Is it possible to track the transactions of foreign currency? Certainly yes! With the help of QuickBooks desktop can able to track the transactions. However, in order to track the transaction, you need to have an account. The multi-features allows you to assign a specific currency type to the following profile and accounts such as customers, suppliers, price levels, bank accounts, credit card accounts, accounts receivable, and accounts payable. Here are some tips to solve QuickBooks multi-currency problem.
Before record foreign currency transactions in QuickBooks, make sure that you backed up QuickBooks company files. In the QuickBooks, you are not able to use insights, income tracker, and bill tracker. Also, it will not allow you to use batch enter invoices or batch delete/ void transactions.
It is not possible to select multiple customers at the same time in the invoices of expenses window.
You are not allowed to exchange information in the QuickBooks desktop to Mac and not possible to copy the company files to work with it.
The online payment invoice does not work with multiple currencies.
Turn on Multicurrency
- Select the preferences in the edit menu
- Select multicurrency in QuickBooks
- Select yes, I use more than one currency in the company preferences
- Click the drop-down option and select a home currency
Adding Foreign Currency Customers And Suppliers
- You are allowed to assign only one currency per customer or supplier profile, so you need to create a new profile in order to assign a new currency.
- By turning on the feature, assign your home currency for all existing customers and suppliers. The currencies cannot be changed for names because that is already having transactions record against them.
- Continue to use this home currency customers and suppliers for open and close balances. And use the foreign currencies customers and suppliers for new sales or purchase you create but continue using home currency names until complete current open transactions.
- Use customers and suppliers centers in order to create foreign currency customers and suppliers. If the name already listed in the home currency, then assign a different name to the foreign currency customer or supplier.
- In order to add foreign currency customers and suppliers, go to customer or supplier menu select customer center option and select new customer or supplier.
- In that menu, you are allowed to assign a customer or supplier name and currency
- Once you have added names and currency, you need to create foreign currency accounts
- After created update your exchange rates
- Finally, create foreign currency transactions