Let me provide some information about how Multicurrency works, accounts_llc.
If you're planning to subscribe to QuickBooks Online (QBO) India version, the Multicurrency feature is available. This helps you track your foreign currency transactions including any exchange gains or losses you might incur.
Once you turned on Multicurrency, you can connect your bank that uses foreign currencies (like USD). Then, it allows you to add transactions in those currencies to QBO.
Here's how you can add transactions in a foreign currency:
- Go to the Banking page.
- Open the transaction details and tick the Add tab.
- In the currency fields, enter the Foreign amount or the Exchange rate your bank provides.
The program calculates the total, and the Bank Description or Detail fields as your bank displayed it usually with the amount and currency.
When using foreign currency, you can still split deposit and expense transactions based on different account categories and tax. However, the option to split a transaction based on different currencies is unavailable.
To split a transaction between categories, see Enter a split transaction into the register article.
For more details about Multicurrency, check out these articles:
Visit ourBanking page for more insights about managing your bank transactions.
That should point you out in the right direction. I'm just one reply away if you need a hand with reconciling your bank accounts or any QBO related. I'm always here to help. You have a good one.
