QuickBooks desktop users can ENABLE multicurrency feature in the software to help raise invoices, accept payments and also give out bills in multiple-currencies. Usually, QuickBooks software uses dollars as a default currency to include in all accounts transactions, such as chart of accounts, sales, purchases, invoice payments or payroll.
However, if you have multiple operations lined up, and would like to include another currency in the QuickBooks accounts; you can do so easily by enabling the multicurrency feature.
Why does Multicurrency option need to be enabled in QuickBooks?
- The ‘MULTICURRENCY’ feature can be configured in the QuickBooks and included in the accounts for further transactions. The users can do it at their end or consult an expert to include multicurrency options to make dealing with multiple currencies easier.
- Once enabled, the feature lets you use this for expenses, handling supplier invoices, and many more. If not enabled, you need to do a manual conversion separately, say in an excel sheet, before feeding the correct figure in US Dollars on the QuickBooks accounts.
- Since its easier to do it online, and automatically, enabling the feature is the best way to go about handling multiple currencies in your business.
- Multicurrency option is also extremely useful if the users have vendors or suppliers or customers outside the country. Once enabled, the multicurrency option cannot be turned off. Hence, ensure that you require this option absolutely, before turning it ON.
Enabling Multiple-currency option in QuickBooks:
Before starting, the QuickBooks desktop will ask for the confirmation that you require this option to be turned on. Also, once this option is enabled, the software sets a ‘HOME CURRENCY’, say US Dollars, for instance, and it will not let you change this at a later stage.
- OPEN QuickBooks desktop software and click on the ‘TOOLS’ option
- From the list of inclusions displayed, select ‘ACCOUNTS AND SETTINGS (or COMPANY SETTINGS)’, as applicable
- From the list displayed, click on ‘ADVANCED’ option, browse through to find ‘CURRENCY’ and select ‘EDIT’ (the pencil icon near ADVANCED)
- It will ask here to select a ‘HOME CURRENCY’. Click on the relevant currency (US DOLLARS) and then click on ‘MULTICURRENCY’ option to turn ON this feature
- Click ‘SAVE’ to set this option and make the changes as applicable
If you have any issue regarding the same or would like to clarify before setting the currency options, call the Accountsportal technical experts for suggestions. Setting up currencies is the next process for the multicurrency option to work according to your requirements. Ensure that you have enough knowledge before proceeding.
Adding or Deleting Currencies:
To add currencies:
If you want to add a particular currency of a country, you can do so, with the following steps.
- Click on the Tools (gear icon) and browse to find CURRENCIES
- From here, select ‘ADD CURRENCY’ option
- When a drop-down menu appears, select a currency that you want to ADD
To Delete Currencies:
Any particular currency can be deleted if it is not going to be used in further transactions done through the software.
- Click on the TOOL icon to start with and select ‘CURRENCIES’
- Here, select ‘EDIT CURRENCY EXCHANGE’ from the list displayed and click on ‘DELETE’ after selecting the currency you want to delete
- Click ‘YES’ to confirm, when a confirmation is required.
Now that you have added the multicurrency feature, you can add any foreign account to your ‘CHART OF ACCOUNTS’ and start using it for transactions. Consult a QuickBooks expert of QuickBooks technical support team on ✆+1-800-796-0471 to know more details on adding foreign accounts and doing multicurrency transactions.