Posted by forex at 4:33 AM
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1. Sign into QuickBooks as the administrator.
2. Select 'Preference,' 'Multiple Currencies,' then 'Company Preferences.' Select the button next to 'Yes, I use more than one currency.' Select your 'Home currency' as the United States Dollar. This sets up the use of multiple currencies on QuickBooks.
3. Download daily current rates by going to 'Company,' 'Manage Currency,' then 'Download Latest Exchange Rates.' This is important in accounting because you must record your transactions at the current exchange rate. The current exchange rate will change daily, so without updating your foreign currency exchange rates, you will record transactions in the wrong amounts.
4. Go to 'Chart of Accounts,' and click 'Account' towards the bottom of the screen, then 'New.'
5. Fill out the account as you would normally fill out a Bank, Credit Card, Accounts Receivable, or Accounts Payable account. Under 'Currency' you can now select a different currency than the United States Dollar. This will allow you to track Bank, Credit Card, Accounts Receivable, or Accounts Payable accounts that use different currencies.
6. Create a new vendor. Fill out the form as you normally do with your previous vendors. Now, under new customer, there is a 'Currency' feature. You must select the currency that is associated with the vendor. The United States dollar will be the default setting, but the drop-down menu will contain all the other currencies you enabled.