QuickBooks is a boon for those companies who deal with multiple currencies at the same time. Dealing with different countries involves a bit more work in keeping and maintaining books of accounts in multiple currencies. Thus if you are finding it difficult then lets check out on “How to change currency in QuickBooks?”
The work doesn’t get over at recording those transactions in their respective currencies but you will then need to convert those currencies to balance out your reports. At first, the whole thing about multiple currencies will look daunting, but with QuickBooks, your work will be a cake walk.
Before you Change Currency in QuickBooks?
If you are using QuickBooks and want to change currency or use multiple currencies at the same time then here are few points to be kept in mind:
🔸 Activating multiple currency features in QuickBooks cannot be reverted. Thus only enable multi currency feature when your business actually deals in them.
🔸 Maintain a backup copy of your files so as to have extra security.
🔸 When using multi currency, you should also enable activating and be tracking other currencies as well. This is because different accounts and vendors will be using different currencies, thus you need a tracking capability to check rates within QB.
How to Change Currency in QuickBooks?
Once you have taken care of all the precautionary measures, now it’s time to change currency in QuickBooks. Please follow along and your query “How to change currency in QuickBooks” will be sorted.
Total Time: 5 minutes
Login to your QuickBooks account and navigate to your company file.
Choose the settings tab and click on company settings button from the drop down option.
From the newly displayed window, select the advanced
Scroll down to find Currency’s option.
Now choose your home currency from the regular currencies
Choose the Multi currency radio button and this will enable the said.
You will now be warned with a message that “Turning on Multi currency will lock your home currency and will never be changed”.
Click Ok to the message.
Save your preferences and your Multi currency account will now be active.
How to Add Currency in QuickBooks?
In case, if in future, you expand and add more currencies in your portfolio then same will need to be added in your QuickBooks account. This can be done through the way of following steps:
1️⃣ With your QuickBooks active, choose the settings tab.
2️⃣ Navigate to currencies tab,
3️⃣ Click “add currencies”.
4️⃣ From the predefined list, choose the currency you would like to add.
5️⃣ Click save, and your currencies will now be added your companies account.
How to Add Foreign Currency Transaction?
Before you can add foreign currency transaction within your program, please take a note of the following:
✅ Only one currency can be allotted to one client.
✅ All your current clients within your program will be allotted your regular currency.
✅ You can add foreign clients with foreign currency through the way of vendor or customer center tab. If the name of your foreign client perfectly matches with you regular client then you can use a slightly different user name.
Steps to Add Foreign Currency Transactions:
1️⃣ To add a foreign customer to your account, click on the customer center tab. You can find the tab from the top navigation bar. To add a foreign vendor, click on the vendor center tab.
2️⃣ To add a customer, click on the new customer tab and to add a vendor add a new vendor tab.
3️⃣ Enter all the details related to that customer or vendor.
4️⃣ Click on the currencies tab and allot a currency to that customer or vendor.
5️⃣ To save your preferences, choose to click ok.
If you have followed the steps above then you are now:
- Successfully change currency,
- Add new currency to your account,
- Add foreign currency transaction within QB and
- Allot a desired currency for that account.
But in case if you are still looking for an answer for “How to change currency in QuickBooks” then get all the help from our QuickBooks proadvisors. Our QB professionals are highly qualified to take any query you might have, thus wait no longer and resolve your issue now.