The accounts receivable account will need to be valued in the home currency even though we will be paid in a foreign one. Multiple currency functionality is also helpful when we make sales on account, sending an invoice, hoping to get paid in the future, tracking accounting receivable, but expecting to be paid in a foreign currency. The multiple currency feature is useful when the company is holding onto cash in a foreign currency, the software helping us to record the home currency equivalent for financial statement presentation. We will also demonstrate transactions related to forward contracts, both for speculative purposes and to mitigate risk on foreign currency transactions. Learners will work example problems related to the sales cycles and the purchases cycle, the sales cycle including foreign currency receivables, the purchases cycle including foreign currency payables. We will learn how to turn multicurrency on, and which accounts will be affected most by multicurrency transactions including cash account types, accounts receivable account types, and accounts payable account types. Then we will enter the transactions into QuickBooks, the software automating some of the steps required. The course will discuss accounting for multiple currencies, outlining the process in Excel to provide a more transparent look at the process. Learn how to get access to QuickBooks Online including a possible free 30-day trial version often offered by Intuit, the owner of QuickBooks Online.

Quickbooks multi currency issues