QuickBooks Desktop vs QBO Multiple Currencies

QuickBooks Desktop vs QBO Multiple Currencies

QuickBooks Desktop vs QBO Multiple Currencies

Learn to record transactions using multiple currencies using both QuickBooks Online and QuickBooks Desktop

Language: english

Note: 4.6/5 (41 notes) 18,839 students

Instructor(s): Robert (Bob) Steele

Last update: 2021-03-03

What you’ll learn

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

 

Requirements

  • None

 

Description

The course will start by discussing how to get access to both QuickBooks Online and QuickBooks Desktop. Intuit, the owner of QuickBooks often offers a free 30-day trial for each software package.

This will be a project based course. We will enter transaction in Excel before entering them into the accounting software, QuickBooks desktop and QuickBooks Online. Excel is more transparent, making it easier to understand the process. QuickBooks will then automate the process making it more efficient.

We will learn how to turn multicurrency on in both QuickBooks Online and QuickBooks Desktop. We will learn which accounts will be affected most by multicurrency transactions, these accounts being cash account types, accounts receivable account types, and accounts payable account types.

This course will work an example problems related to the sales cycles and the purchases cycle. The sales cycle will focus in on tracking foreign currency receivables. the purchases cycle will focus on foreign currency payables.

We will also demonstrate transactions related to forward contracts. We will discuss the uses of forward contracts including 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

  • Business owners
  • Bookkeepers
  • Accountants

 

Course content

  • Introduction
    • Online-1302 Free 30-Day Trial Multiple Currencies
    • Online-1305 Multiple Currencies Overview
    • Desktop-1305 Multiple Currencies Overview
    • Online-1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable
    • Desktop-1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable
  • Sales Cycle
    • Documents to download
    • Online-1315 Multiple Currencies Invoice & Accounts Receivable
    • Desktop-1315 Multiple Currencies Invoice & Accounts Receivable
    • Online-1320 Multiple Currencies Foreign Currency Accounts Receivable Adjusting
    • Desktop-1320 Multiple Currencies Accounts Receivable Revalue Using Current
    • Online-1325 Multiple Currencies Receive Payment & Make Deposit Excel
    • Desktop-1325 Multiple Currencies Receive Payment & Make Deposit Excel
    • 1330 Multiple Currencies Receive Payment & Make Deposit QuickBooks
    • 1335 Multiple Currencies Reversing Entry
  • Purchase Equipment On Account
    • Online-1340 Multiple Currencies Purchase Equipment On Account Excel
    • Desktop-1340 Multiple Currencies Purchase Equipment On Account – Excel
    • Online-1345 Multiple Currencies Purchase Equipment On Account QB
    • Desktop-1345 Multiple Currencies Purchase Equipment On Account ÔÇô QB
    • Online-1350 Multiple Currencies Adjusting Entry Loan Payable
    • Desktop-1350 Multiple Currencies Adjusting Entry Accounts Payable
    • Online-1355 Multiple Currencies Transfer Money to Foreign Currency
    • Desktop-1355 Multiple Currencies Transfer Money to Foreign Currency
    • Online-1360 Multiple Currencies Pay Foreign Loan Payable
    • Desktop-1360 Multiple Currencies Pay Foreign Accounts Payable
    • 1365 Multiple Currencies Accounts Payable Reversing Entry
  • Purchase Inventory On Account
    • Online-1370 Multiple Currencies Purchase Inventory On Account
    • Desktop-1370 Multiple Currencies Purchase Inventory On Account
    • Online-1375 Multiple Currencies Accounts Payable Adjusting Entry
    • Desktop-1375 Multiple Currencies Accounts Payable Adjusting Entry
    • Online-1380 Multiple Currencies Foreign Currency Transfer
    • Desktop-1380 Multiple Currencies Foreign Currency Transfer
    • Online-1385 Multiple Currencies Accounts Payable Reversing Entry
    • Desktop-1385 Multiple Currencies Accounts Payable Reversing Entry
    • Online-1390 Multiple Currencies Accounts Payable Payment
    • Desktop-1390 Multiple Currencies Accounts Payable Payment
  • Forward Contract for Speculation that Foreign Currency will Strengthen
    • Documents to download
    • Online-1400 Setup Free 30-Day Trial Practice Multiple Currencies
    • Desktop-1400 Forward Contract for Speculation that Foreign Currency will
    • Online-1402 Forward Contract for Speculation that Foreign Currency will Str
    • Online-1405 Forward Contract for Speculation that Foreign Currency will Str
    • Desktop-1405 Forward Contract for Speculation that Foreign Currency will Str
    • Online-1410 Forward Contract for Speculation that Foreign Currency will Str
    • Desktop-1410 Forward Contract for Speculation that Foreign Currency will Str
    • Online-1415 Forward Contract for Speculation that Foreign Currency will Stre
    • Desktop-1415 Forward Contract for Speculation that Foreign Currency will Str
    • Online-1420 Forward Contract for Speculation that Foreign Currency will St
    • Desktop-1420 Forward Contract for Speculation that Foreign Currency will Str
    • Online-1425 Forward Contract for Speculation that Foreign Currency will Str
    • Desktop-1425 Forward Contract for Speculation that Foreign Currency will Str
    • Desktop-1430 Forward Contract for Speculation that Foreign Currency will Str
  • Forward Contract for Speculation that Foreign Currency will Weaken
    • Documents to download
    • Online-1447 Free 30 Trial Setup-Forward Contract for Speculation that F
    • Online-1450 Forward Contract for Speculation that Foreign Currency will
    • Desktop-1450 Forward Contract for Speculation that Foreign Currency will
    • Online-1455 Forward Contract for Speculation that Foreign Currency will
    • Desktop-1455 Forward Contract for Speculation that Foreign Currency will
    • Online-1460 Forward Contract for Speculation that Foreign Currency will
    • Desktop-1460 Forward Contract for Speculation that Foreign Currency will
    • Online-1465 Forward Contract for Speculation that Foreign Currency
    • Desktop-1465 Forward Contract for Speculation that Foreign Currency will Weake
    • Online-1470 Forward Contract for Speculation that Foreign Currency will Weaken
    • Desktop-1470 Forward Contract for Speculation that Foreign Currency will Weaken
    • Online-1472 Forward Contract for Speculation that Foreign Currency will Weaken
    • Desktop-1472 Forward Contract for Speculation that Foreign Currency will Weaken
    • Online-1475 Forward Contract for Speculation that Foreign Currency will Weaken
    • Desktop-1475 Forward Contract for Speculation that Foreign Currency will Weaken
    • Online-1480 Forward Contract for Speculation that Foreign Currency will Weaken
    • Desktop-1480 Forward Contract for Speculation that Foreign Currency will Weaken
  • Forward Contracted Used to Reduce Risk From Purchase of Fixed Asset On Account
    • Documents to download
    • Online-1483 Free 30 Day Trial Multiple Currencies Problem 4
    • Online-1485 Multiple Currencies Problem 4 Overview
    • Desktop-1485 Forward Contract to Reduce Risk from Purchase Overview
    • Online-1490 Multiple Currencies Problem 4 Purchase Fixed Asset On Account
    • Desktop-1490 Purchase Fixed Asset On Account Foreign Currency
    • Online-1495 Multiple Currencies Problem 4 Forward Contract Initial Transaction
    • Desktop-1495 Forward Contract Transaction Excel
    • 1497 Forward Contract Transaction QuickBooks
    • Online-1500 Multiple Currencies Problem 4 Adjusting Entry Accounts Payable
    • Desktop-1500 Adjusting Entry Accounts Payable Foreign Currency
    • Online-1505 Multiple Currencies Problem 4 Adjusting Entry Forward Contract
    • Desktop-1505 Adjusting Entry Forward Contract
    • Online-1510 Multiple Currencies Problem 4 Foreign Payable & Forward Contract
    • Desktop-1510 Foreign Payable & Forward Contract Maturity Transactions
    • 1515 Multiple Currencies Problem 4 Forward Contract Maturity Transactions
    • Desktop-1515 Forward Contract Maturity Transactions
    • Online-1520 Multiple Currencies Problem 4 Foreign Currency Accounts Payable
    • Online-1520 Foreign Currency Accounts Payable Maturity Transactions
    • 1520 Foreign Currency Accounts Payable Maturity Transactions
    • Online-1525 Multiple Currencies Problem 4 Foreign Currency Reversing Entries
    • 1525 Foreign Currency Reversing Entries

 

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