I have an active QBO file for my US company and we have a legal entity in the Netherlands. I am already using multi-currency for vendor billing so that is set up. Am I able to also track my Netherlands set of books within my main by using locations or will the different currencies cause problems with reporting etc?
Thanks a ton!
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Thanks for visiting the Community, @kimmckeen . I'm here to share insights about using QuickBooks Online with two business locations.
To answer your concerns, you can use location tracking to classify data from multiple locations, offices, regions, outlets, or departments of the same company.
The purpose of this is to let you see all the payments for one location and deposit them as a group. See this article: Set up and use location tracking.
Concerning how multicurrency transactions appear in the reports, all foreign currencies will be converted to your Home currency amounts. It will also reflect the exchange rate changes automatically. Check out this article for more information: How Multicurrency works.
Also, please know that combining two countries in one QuickBooks Online account will cause issues in terms of Tax reporting since they are reporting in two different Government agencies.
For your Netherlands set of books, I'd recommend signing up for another account by choosing your country at this link: https://quickbooks.intuit.com/choose-country/.
This way, you can track your transactions and report your taxes accordingly.
Let me know if you have additional questions. We're always here for you.