cancel
Showing results for 
Search instead for 
Did you mean: 
LMB77
Level 2

Could someone please advise me on multi currency. 

 

We are a 501C3 based in the united states and our home currency is USD. We have a publishing program and the various platforms we partner with as distributors work in multiple currencies and we also pay royalties to authors in multiple currencies as well as hire contracted services who invoice us in their local currency. 

 

In terms of book sales : 

The sales reports we received are listed in the the original currency.  For example for amazon. 

We get a sales report for the  month and on that is listed all the sales across all of amazons platforms 

Each sale line item  has  product qty rate and then amount in the original currency whether that's CAD / USD / GBP /  IN / EURO / AUD etc. 

The about 2 months later when amazon pays us they provide the FX rate that they used - they pay per market  - so all CAD sales converted into USD and paid / all GBP sales converted into USD and then paid. 

 

In terms of Royalties paid  : 

Royalties are paid to the author in USD but  through PayPal it converts into their local currency.

 

Contracted services :

Our marketing and design team are based in  south Africa and invoice us in ZAR  their local currency -  our account statement is held in ZAR with them and they work on the rand value they receive on their end. 

This means currently I have to manually enter each line item and manually convert each line item to usd to enter into QuickBooks because every transaction is in rands. Same goes for the bookkeepers invoices which are in GBP 

 

I'm doing a massive data catch up and trying to  work out each line item back to USD seems overwhelming. 

 

My questions -

  1. If I assign an FX rate to an invoice - does QuickBooks change  that  FX rate or does my manual fx rate override QuickBooks assign fx rate for the day / period.  
  2. Can I  assign the FX rate per invoice or only per date range 
  3. what , if any , are the drawbacks of using multi currency.
  4.  is it easy to learn as I never used the function before :)

 

Thank you so much.

really appreciate your time and feedback 

 

 

4 Comments
RenjolynC
QuickBooks Team

I appreciate the details you've provided, LMB77.

 

If you modify the exchange rate when creating the invoice, it will override the figure for that specific transaction only or for all new transactions in (currency) for (current date).

 

For changing the rate, you can follow the steps below. Note: You should not change exchange rates from the Currency Center unless the rate is to be used for an entire day.

  1. Go to the Gear ⚙ > Currencies.
  2. Locate the currency you want to change, and click Edit currency exchange rate.
  3. In the Edit currency exchange rate dialog, select Your rate.
  4. Enter the new rate in the field provided.
  5. Hit Save.

Here's an article for reference: Enter an exchange rate.

 

To learn more about the advantages and disadvantages of the multicurrency feature, you can check out this article: About Multicurrency.

 

I'm just a few clicks away if you have any follow-up questions. Just leave a reply below and I'll get back to you as soon as I can. Thanks.

Fiat Lux - ASIA
Level 15

@LMB77 

You may utilize these services to deal with multi currency transactions and integrate the app with your QBO account.

https:// veem.grsm.io/veems

https:// prf.hn/l/7gg1NWy

 

LMB77
Level 2

Veen only allows you to receive funds from south africa - we are sending funds to south Africa so how does this help me ? 

Fiat Lux - ASIA
Level 15

Explore to open a virtual business account at TW to send the fund in USD and your partner will receive it in ZAR. You may utilize the bank feeds if required.

https://prf.hn/l/7gg1NWy

 

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us