QuickBooks Enterprise Multi Currency Setup
QuickBooks Enterprise Multi Currency Setup

How to Use Foreign Currency Feature In QuickBooks Enterprise Solutions

If you’ve your business spread all across the world, QuickBooks can be of great help for you while dealing with monetary issues.
With QuickBooks Enterprise Multi Currency, keeping a 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 user can call QuickBooks Enterprise Support Number to get more help, if a business operating in many continents.

Set up to use Multi-currency QuickBooks

Be Careful
Before you turn on the multi-currency feature in QuickBooks Enterprise version, you must consider fulfilling the following prerequisites:

  • Once turned on, you cannot reverse it. Thus, make sure you have a backup of the company file
  • Only U.S. currency is accepted by QuickBooks add-ons
  • You will not be allowed to use Insights, Income Tracker, and Bill Tracker
  • Selecting multiple customers at a time in the invoices will not be possible
  • Exchange of information will not be enabled for QuickBooks Desktop for Mac
  • Online invoice payment for multiple currencies is not allowed

Using Multi-Currency
Here are the steps or instructions to be followed to make sure you turn on and use the feature correctly:
Step 1
Turn the feature on. To do so, you can:

  1. Browse to Editmenu on QuickBooks
  2. Choose Preferences
  3. Go to Multiple Currenciesoption on the left pane
  4. Click the Company Preferencestab
  5. Select Yes, I use more than one currency
  6. Select your home currency from the dropdown list

Step 2
You can add foreign currency customers and vendors. Remember, only one currency is assigned to one customer or vendor profile. To add it, you can follow the following steps:

  1. Go to Customer/Vendorsmenu, whichever is applicable either Customer or Vendor
  2. Select Customer Center/Vendor Center
  3. Choose New Customer/Vendor: jobfrom dropdown
  4. Choose New Customer/New Vendor
  5. Assign a Customer/Vendor Name and Currency
  6. Click OK

Step 3
Adding foreign-currency to accounts can also be done. To achieve this:

  1. Go to the Listsmenu
  2. Choose Charts of Accounts
  3. Right-click anywhere on the Chart of Accounts and then select New
  4. Choose aptaccount Type
  5. Assign a name
  6. Click Save & Close

Step 4
The next step is to update your exchange rates. You can download the rates only if your home currency is US dollar. To download these rates:

  1. Go to the Lists menu
  2. Select Currency List
  3. Choose the Activitiesbutton
  4. Click Download Latest Exchange Rates

In case, you wish to enter exchange rates manually, you can:

  1. On the Lists menu, choose Currency List
  2. Double-click a currency
  3. In the Edit Currencywindow, update the exchange rate

Get Help QuickBooks Multi-currency Issue

For further queries, you can contact our QuickBooks Technical support team. You can call us on ☎ +1-800-474-0179 at any hour of the day. We value your faith in us and technical experts make sure to handle all your doubts and queries at the earliest.

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