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bisho15
Level 2

Using Multiple Currencies - Desktop 2019?

My company is US based. The majority of our vendors though are in Australia, and nearly all my purchases are made in Australian dollars. All my sales are in USD.

 

I'm currently using QB Desktop 2019.

Estimates to customers are in USD.

PO's to vendors are in AUD.

Invoices to customers are in USD.

Payments are received in USD.

 

For ease of use purposes, my inventory items are recorded as being purchased at the AUD rate (as this populates the PO) and sold at my USD rate (as this populates my estimates and invoices). So not apples to apples.

 

I currently record the payments to vendors manually, matching the exchange rate at which I purchase my AUD (this is the USD amount shown on my bank account) for that transaction. All transactions are handled separately to keep things simple.

 

Q1: Would my life be easier and more beneficial if I were to use Multi-currency in QB?

Q2: It doesn't seem to be an option in QBD2019 - do I need to upgrade? If so, would you recommend Desktop or Online???

 

Thanks!

 

9 Comments 9
Fiat Lux - ASIA
Level 15

Using Multiple Currencies - Desktop 2019?


PO's to vendors are in AUD.

 

For ease of use purposes, my inventory items are recorded as being purchased at the AUD rate (as this populates the PO) and sold at my USD rate (as this populates my estimates and invoices). So not apples to apples.

 

I currently record the payments to vendors manually, matching the exchange rate at which I purchase my AUD (this is the USD amount shown on my bank account) for that transaction. All transactions are handled separately to keep things simple.

Did you send PO from other system outside QuickBooks? 

 

1. Go to menu Edit > Preferences > Multiple Currencies. Turn the feature on.

2. Make sure USD as your Home Currency

3. Go to menu Edit > Preferences > Item & Inventories

4. Make sure "Inventory and Purchase Order is active"

5. You have to create another vendor list with AUD to reflect this changes. To differentiate them, you may name the same vendor with something. e.g your current vendor name = Vendor A (USD), create a new vendor name = Vendor A (AUD).

 

Just my 2 cents. 

 

bisho15
Level 2

Using Multiple Currencies - Desktop 2019?

Multiple Currencies is not an option in my Preferences menu.Screen Shot 2020-03-26 at 12.40.56 pm.png

Fiat Lux - ASIA
Level 15

Using Multiple Currencies - Desktop 2019?

QuickBooks Desktop 2019 for Mac does not support multicurrency. You may have 2 options:

1. Migrate to QB Desktop 2020 Windows version.

If you wish to run it on Mac, consider using Parallels. You may purchase QBD Pro 1 user for $300 directly or <$200 thru a partner. 

 

2. Migrate to QBO Plus. 

Convert your data file to QBD Windows, open it on trial license of Pro 2020, and migrate to QBO. Make sure to click the Buy button to get the discounted price for up to 6 months. If you purchase from the trial account, you have to pay the regular price.

https://quickbooks.grsm.io/US

https://quickbooks.grsm.io/us-promo

bisho15
Level 2

Using Multiple Currencies - Desktop 2019?

Curious about what you mean by purchasing QBD <$200 thru a partner? Usage will be by 1 person for my very small company - no staff or employee expenses etc.. Just using it to track sales and purchases, P&L etc.

 

Thanks!

Catherine_B
QuickBooks Team

Using Multiple Currencies - Desktop 2019?

Hi there, bisho15. 

 

Our AllStar was referring to where you can purchase QuickBooks Dekstop Pro 2020. It can be directly from us or through a partners such as Amazon. You can check out these links for more details about our QuickBooks plans and pricing for the Desktop version. QuickBooks Online compared plans was attached by Fiat Lux - ASIA above. 

 

I'm also adding these multicurrency articles for both online and desktop (Windows). 

I'll surely send this as a product suggestion to our engineers and send them this thread as they're reference. 

 

Feel free to get back to us if you have further questions. Take care!

bisho15
Level 2

Using Multiple Currencies - Desktop 2019?

Thanks @Catherine_B ,

I see that Amazon has a number of different versions for business sizes. I'm upgrading purely for the need of using multi-currency. Does this version include multi-currency support? I can't find any information on the differences:

https://www.amazon.com/QuickBooks-Accounting-Software-Business-Exclusive/dp/B07WHN8B9L/ref=sr_1_4?cr...

 

Thanks!

Fiat Lux - ASIA
Level 15

Using Multiple Currencies - Desktop 2019?

@bisho15 

Utilize the trial license of QB Mac 2020

https://http-download.intuit.com/http.intuit/Downloads/2020/Latest/QuickBooksMac2020Trial.dmg

 

Afaik, QB Mac 2020 does not support multi currency. Consider migrate to Pro 2020 as I have mentioned earlier.

bisho15
Level 2

Using Multiple Currencies - Desktop 2019?

So I can't trial QB Pro 2020 as it is not compatible with my Mac and I don't have access to a Windows computer.

 

Is the Online Plus my only option for multi-currency. Is this available in the Essentials plan? I don't have a lot of use for the other extras and $70/month is too high for my budget.

 

Thanks.

Fiat Lux - ASIA
Level 15

Using Multiple Currencies - Desktop 2019?


@bisho15 wrote:

So I can't trial QB Pro 2020 as it is not compatible with my Mac and I don't have access to a Windows computer.

 

Is the Online Plus my only option for multi-currency. Is this available in the Essentials plan? I don't have a lot of use for the other extras and $70/month is too high for my budget.

 

Thanks.


First option, you will need a license of Pro 2020, a license of Parallels, and a license of Windows OS

 

Second option, QBO Essential/Plus

https://quickbooks.grsm.io/US

https://quickbooks.grsm.io/us-promo

 

Add-on:

1. Utilize this app to migrate your data between QBO accounts and open a new QBO account to keep your cost low. Once you can make it once, you may repeat the process in every semester.

https://transactionpro.grsm.io/qbo 

 

2. If your AU supplier are using QBO, ask them to utilize this app to release invoice. You will pay their invoice in USD, and they will get paid in AUD.

https://veem.grsm.io/veems

 

Additional notes, call and ask Intuit Data Service to convert your data file on QB Mac to QBO. Otherwise, you have to purchase a 3rd party conversion service.

 

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