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Level 1

Multiple currencies

I have another question.

We are receiving invoices amount in our US account. 

We have to pay in AED

Also we have to send some staff salary in pakistan into PKR 

The conversion rate is all the time fluctuate. How can i manage entries and all the expense in quickbooks from AED to PKR. 

1 Comment 1
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QuickBooks Team

Multiple currencies

Hello there, sabahat Ikram.

 

Thanks for posting in the Community space. I’m here to share some information on how to manage entries and expenses in QuickBooks using multiple currencies.

 

For you to use different currencies, make sure to turn on the feature in your QuickBooks account. For the steps on how to enable Multicurrency, check out this link: https://quickbooks.intuit.com/community/Reports-and-accounting/Turn-on-multicurrency-and-add-or-dele....

 

Once Multicurrency is turned on, set up AED as the currency you’ll be using to pay for your vendor. For existing vendors, the option to change the currency is unavailable. Setting up currency is only available once you create a new vendor.
Here’s how:

  1. Click Expenses from the left pane and choose Vendors.
  2. Click New vendor on the top right of the screen.
  3. Enter vendor information.
  4. On the I pay this vendor with, select the right currency.
  5. Click Save.

When it comes to paying employees, the option to set up PKR as the currency is unavailable. If you’re using Intuit Payroll, you can only send payroll using US dollars as the currency.

 

For additional information about Multicurrency, refer to his article: https://quickbooks.intuit.com/community/Getting-Started/About-Multicurrency/m-p/185951.


Please let me know if you need anything else, I’ll be here to help. Enjoy your day!

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