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Level 2

Multiple currencies

Hello,

 

i am dealing in 7-10 Currencies fr my boss, i want to use QBO but i couldn;t found any option of recoding Expense, Income, Stock, Current Assets and Liabilities in multiple currencies although i can enter data

Solved
Best answer 12-18-2019

Best Answers
Highlighted
QuickBooks Team

Multiple currencies

Good job on turning on your multi-currency feature successfully, accountantaTfirm.

 

I’d like to share some information why ledgers are still in home currency. The main reason is because this feature will apply only to your upcoming accounts, customers, vendors and transactions.

 

The ones already created will follow the home currency information. You might want to recreate these accounts to assign a the new currency. Please refer to this article for additional reference: About Multicurrency

 

 

Come back here if you have anything else to ask. I'll be around to help. 

View solution in original post

Highlighted
Level 11

Multiple currencies

@accountantaTfirm 

If your company is located in Pakistan, consider using the QBO Global version for Pakistan

https://quickbooks.grsm.io/Pakistan

 

Then consider to use a payment service to accept payment in your local currency for multi-currency transaction.

https://veem.grsm.io/veems

 

Hope it helps.

View solution in original post

17 Comments
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Level 11

Multiple currencies

Just to make sure, did you turn the multi-currency feature on?

Highlighted
QuickBooks Team

Multiple currencies

You can use the multicurrency feature, @accountantaTfirm

 

This will let you add transactions in foreign currencies. However, once you turn multicurrency on, your Home currency is set and cannot be changed.

 

You can manage foreign currencies and rates for your customers and vendors by going to your All Lists from the Gear icon. From here, you can add and delete currencies. 

 

After turning on the feature enter some currencies, you can now add an account that uses a foreign currency. 

 

See this article for detailed guidance: Turn on Multicurrency.

 

Keep in touch if you still have questions about handling transactions in other currencies. I'm always here to help. Have a good one!

Highlighted
Level 2

Multiple currencies

Hello, 

Yes I did. But still the ledger is in home currency. Is there anyway I can get the accounts ledger in their related currency? 

Highlighted
QuickBooks Team

Multiple currencies

Good job on turning on your multi-currency feature successfully, accountantaTfirm.

 

I’d like to share some information why ledgers are still in home currency. The main reason is because this feature will apply only to your upcoming accounts, customers, vendors and transactions.

 

The ones already created will follow the home currency information. You might want to recreate these accounts to assign a the new currency. Please refer to this article for additional reference: About Multicurrency

 

 

Come back here if you have anything else to ask. I'll be around to help. 

View solution in original post

Highlighted
Level 2

Multiple currencies

Okay then can i buy QB Plus plan for bookkeeping of my five Companies of Books?

Highlighted
Moderator

Multiple currencies

It's nice to see you again, @accountantaTfirm!

 

Yes, you can subscribe to the QuickBooks Plus plan for your companies. But please know that you'll have to purchase a single plan for each of your companies. Because a single subscription can only be tied to a single business entity or company.

 

That being said, I've included this helpful article for the detailed steps about how you can create and start an account: Create a new company and add subscriptions.

 

Keep me posted if you have any other questions. I'll always be around, ready to help. Have a great day!

Highlighted
Level 2

Multiple currencies

my boss was chating with someone at QB. it says turn on Project feature. will this helo single user for multiple cmpanies under one subscription?

Highlighted
QuickBooks Team

Multiple currencies

Thank you for the response, @accountantaTfirm

 

You'll need one QuickBooks Online account per company. After creating an account for each of your companies, you can easily switch between them by going to the Settings icon (️). Then, click on the Switch Company button.  

 

Once you turned on the Projects feature, this will help you track job costs and your profits from every project for each customer that you've added. 

 

For more information about this, check this article: Track income, costs, and profitability by project.

 

Let me know if there’s anything else that I can help with your account. I’m always here to assist.

Highlighted
Level 2

Multiple currencies

Hello I got that but having said that per company per account, does it mean that i have to buy quickbook plans as much as companies i need to run?

Highlighted
Moderator

Multiple currencies

Thanks for getting back, @accountantaTfirm.

 

You may have to purchase QuickBooks Plans per company if the Employer Identification Numbers (EIN) are different. Each EIN requires a separate subscription.

 

If you only have one EIN for all these companies, you can consider using a class instead. This will track your income, expenses, or profitability by business segment. This feature is available if you're using QuickBooks Online Plus or Advanced. To learn more about this, you can refer to this article: Get started with class tracking in QuickBooks Online.

 

Also, the Projects feature is another tool specific to working on a project. This will manage your work and quickly calculates the progress of the project's income and costs. 

 

Let me know if you have other questions. I'm always here to help. Have a great day!

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Level 2

Multiple currencies

i am very much gratful for your assistance. Pls let me clear, i am an accountant from Pakistan-Asia. and we hav NTN instead of EIN. also i dont see Any Advance plan when i go to buy. so i want to record date for several companies, which are somehow linked to my Boss.

Highlighted
QuickBooks Team

Multiple currencies

Hey there, accountantaTfirm.

 

I appreciate you coming back to the Community.

 

I'd like to add some information about the QuickBooks Online Advanced subscription. Currently, this type of plan is unavailable to other countries.

 

You might want to check our website to see some features and compare plans available in your country or region. Please click on this link for more details: https://quickbooks.intuit.com/global/pricing/.

 

I've also added our page about creating or adding another company for your reference.

 

Should you need more help with QuickBooks, please reach out anytime. I'll be around for you. Have a good one.

Highlighted
Level 2

Multiple currencies

Very well understood. now i am all clear that i need multiple plans for multiple companies under one account with several users. Many thanks to all of you.

Highlighted
Level 11

Multiple currencies

@accountantaTfirm 

If your company is located in Pakistan, consider using the QBO Global version for Pakistan

https://quickbooks.grsm.io/Pakistan

 

Then consider to use a payment service to accept payment in your local currency for multi-currency transaction.

https://veem.grsm.io/veems

 

Hope it helps.

View solution in original post

Highlighted
Level 2

Multiple currencies

Hello...Many Thanks for your help :)
i have one more question and looking for its answer now.

Highlighted
Level 11

Multiple currencies


@accountantaTfirm wrote:

Hello...Many Thanks for your help :)
i have one more question and looking for its answer now.


And the question is ...

Highlighted
Moderator

Multiple currencies

You're always welcome, @accountantaTfirm!

 

In case you need some related articles in managing your account, you can always visit our Help Articles hub for reference.

 

Let us know if you need further assistance, just leave it in the comments down below. I'm happy to lend a helping hand.

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