QuickBooks Desktop Multiple Currencies

QuickBooks Desktop Multiple Currencies

QuickBooks Desktop Multiple Currencies

Learn to record transactions using multiple currencies from a certified public accountant (CPA)

Language: english

Note: 4.2/5 (19 notes) 15,479 students

Instructor(s): Robert (Bob) Steele

Last update: 2020-11-27

What you’ll learn

  • How to get access to QuickBooks including a possible free 30-day trial
  • How to turn on the multicurrency feature
  • Set up accounts related to multicurrency including account types of Cash, Accounts Receivable, & Accounts Payable
  • Enter transactions related to foreign currency accounts receivable
  • Enter transactions related to foreign currency accounts payable
  • Enter transactions related to forward contracts for speculation
  • Enter transactions related to forward contracts to reduce risk on foreign currency transactions

 

Requirements

  • None

 

Description

Learn how to get access to QuickBooks Desktop including a possible free 30-day trial version often offered by Intuit, the owner of QuickBooks Desktop.

The course will discuss accounting for multiple currencies, outlining the process in Excel to provide a more transparent look at the process. Then we will enter the transactions into QuickBooks, the software automating some of the steps required.

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.

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 also demonstrate transactions related to forward contracts, both for speculative purposes and to mitigate risk on foreign currency transactions.

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.

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 accounts receivable account will need to be valued in the home currency even though we will be paid in a foreign one.

We have a similar situation when we make purchases on account, promising to pay in a foreign currency at some point in the future. The accounts payable account will need to be valued in the home currency equivalence even though we will be paying in a foreign currency.

 

Who this course is for

  • Accountants
  • Bookkeepers
  • Business owners

 

Course content

  • Overview
    • .20 Download Free or Paid QuickBooks Pro 2021
    • .30 Install QuickBooks Pro 2021
    • .40 Increase Size of Icons
    • 1305 Multiple Currencies Overview
    • 1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable
  • Sales Cycle
    • 1315 Invoice & Accounts Receivable
    • 1320 Accounts Receivable Revalue Using Current Exchange Rate
    • 1325 Receive Payment & Make Deposit Excel
    • 1330 Receive Payment & Make Deposit QuickBooks
    • 1335 Reversing Entry
  • Purchase Equipment On Account
    • 1340 Purchase Equipment On Account – Excel
    • 1345 Purchase Equipment On Account – QB
    • 1350 Adjusting Entry Accounts Payable
    • 1355 Transfer Money to Foreign Currency
    • 1360 Pay Foreign Accounts Payable
    • 1365 Accounts Payable Reversing Entry
  • Purchase Inventory On Account
    • 1370 Purchase Inventory On Account
    • 1375 Accounts Payable Adjusting Entry
    • 1380 Foreign Currency Transfer
    • 1385 Accounts Payable Reversing Entry
    • 1390 Accounts Payable Payment
  • Forward Contract for Speculation that Foreign Currency will Strengthen
    • 1400 Overview
    • 1405 Initial Transactions
    • 1410 Adjusting Entry
    • 1415 Maturity Date Transaction Excel
    • 1420 Maturity Date Transaction QuickBooks
    • 1425 Reversing Entry
    • 1430 Maturity Transaction Accounts Payable
  • Forward Contract for Speculation that Foreign Currency will Weaken
    • 1450 Overview
    • 1455 Initial Transaction Excel
    • 1460 Initial Transaction QuickBooks
    • 1465 Adjusting Entry
    • 1470 Maturity Transactions Excel
    • 1472 Maturity Transaction Cash Transfer
    • 1475 Maturity Transactions Accounts Payable
    • 1480 Reversing Entry
  • Forward Contracted Used to Reduce Risk From Purchase of Fixed Asset On Account
    • 1485 Overview
    • 1490 Purchase Fixed Asset On Account Foreign Currency
    • 1495 Forward Contract Transaction Excel
    • 1497 Forward Contract Transaction QuickBooks
    • 1500 Adjusting Entry Accounts Payable Foreign Currency
    • 1505 Adjusting Entry Forward Contract
    • 1510 Foreign Payable & Forward Contract Maturity Transactions
    • 1515 Forward Contract Maturity Transactions
    • 1520 Foreign Currency Accounts Payable Maturity Transactions
    • 1525 Foreign Currency Reversing Entries

 

QuickBooks Desktop Multiple CurrenciesQuickBooks Desktop Multiple Currencies

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