Edited Module 1 for PAP Cert - Intuit

QUICKBOOKS 2017 STUDENT GUIDE

Lesson 14

Multicurrency in QuickBooks

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Lesson 16 ¡ª Working with Multiple Currencies

Table of Contents

Table of Contents

Lesson Objectives .............................................................................................................................. 4

Set Up Multiple Currencies .................................................................................................................. 5

Buying and Selling in Multiple Currencies ........................................................................................... 11

Review Activities .............................................................................................................................. 15

QuickBooks 2016 Student Guide

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Lesson 16 ¡ª Working with Multiple Currencies

Lesson Objectives

Lesson Objectives

To set up a QuickBooks company file to use multiple currencies

Enter transactions using multiple currencies

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Lesson 16 ¡ª Working with Multiple Currencies

Buying and Selling Items in Multiple Currencies

Set Up Multiple Currencies

With QuickBooks multicurrency, you can track transactions in more than one currency. Multicurrency affects many

accounts and balances in your company file and the preference can't be turned off once it's been turned on.

QuickBooks and Multicurrency

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You can assign a currency to customers, vendors, bank accounts, and accounts receivable/accounts payable

accounts. Other account types, like income and expense accounts, always use your home currency.

Only one currency can be assigned to each name or account; you'll add a new entry for each currency you'll use in

transactions.

The multicurrency menu items are in the Company menu under Manage Currency and the feature can be turned

on through preferences.

5 Steps to using Multicurrency

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3.

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Turn on Multicurrency feature - After you turn on the feature, you'll be able to assign a currency to customers,

vendors, bank accounts, credit card accounts, and accounts receivable/accounts payable accounts.

Add Foreign Customers and Vendors - You can assign one currency for each customer or vendor so you'll create

new customers or vendors to use in your foreign transactions.

Add Foreign Accounts - You can assign one currency for each account so you'll create new accounts to use for

your foreign transactions.

Update your Exchange Rates - At any time, you can download the latest exchange rates from within QuickBooks.

If you prefer to use your own exchange rates, you can manually enter those as well.

Create Foreign Transactions - After you've set up your foreign customers, vendors and accounts, you're ready to

create foreign transactions.

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