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MikeyB
Level 2

Manual payroll with multi currency

Hello - is there any type of work around to still use the manual payroll function within QB Desktop Pro 2020, when you activate multi currency, and your home currency is set to a non-USD currency?   

 

My company is located in the Cayman Islands, and the home currency is KYD (Cayman Island Dollar). 

80% of the transactions are in KYD, however we do have a USD bank account as certain vendor purchases are made in USD.

 

For the last year I have been able to process payroll using the timesheets for my job costing of labor hours, and 'manual payroll' to generate paystubs for all of my employees.  I have recently turned on the multi-currency feature in QB and set my home currency as KYD, and now I am unable to use the payroll function.   Is there any type of work-a-round whereby a home currency can be set as non-USD, and the manual payroll function can still be used?   Payroll is processed in the home currency.

2 Comments 2
BettyJaneB
QuickBooks Team

Manual payroll with multi currency

Hello there, @MikeyB.

 

I've got insights to share about the multicurrency feature in QuickBooks Desktop.

 

Turning on the Multicurrency feature in QuickBooks Desktop is irreversible. That said, you can no longer change the home currency that you've selected.

 

You can restore a backup of your company file if you want to process transactions without multiple currencies. Here's a link that you can scan through when restoring data: Restore a backup of your company file.

 

On the other hand, the payroll feature in the system allows you to generate paychecks in USD currency. To get your work done, you may process your employee's paycheck manually. 

 

To do that:

  1. From the Edit dropdown menu, select Preferences.
  2. Select Payroll & Employees, then select the Company Preferences tab.
  3. In the QuickBooks Desktop Payroll Features section, select the Full payroll and the Manual Payroll checkboxes.
  4. In the Get payday peace of mind window, select Next and then Activate in the confirmation screen.
  5. Select OK to apply the changes.
  6. Select OK to exit out of the preferences window.

For more details about this, please see this article: Learn how to set up manual payroll in QuickBooks Desktop.

 

In addition, you can use the current currency that you've selected (KYD). After that, you can process a journal entry distribute the amounts based on USD. 

 

However, to ensure the best course of action for your business, I'd recommend reaching out to your accountant. They'll be able to guide you on what's the best thing to do when crediting and debiting your accounts.

 

Once verified, you can follow these steps below to create a journal entry:

  1. Navigate to the Company menu.
  2. Select Make General Journal Entries.
  3. Fill out the fields and make sure your debits equal your credits when you’re done.
  4. Select Save & Close.

For more details on how to manage your journal entry transactions, you can check out this article: Create a journal entry in QuickBooks Desktop for Windows or Mac. This contains steps on how to edit, reverse, and delete the entry.

 

Please let me know if you need clarification about this, or there's anything else I can do for you. I'll be standing by for your response. Have a great day.

Fiat Lux - ASIA
Level 15

Manual payroll with multi currency

@MikeyB 

If you didn't secure any backup file, you have to purchase a 3rd party service to disable the multi currency feature on your QBD file.

 

As another option, you may record the payroll data in journal entries and it supports multi currency. 

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