and expenses with USD. And your employees be assigned to GBP to process payroll in GBP funds.

 

In the same manner, here's an article you can read to learn more about multi-currency and how it works: The Effects on the Accounts and Balances on your Company File when Turning on Multicurrency.

 

On top of that, I've also included this reference helpful with the steps needed in understanding how stable is your business's financial status: Setting up Reports to Customise, Run, and Share in QuickBooks Online.

 

If you have any other questions, please let me know by leaving any comments below. I'll be here to lend a helping hand. Take care and stay safe!

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