UK Company with USD Functional Currency

Hello Ahmedjames, 

Welcome to the Community page, 

So if i have understood you correctly then you will not be able to have the home currency set to dollar (USD) and file to HMRC in Quickbooks. However you can use dollars (USD) on invoices ect. All you would need to do is set the home currency at GBP and turn on multi currency in the main settings> cog wheel>account and settings>advanced>currency> click on it and turn it on and done and then when you create a customer or supplier you just need to set the currency as USD under the section that says payments and billing> the scroll down to where it says this customer pays me with  select the drop down arrow and select USD, so when you create the invoice for example it will do it in USD for you. 

@AhmedJames 

Technically you can open a QBO UK version, enable the multi currency, and change the home currency to USD prior to posting any transaction.

https:// quickbooks.grsm.io/UK

The real question is why do you need to use only USD in UK?

Hi,

We have the same problem. We are a UK based company. We buy and sell our products to customers in USA. In Summary, we deal in US$ for 90% of our transaction.

However, we also sell in UK (of course in GBP)

We have set the Home Currency to USD because we want all our reports such P/L, Balance Sheet, etc to be in USD. We want to see our profits, etc in USD.

Everything works perfectly fine but we have problems with UK VAT reports. The VAT report is being shown in USD, we wish to get the report in GBP. Honestly, this should be any easy fix.

Any solution?

Thanks for checking in with us, ProSeller. 

If you need to change the home currency to show the VAT report in GBP currency, then that option is unavailable. Once you turn on multicurrency, we cannot turn it off or change your home currency. You have the option to completely delete all data in the company file and start over if your account is active for less than 60 days. Then set up the home currency to GBP to run the VAT report you need. To do that:

1. Sign in to your QuickBooks Online account. 
2. Look at the URL in your browser's address bar. Delete all the text after the last / and enter purge company.
3. To confirm you want to delete your company data, type Yes.
4. Select Wipe data.

You can also follow the recommended solution provided by Fiat Lux - ASIA and Ashleigh1. On the other hand, if your account is active for more than 60 days, you can no longer purge your company data. Instead, you have to cancel your account, then start a new subscription. Just follow the steps and details in the Delete online data and start over article. 

However, if you need further assistance with the procedure, you can always reach out to our Customer Support Team. You may send a message via chat, call us at a time convenient to you, or we’ll get in touch with you instead. To ensure we address your concern, our representatives are available from 6:00 AM to 6:00 PM on weekdays and 6:00 AM - 3:00 PM on Saturdays, PST. See our support hours and types for more details about this one. Here's how: 

1. Sign in to your QuickBooks Online company.
2. Go to Help (?).
3. Select Contact Us.
4. Enter your concern, then select Let's talk.
5. Choose a way to connect with us:
   • Start a chat with a support expert.
   • Get a callback from the next available expert.

Visit our Help Article page for more insights about managing your business in QuickBooks. 

Feel free to update us after performing the solutions, as I want to ensure this is resolved for you. Please reply to this post and I'll get back to you. Take care always. 

@ProSeller 

We had a few clients with the same situation. Eventually they opened the new QBO UK version and migrated the data from the QBO US version.

https://quickbooks.grsm.io/UK

They kept using GBP as the home currency, enable the multicurrency feature and opened a Wise business account to accept USD, CAD and Euro payments from their clients. They run the bank feeds into their QBO accounts.

https://wise.prf.hn/l/64dl92k

Some of them were using QBO Simple Start and they had to convert all the payments from other currency accounts to their GBP account in Wise prior to run the bank feeds. We have yet to receive any issue from those clients.

Once they need to analyze their company performance, they have been using a BI app to "cook" their data. They don't need to export anything to Excel.

Just my 2 cents.

Hi,

We have been using QBO for more than two years now.

We will create a new account with GBP as the Home Currency and enable Multi Currency.

The question is: How do we move data from our current account to the new account?

Hi, ProSeller. 

Thank you for dropping by here in the Community. I'm here to guide you on how to move your data from your old QuickBooks Online account to a new one.

You can export your list and other data from your old QuickBooks Online (QBO) account to Excel and transfer it to a new account.

Here's how:

1. Sign in to your old QBO account. 

2. Go to the Gear icon and select Export data under Tools.

3. Select which data you'd like to export

4. Click the Export to Excel button. 

After exporting your data, you can start importing them to the new QuickBooks Online account.

1. Log in to the new account. 
2. Go to the Gear icon at the upper right.
3. Select Import Data under Tools.
4. Select the type of data that you'd like to import.
5. Follow the on-screen instructions to complete the process.

You can also check out this article to learn more about exporting and importing data to QuickBooks Online. 

• Common questions about importing data to QuickBooks Online
• Export Data out of QuickBooks Online

As another option, you may consider looking for a third-party application to help export the data from the current account. This way, you can import it into your new QBO afterwards. Please visit this website to find one: QuickBooks Apps.

Fill me in if you have additional questions or concerns about transferring your old data to the new QuickBooks Online account. Take care always. 

---

@ProSeller wrote:

We will create a new account with GBP as the Home Currency and enable Multi Currency.

@ProSeller 

Bear in mind, you have to purchase QBO UK Essentials or Plus to have GBP as the home currency and the multi currency feature. If you purchase QBO US Essentials or a higher plan, you have to enable the multi currency and change the home currency to GBP prior to register any transactions.

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

The question is do you need to migrate data from QBO US version to a new blank QBO US version or UK version?  

Hi,

I need to migrate data from QBO UK Version with USD as Home Currency to a new account: QBO UK Version with GBP as the Home Currency

@ProSeller 

You may have 2 ways to migrate data:

1. Utilize a migration tool.

https://transactionpro.grsm.io/qbo

2. Purchase a 3rd party migration service.

Contact us in private for details.

Hello ProSeller, It is not possible to do this unfortunately in your Quickbooks account. 

I know this is quite an old post, but thought I'd see if there are any updates.

I have the same issue - UK company with a USD base currency. You can't get by with setting base as GBP and using multicurrency banks, transactions, etc, because the balance sheet values get translated at closing exchange rate, giving rise to huge anomalies. The base currency HAS to be USD.

Quickbooks still isn't able to use it's conversion rates to produce a GBP MTD submission, although this should be very simple indeed.

My work around is to produce a custom VAT transaction report, by VAT type, and only display foreign currency (GBP) net and foreign currency (GBP) VAT columns. Export this to a spreadsheet, and use bridging software to submit. 

Pretty straightforward, but it would be GREAT (and simple!) if Quickbooks could automate.