Reconcile Foreign Currency Bank Account in QuickBooks – Opening Balance

by James Antonio

It’s no surprise why QuickBooks has become one of the most preferred accounting software for businesses and accounting professionals. It has incorporated certain amazing tools and features to save a lot of time and effort for the businesses. Easy reconciliation of foreign currency bank accounts is one such feature embedded in this software. With the help of this, businesses can deal with multiple bank currencies with effortless ease.

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.

If you are yet to use this feature, you are surely missing something! What did you just say? You are not sure about how to reconcile Foreign Currency in QuickBooks? Don’t bother! We have it covered for you! Just go through this blog. Here, we will tell you from scratch, about how to reconcile Foreign Currency Bank Account in QuickBooks and other related matters.

How to Reconcile Foreign Currency in QuickBooks?

By using this feature of reconciliation of foreign currency, QuickBooks users can easily track every entry done against international transactions. Thus, maintaining books and keeping records of international accounts becomes extremely easy in QuickBooks.

This software can completely take care of all your foreign transactions. But, to use all its benefits, you will need to set up and activate the multi-currency mode. After enabling this mode, you will be able to choose your preferred currency. You can also select a vendor, select your preferred currency for transactions with him and pass a journal entry in a currency other than the one you normally use.

Ways to Reconcile Foreign Currency Bank Account in QuickBooks

After you have enabled the multi-currency feature, please follow the steps mentioned below:

  • Start QuickBooks
  • Navigate to your Company File
  • Click the Companies tab on the top bar
  • A drop-down menu will appear on your screen. From the list, click Journal Entries
  • Navigate to the Currencies tab
  • From the list, choose U.S. Dollar
  • Enter date as per your convenience as the date on which to pass the entry
  • Now, you have to check box Home Currency Adjustments
  • A dialogue box will appear on your screen. Click OK to proceed
  • Your home currency adjustments will now get activated. You are ready to reconcile now.

NOTE: It’s easy to adjust the home currency in QuickBooks. If you specify USD as a home currency, a list of foreign currencies will be shown. You can choose to purchase the selected coins with the cash option in the cash box. This means you will need to alter USD in order to pass a reconciliation entry.

  • Now we will pass a journal entry
    • Choose the account for reconciliation
    • Enter the amount with an unbalanced figure
    • Enter the amount as debt, in case of positive figure. If the figure is negative, enter the same as credit
    • Enter the exchange loss/gain account
    • Fill the opposite balancing figure
    • Your balances should be zero now and the different accounts should be completely sorted
    • Save the entry
    • Close for exit

Opening Balance for Foreign Currency Now Showing

Many QuickBooks users have intimated to us that they have faced issues related to the opening balance in a foreign currency. They informed me that their opening balances didn’t appear. If you are facing such issues, here is how you can view your opening balances in QuickBooks:

  • Navigate to the panel on the top right and click the Settings tab.
  • Select Chart of Accounts. Select the accounts history option on the left-hand side of the screen. This will show the balances in your foreign currency account.

How to Record Opening Balance of Foreign Currency?

Please follow the sequential steps mentioned below to record opening balance of foreign currency:

  • Navigate to the panel on the top right
  • Click on the Settings tab
  • Now navigate to the Bank Deposits tab
  • Select the name of the bank where you want to record the entry
  • Select preferred currency
  • Click on the tab Add Deposits
  • Select an account
  • Then enter the opening figure
  • Click Save to proceed
  • Your money will start showing up on your foreign account only in the rates and in the type of currency it’s written in.

In this blog, we tried to share all the information you need related to the reconciliation of Foreign Currency in QuickBooks, we hope, after going through the blog and the steps mentioned therein, you will find it easier to reconcile foreign currency bank account in QuickBooks, on your own.

Accounting Professionals, CPA, Enterprises, Owners

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 1800-689-5491 or chat with experts.


How to Pass a Journal Entry while using the Multi-Currency Feature in QuickBooks?

Please follow the steps provided below:

Choose the account that you need to reconcile
Enter the amount with an unbalanced figure
Fill the amount as debt in case of a positive figure. If the figure is negative, enter the same as credit
Enter the exchange loss/gain account
Enter the opposite balancing figure
Your balances should be zero now and the different accounts should be completely sorted
Save the entry
Click close in order to exit the window

How can I Record Foreign Currency Payments against an Invoice Raised?

Follow the given below steps:

Navigate to the + New menu
Click on Receive Payment.
Click on the name of the concerned customer from the drop-down list
Visit the section Outstanding Transactions
Select the invoice for which you want to record the payment in QuickBooks.
Select the preferred payment method.
Finally, Save and close.

State QuickBooks Company File Advantages?

A QuickBooks company file is a destination where all the financial data related to a company is stored. Identify a company file with .QBW an extension. It is stored as a single file and is not branched into multiple files. The user can open, move or copy the company file as and when required. Moreover, the QB company file can be imported among different QuickBooks versions.

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

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.

Call Now +1-800-689-5491
Dancing Number

Kindly Provide The Following Information To Download The Dancing Numbers.

X





    Top