Ways to Set up & Use of QuickBooks Enterprise Multi-Currency

In today’s highly connected business world, companies operate globally, handling customers, transactions, and suppliers in many different currencies. QuickBooks Enterprise, one of the most renowned accounting software for small and mid-sized businesses, and a leading cloud-based accounting software, empowers businesses with a robust feature, called as Multi-currency to go through the complication with ease. In today’s article, we will talk about the key elements of QuickBooks Enterprise Multi-currency and learn all about it. We will also comprehend its functionalities in QuickBooks Enterprise and learn how it impacts businesses in the global economy.

With QuickBooks Enterprise Multi-Currency, keeping track of transactions in foreign currency becomes easier for businesses. The application enables you to assign a particular currency type for different fields and accounts. It can be any field your company makes or receives payment to or from, which may include customers, vendors, bank accounts, price levels, accounts receivable, accounts payable, etc. During setup, users can call QuickBooks Enterprise Support Number to get more help, if a business operates on many continents.

What is meant by the QuickBooks Enterprise Multi-currency feature?

To permit payments to foreign suppliers and workers, receive payments from overseas clients and partners, and use foreign bank accounts in a currency other than your home currency, the QuickBooks enterprise Multi-currency function is accessed and used. There are specific functions of the QuickBooks software that are affected by the Multicurrency functionality since it cannot be disabled.

QuickBooks Multicurrency caters to businesses that utilize many currencies for their bookkeeping, accounting, payments, and receipts. For instance, even though the US dollar (USD) serves as your functional currency, your company may need to convert foreign exchange at a rate to pay its suppliers in their local currency. Currency exchange is one of the key capabilities of QuickBooks Multicurrency.

Now let us learn more about the key elements of Multi-currency.

What are the key elements of Multi-currency in QuickBooks?

Here is the list of the key components of Multi-currency:

• Describing the Home Currency – Every organization has a primary operating currency, called the Home Currency. It is considered the default currency for all the financial and transaction reports in QuickBooks
• Flexibility and Exchange Rates – Exchange rates play a key role in Multi-currency operations. Businesses can fix these rates manually or choose automatic updates, depending on the current market data
• Allowing Multi-currency – To leverage the multi-currency power, organizations must enable this particular feature in the QuickBooks Enterprise settings. After it is activated, it becomes a crucial part of the accounting environment
• Assisted Currencies – QuickBooks Enterprise supports a plethora of international currencies. Users can choose the currencies that are related to their global operations

What are the prerequisites one needs to follow before turning on the multi-currency feature in QuickBooks Enterprise?

Here is the list of the pre-requisites one needs to implement before turning on the multi-currency feature in QuickBooks Enterprise:

• After you have turned on, you will not be able to reverse it. Hence, you must ensure that a backup of the company file is available
• QuickBooks add-ons only accept the U.S currency
• You will not be permitted to use Income Tracker, Insights, and Bill Tracker
• Choosing several customers at a time in the particular invoices will be impossible
• Interchange of information will not be facilitated by QuickBooks Desktop for Mac
• Online invoice payment for several currencies is not permitted

How to set up and permit Multi-Currency in QuickBooks Enterprise?

Here are the steps and guidelines to set up and permit multi-currency in QuickBooks Enterprise and use the feature efficiently:

1st step: Turn on the multi-currency feature

• Step 1: Navigate to the Edit menu present in QuickBooks
• Step 2: Select Preferences
• Step 3: Navigate to the option, Multiple Currencies. It is present on the left side of the pane
• Step 4: Choose Yes, I use more than one currency
• Step 5: Choose your home currency from the particular drop-down list

2nd step: It is possible to include foreign vendors and currency customers. Make a note that only one currency is allocated per vendor or customer profile.

To include it, you can implement the steps given below:

• Step 1: Navigate to the Customer/Vendor menu. Navigate to the one that is relevant to the Vendor or Customer
• Step 2: Choose Vendor Center or Customer Center
• Step 3: Select New Customer or New Vendor from the job drop-down
• Step 4: Allocate a Vendor Name or Customer Name along with currency
• Step 5: Press OK

3rd step: Including foreign currency in particular accounts

Including foreign currency in particular accounts can be completed with the help of the steps given below:

• Step 1: Navigate to the Lists menu
• Step 2: Select Chart of Accounts
• Step 3: Press right-click on the Chart of Accounts and then choose New
• Step 4: Select Apta Account Type
• Step 5: Allocate a name
• Step 6: Press Save and Close

4th step: Now, you must update your exchange rates.

It is possible to download the rate when the home currency is the US dollar. Here are steps to download the rates:

• Step 1: Navigate to the Lists menu
• Step 2: Choose Currency List
• Step 3: Select the Activities button
• Step 4: Press the option, Download Latest Exchange Rates

If you wish to add the exchange rates manually, you can implement the steps below:

• Step 1: Select Currency List on the Lists menu
• Step 2: Now press on currency twice
• Step 3: In the screen for Edit Currency, you must update the exchange rate

Final Words!

We hope that after reading this article, you will be able to learn everything about multi-currency in QuickBooks Enterprise. We have highlighted all the key points related to the topic.

Still, if you get confused anywhere and need professional guidance, you can reach out to our team of QuickBooks experts. Our talent pool of experts has the expertise and knowledge to deal with QuickBooks technical problems.

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