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Quick-Looks FAQ: Multicurrency

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Quick-Looks FAQ: Multicurrency

 

Multicurrency is a feature available within QuickBooks Online Plus and QuickBooks Online Essentials. This feature tracks your foreign currency transactions including any exchange gains or losses you might incur.

 

How does Multicurrency work?

 

 If you have transactions in different currencies, QuickBooks' Multicurrency feature helps you record them easily without worrying about exchange rate conversions.

 

Quick-Tip: Once you turn the multicurrency feature on you cannot turn it off again, so be absolutely sure you want to turn it on. Check with your accountant if you are not sure. 



How do I assign a foreign currency to a customer?

 

QuickBooks Online makes it easy to assign a foreign currency to your customers to record transactions in the currency they pay you with. 



How do I add a foreign currency account?

 

With the multicurrency feature in QuickBooks Online,  we make it easy to assign a currency to bank accounts and credit card accounts. 

 

Quick-Tip: Income and expense accounts always use your Home currency.



How do I add a supplier in a foreign currency?

 

After you have  add the supplier to QuickBooks, you can a choose the supplier’s currency and  record transactions in the currency you pay them with.

 

Quick-Tip: Once you add a supplier and record transactions with them, you can't change the currency in their profile.



How do I enter a home currency adjustment for my foreign balances?

 

If you have accounts payable or accounts receivable in a foreign currency, QuickBooks Online can help you enter a home currency adjustment to keep track of  the changes in exchange rates on your foreign balances.

Quick-Tip: The effect of a home currency adjustment can be seen in accounts payable or accounts receivable as an unrealised gain or loss. Home currency adjustments can also be seen in other account types, like bank accounts, as a realised gain or loss.



What do I do when I get the error message: “Something’s not quite right: You can only use home currency balance sheet accounts with home currency A/R and A/P accounts”

 

When you encounter the error message “Something’s not quite right: You can only use home currency balance sheet accounts with home currency A/R and A/P accounts” it means that when creating a journal entry that includes accounts receivable (A/R) or accounts payable (A/P), the currency of the transactions, the A/R and A/P accounts, and the customers/suppliers must all match. We have some options to help you fix this. 





How does QuickBooks Online handle exchange rates?

 

QuickBooks uses exchange rates to get the home currency values of your foreign currency transactions.

Quick-Tip: QuickBooks downloads and uses exchange rates from IHS Markit. If you need to, you can enter and use your own rates.



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