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Join nowI have just begun to use Quickbooks online. I would like to set up bank accounts in several different currencies. Similarly, I need to set up Accounts Payable in a couple of foreign currency.
Of course, in each case, I need to define the opening currency balances (as at 31 March 2020) in account. That's straightforward. But I also need to apply the foreign exchange rates which prevailed on 31 March. More accurately, I want to apply the foreign exchange rates which I used (in accounts created in accounting software now supeceded by QBO) on 31 March when valuing those balances in my home currency. Once that's acheived, I can bring the accounts up to date and, using a home currency adjustment, value the up-to-date balances using QBO exchange rates.
So, in short, this is a question about imposing the home currency valuations of foreign curreny balances
Hello there, @ChrisACCL!
You'll have to turn on the multi-currency feature first before you can utilize its functions. But please know that you're unable to turn it off once its function is turned on.
Once done, you can start creating all your multi-currency accounts and make sure to assign the correct currency. You can read through this article to learn more: Turn on and use multicurrency.
Lastly, I've got you this article for ideas to help manage your exchange rates: About exchange rates.
Keep me posted in the comments if you have any other questions. I'll be here to lend a hand.
As adiitional option, if you are dealing with multi currency transactions, utilize this 3rd party payment service and a virtual bank. They support QBO.
https:// veem.grsm.io/veems
https:// prf.hn/l/7gg1NWy
Hello, and thanks for your response.
I have already activated the multi currency feature; that much, I am comfortable with. Now, I have to create bank accounts in QB Online. Let's say I have a bank account in EUR (my home currency is GBP) with EUR 5,000.
I want to move my accounts over to QB Online, with a start date of 1 April 2020. I want my opening balances to match those I last reported, as at 31 March 2020. It is easy enough to establish the initial balance in QB Online as EUR 5,000.00. What I must also do is apply (to that 31 March EUR balance) the EUR/GBP exchange rate which I applied on 31 March. This way, QB Online will capture exchange gains and losses when I next revalue my the balance.
I hope that's clear!
Thank you for getting back to this thread, @27975011
Yes, you can manually add a bank account in QuickBooks Online. Let me guide you how:
With regards to applying an exchange rate to enter the opening balance, it isn't possible in QuickBooks Online. You can manually calculate the conversion, however, it will not capture the gain and loss.
I recommend checking with an accountant for suggestions as this process can affect the financial reports especially the balance sheet.
I've added these articles to know more about managing accounts in QuickBooks Online:
Please fill me in if you have other concerns. I'll help you as soon as I can. Have a pleasant day.
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