Please refer them as you read the following: I chose to to use an expense rather than income to illustrate how QBO handles foreign currency transactions. If you have multi-currency turned on in QBO, it handles the foreign exchange for you. For any transaction in QBO, you can see the journal entry booked by clicking on "More" at the bottom of the data entry screen and then click on "Transaction Journal".
When you make a transfers of funds between two currencies in QuickBooks Online, see Pics 3 and 4 above for what happens. Remember, QBO does all the "work" for you if you have multi-currency turned on.
Click here to post comments. Join in and write your own page! It's easy to do. Simply click here to return to Learning QuickBooks. Use the search feature to quickly find the information you're looking for. View solution in original post. Let me ease your confusion and help you from there, KAS Once you select the home currency during the initial setup of your QBDT software, the option to change it is currently unavailable.
Before we start, please know that you can no longer deactivate the feature once it's turned on. In this case, I'd suggest creating a backup copy of your company file before activating Multicurrency. I'm adding this article to learn more about setting up and using multicurrency: Set up and use Multicurrency.
Please let me know if you need clarification about this, or there's anything else I can do for you. I'll be standing by for your response. The main confusion is that it was US Dollars until my boss opened his file this afternoon. His is in Pounds while the rest of us are still showing US Dollars. Hi there I switched to multicurrency but it still sent the invoice in CDN which was our original billing system.
You have to create a new profile for your customer and assign USD as their currency. Then you will be able to create an invoice for that customer in USD. Just to clarify your case. Do you only need to send invoices in USD for some of your customers, or do you need to replace the currency for all of your customers to USD? Enter a search word. Turn off suggestions.
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Join now. Level 2. Here are other important things to consider:. You can only assign one currency per customer or vendor profile. You need to create new profiles to assign a new currency.
You can only assign one currency for each account. You need to create new accounts for your foreign-currency transactions. QuickBooks Desktop downloads rates for active currencies only.
In addition, you can only download rates if your home currency is the US dollar. Note: Only use the foreign-currency names or accounts you added for new foreign-currency transactions. If you have an open invoice for an existing customer that has your home currency, don't use the new foreign-currency version of that customer to receive payment against that invoice.
Instead, continue to use the home currency version of the customer to complete the transaction.
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