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Level 1

Other Ways to Account for Muliple Currencies in Quickbooks Enterprise other than Using Built in Feature

If Mulitple Currencies is enable in Quickbooks Enterprise, many important and useful parts of Quickbooks are NOT AVAILABLE. Also, once enabled, the user cannot "undo" the setting to use Multiple Currencies. Thus, is there any way or add on or service that anyone uses to handle invoice transactions for example that are imported into QUickbooks from a Canadian Website, but are in Canadian Dollars and NOT U.S. Dollars (Which is the goal). Is there some accountant method that could be used to make these calculations and entries. I know the Canadian Dollar amounts and the conversion rates used per transaction.

2 Comments
Moderator

Other Ways to Account for Muliple Currencies in Quickbooks Enterprise other than Using Built in Feature

Hello there, BrilliantLegalSolutions,

 

You'll want to visit the QuickBooks Desktop Marketplace if there's a third-party application you can use. You can search for apps that'll suit your business need.

 

Furthermore, you can consult your accountant on how to handle the recording for these multicurrency entries.

 

Check out this article: Set up and use Multicurrency.

 

Let me know if you need anything else.

Level 15

Other Ways to Account for Muliple Currencies in Quickbooks Enterprise other than Using Built in Feature

@BrilliantLegalSolutions 

You have to purchase a 3rd party service to turn the multi currency feature off in the QBD data file.

 

If you are dealing with multi currency transaction, you may utilize this 3rd party payment service.

https:// veem.grsm.io/veems

 

You may release an invoice and get paid in USD, and your customer in CA pays it in their local currency (i.e CAD). You don't need to turn the multi currency feature on. Unfurtunately, it only sync with QBO. You may consider using a 3rd party importer tool if required.

https:// transactionpro.grsm.io/qbd

 

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