QuickBooks Multi Currency: How User Set up and Use Multi Currency?

QuickBooks accounting software has multiple characteristics which makes the life easy for the user. Multi currency is one of those […]

Voiced by Amazon Polly

QuickBooks accounting software has multiple characteristics which makes the life easy for the user. Multi currency is one of those character which helps you to track overseas transactions and assign a particular currency to an overseas seller. However, you can only assign one currency to one customer. To assign International currency, you are required to create new profiles. Once you turn on QuickBooks Multiple Currency, you cannot turn it off.

Save Time, Reduce Errors, and Improve Accuracy

Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

With the help of this article you can set up QuickBooks Multi currency and enable it. We have tried to cover all the steps of setting up and enabling this function in this article blog. However, if you feel stuck to perform any of the steps, please feel free to talk to the experts.

To begin with, we are going to begin with some crucial points that you are required to review prior to set up QuickBooks Multi-currency.

What is Multicurrency in QuickBooks?

Multicurrency enables you to pay and receive money in foreign currencies from customers, bank accounts, or suppliers that don’t use your home currency. Once enabled, you can enter transactions in another currency, and QuickBooks will take care of all currency conversions.

Note: Assign a single currency to most types of accounts which include vendors, customers, and accounts in the chart of accounts (like bank and credit card accounts or accounts receivable.) For each different currency you use in your transactions, you must add a new account.

Points Prior to Turn on QuickBooks Multi Currency

Review the below-mentioned points prior to turn on QuickBooks Multi Currency.

Once you turn on the multiple currency function, you are not allowed to turn it off. So, it is required to know the terms and conditions prior to turn on this function. You have to that you have taken the backup already for your company’s file. Please go through to the following points too:

  • Fixed Asset Manager and Statement Writer only utilize U.S. currency. They won’t be affected by turning on the multiple currency function.
  • Once turning on this feature, the user will be unable to use income tracker, insights and bill tracker. You cannot enter the batch invoices or delete transactions either.
  • The user will be unable to choose multiple customers in the Invoices.
  • The information will not be exchanged with QuickBooks desktop for Mac or the user is not able to copy the company file.
  • In invoices, online payment will stop working for multiple currencies.

How to Set up QuickBooks Multi Currency?

The multiple currency allows you to allocate a specific currency type to the accounts such as Accounts receivable (A/R), Accounts payable, bank accounts, vendors, customers, credit card accounts, and price levels.

Here are mentioned few steps to turn on Multi-currency in QuickBooks:

Step 1: Turn on Multi Currency

  • In the Edit menu, choose Preference.
  • Choose QuickBooks Multiple Currencies.
  • After that, you are required to select the Company Preferences tab and select h option Yes, I use more than one currency.
  • And at the last step, you are required to click on home currency.
Turn on Multi Currency

Step 2: Add Customers and Vendors (Foreign Currency)

Firstly, you are required to know that only single currency can be assigned to single supplier or vendor profile. If you wish to allocate a new currency, then you are required to make new profiles.

  • In the Supplier menu, select the supplier Center.
  • After that, just hit on the New supplier: job or New Vendor.
  • Once it’s done then, you are required to assign a Currency and a Supplier Name.
  • Choose OK.
Add customers and Vendors

Step 3: Add Accounts (Foreign Currency)

Just remember that for each account you can only allocate single currency. You are required to create a new account if you wish to assign the international currency. Current account will be allocated to home currency once this function is on. You cannot change the currency for accounts with previously added transactions. Here, just adhere the steps mentioned below to add accounts:

  • Among the Lists menu, you need to select the Chart of Accounts.
  • After that, you are required to select New by right-clicking anywhere.
  • Select the proper account Type.
  • Assign a name.
Add Accounts

Step 4: Update Exchange Rates

You can download rates for active currency only. You can download rates only if home currency is the US dollar.

Steps to Download Exchange Rate

  • In the initial step, you are required to open the Lists menu and choose the Currency List.
  • After that, you are required to choose the task and later, hit on Download Latest Exchange Rates.

Steps to Enter Exchange Rates

  • Choose the Lists menu and select the Currency List.
  • Double-tap on currency.
  • Choose the Edit Currency window option & click on the update the currency exchange rates.

Step 5: Make Foreign Currency Transactions

You are required to utilize the international currency accounts or names which are included for new international transactions.

You should not utilize the new foreign currency variant of the client to get installment against that receipt if, you already have an open receipt for a current client that has your home money. Preferably, continue make use of the home currency variant of the client to complete the transaction.

  • You do not assign cash to purchase & sales transactions since they are allocated the currency of the client or seller that have been entered by you in the form.
  • Select the home money estimation of the exchange.
  • Aggregate deals & buy exchanges are in the supplier’s currency and the home cash proportional is recorded for the exchange complete.
  • All of the reports will consistently reflect the home currency.

Step 6: Deposit Payment to a Bank with a Different Currency

You can deposit payments to a bank with a different currency, with multicurrency.

  • The invoice payment should be deposited into your bank account in the same currency.
  • Then select New and choose Transfer.
  • For each field choose the accounts:
    • Transfer Funds From: Account from where you take the money.
    • Transfer Funds To: Account from where you transfer the money.
    • Currency: The value of the Transfer Amount field depends on the currency you choose. If you haven’t already set the exchange rate, you must do it now. For example, select US Dollars as the currency and then you have to enter $5.00 in the Transfer Amount filed. $5.00 worth of the cash will be transferred by QuickBooks.
    • Transfer Amount: The amount you will deposit in the account. This amount is not absolute because it depends on the currency and exchange rate for its overall worth.
  • For the invoice in Transfer Amount enter the value of the payment.
  • Enter the exact date as the invoice and then choose Save and Close.

Step 7: Pay Employees using a Different Currency

You must make a new vendor using the data from your employees in order to pay your employees in a foreign currency.

1: Create a Vendor with Your Employee’s Info

Make sure the data accurately reflects the profile of your employee. Select Payroll, and then select Employees to check. Then find the employee whose salary you wish to transfer in a foreign currency.

  • First, You have to go to get paid and pay or Sales and expenses, then you have to select Vendors.
  • You have to select New vendor, and fill the details with the employee info.
  • From the Currency, dropdown choose a currency.
  • To display their name add a currency and then select Save.

2: Pay Your Employee

  • You have to select +New and then choose Expense.
  • From the Payee dropdown menu, you have to select the vendor that you created with your employee’s info.
  • Select the account you track your payroll expense with from the Category dropdown.
  • Lastly, you have to select Save.

Step 8: Change an Assigned Currency for a Customer or Vendor

Create a new customer or vendor and then assign the new type of currency.

1: Make Your Vendor or Customer Inactive

To Make a Customer Inactive:

  • You have to select Customers by going to Customers and leads.
  • Then search and select the name of the customer with that you want to change currency.
  • Take note of all their information by clicking on Edit.
  • Return to the Customers list by selecting Save.
  • Then search for the same customer and choose the Action dropdown menu.
  • Choose Make inactive, and click on Yes to confirm the request.

To Make a Vendor Inactive

  • Select Vendors by going to Get paid and pay or Sales and expenses.
  • Search the vendor you want to change the currency to and then select their name.
  • Then take note of all their information by selecting Edit.
  • Return to the Vendors list by clicking on Save.
  • After that search the same vendor and then select the Action dropdown menu.
  • Choose Make inactive, and to confirm the request click on yes.

2: Create a New Customer or Vendor

To Create a New Customer:

  • Select Customers by going to Customers and leads.
  • By selecting New customer, fill out the fields using the info that you took note of earlier.
  • Choose a currency from the Currency dropdown after adding their info.
  • Then add a currency to their display name and then select Save.

To Create a New Vendor:

  • Select Vendors by going to get paid and pay or Expenses.
  • Now select new vendor and then fill pit the fields by using the info you took note of earlier.
  • After adding their info, you have to choose a currency from the Currency dropdown menu.
  • To their display name add a currency and then select Save.

How to Use QuickBooks Multi Currency?

If there is customer who has home currency in US dollar and base currency is the Canadian dollar. According to this illustration, foreign currency is the Canadian dollar. Please adhere the steps mentioned below to use QuickBooks multi currency:

  • Choose Customers > New Customers.
  • Now, select the Payment and Billing
  • Once it’s done, begin with the list like Customer Pays Me & select the Customer’s currency.
  • Save the Customer.
  • Later click on save option, examine the supplier list page, the supplier name and overseas currency will appear on this list.
  • The domestic currency supplier appear domestic currency.
  • Open the Invoice window, Select overseas transaction
  • Later, QuickBooks naturally shows the supplier’s name and two currencies (the first one is overseas currency and other is the domestic currency) connected to the transaction.
  • Make an addition of item to the invoice.
  • After that, suppliers are able to know how much to pay when the Balance Due to entry shows in the overseas currency.

QuickBooks Multi Currency is a useful feature for its users. The above blog will help you in knowing the steps to set up and enable this feature in QuickBooks. In case, you face any challenge to understand about multi-currency in QuickBooks or required some more guidance for the same, then do not hesitate to get in touch with Dancing Numbers expert and get consultation.

With the help of the above article, you can clear your doubts regarding QuickBooks Multi-Currency. You can know how to set up and use multi-currency with simple steps. All important topics regarding QuickBooks Multi-Currency have been included in this blog. In case you are still facing any issue related to this then you can simply connect with Dancing Numbers experts via LIVE CHAT.

Accounting Professionals, CPA, Enterprises, Owners
Accounting Professionals

Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
+1-800-596-0806 or chat with experts.


Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Error Free

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

On-time Support

We provide round the clock technical assistance with an assurance of resolving any issues within minimum turnaround time.

Pricing

img

Importer, Exporter & Deleter

*See our Pricing for up to 3 Company Files

$199/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Unlimited Export
  • Unlimited Import
  • Unlimited Delete

img

Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer,Exporter,Deleter
  • Unlimited Users
  • Unlimited Records
  • Upto 10 companies

img

Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

img

Accountant Premium

*See our Pricing for up to 50 Company Files.

$1999/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 50 companies

Dancing Numbers: Case Study

Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

Close X
Call Now+1-800-596-0806
Top