How Multi-currency in QuickBooks Online works? From a Certified Uk Trainer!
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- Опубліковано 12 вер 2024
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Hi Aaron, great video - thank you! You might want to update the beginning section of the video because Plus version is not required to use multi currency - Essential will also do it.
Hi Aaron, first of all, thanks for the effort in explaining this.
in regards with this multicurrency, i did use the undeposited fund/clearing account to cater and record the different currencies, however, the residue amount seem left in the "foreign amount/balance" of the undeposited fund (meaning home currency zero, but there is foreign balance), no issue to the home currency but the foreign balance. and another general journal needed (ex. rate to be 0.0000001) to clear the foreign balance off to P&L, to make both home currency balance and foreign balance to zero. any other better/ proper way to cater this please. thank you very much in advance.
Hey Aaron,
Thanks for your tutorial. It's super helpful. I have already subscribed to your account.
I have one issue with Multicurrency in QBO. Can you suggest a solution?
Issue is:
My Home Currency is GBP and I have a supplier in Indian Rupee (INR). I have overdue bills for INR 1,700,000.00 to this supplier as on 31/01/2022 for Advertising Expense. So when generate PNL report for January-2022, then QBO is showing both GBP & INR at the same time without any conversion to GBP. The ADVERTISING EXPENSE for January is reported in INR amount while other accounts were in GBP.
So the PNL report is totally wrong !!!!!!!
How can I change this????
Try restating the INR currency to try and force it correctly - as this is defiantly a bug and not working as intended!
Hi Aaron.
Thank you for the explanation. Can you let me know how would I record the fee in the issue with Euro/USD in the contra account, as you mentioned in min 17:38.
Thank you.
Include as an expense against the contra account :D
@@TheQuickBooksChap Thank you
Hi Aaron,
On multi currency how does quick books handle a vat 100. Home currency sterling main trade euro- euro vat registered.
How does QBO just "know" what accounts are in what currency after you switch on multicurrency?
Hi Aaron, thanks for the excellent video. It is very useful. I have another case dealing with the multi currencies. Our home currency is HK dollars, we receive USD and then transfer to GBP for future use. What shall we do in QBO? We hope to receiving your suggest soon. Good health!
if Home currency is HK - then make sure you set that as your Home Currency before you turn on Multi Currency
@@TheQuickBooksChap We have already done it
I am trying to reconcile a foreign currency bank account and even though all my deposits and payments are accounted for, there is a difference. Do I need to revalue the currency by this difference at the end of each month in order to reconcile?
Hi Aaron,
Thanks for that. You have illuminated many things that QB Help can still not do. I want to move to multi-currency, and make my home currency GBP (currently working in AUD). What will this do to all my records in AUD? Will the historic Balance and P&L maintain their values, for example?
Yes, it will work in that way with the option to revalue at a date if required
Is there a way to get multicurrency working for the overview? I really don't have a way to get a quick glance at my figures and I'm not sure how to get quickbooks to give me that. I deal in euros, gbp and usd
Not yet but we are getting new tabs on the overview - so keep an eye on updates
Hi Aaron. Thanks for this very helpful tutorial. I have question though.
What if I paid the bill that reflected in another foreign bank account. Involves 3 different currencies. .
Details follows:
Home Currency is USD.
Vendor Bill Currency is GBP.
Upon payment of the bill, this was reflected in our EUR Bank Account.
How does QB record this? Is using the contra account (in USD) also applicable with this scenarion? Many thanks in advance.
You just need to ensure that the home currency is used - so I would use a contra account :D
What about the Balance Sheet? How do you get your bank accounts to appear in their currency instead of the home currency?
You would need to use QBO Advance to be able to achieve this - with the new Excel Sync feature
Hi
How to make account receivable with multiple currency in chart of account?
You can!
how do you handle transfers between 2 banks that are not in the home currency? I tried changing the exch rate to 0, but that that made the bank balance on my balance sheet worse.
Use a contra account in the home currency - say its $ to Euros... transfer $ to £ contra and £ to Euro contra... that way home currency is used and any difference can be w/off to profit and loss on exchange - Good Luck!
@Abiola Ajidagba as above, use a contra account 👍