QuickBooks and Multiple Currency

In this video, QuickBooks guru, Jim Merritt (QuickTrainer, Inc.) shows you how Multiple Currency works within QuickBooks software and attempts to resolve some of the confusion within the Intuit / QuickBooks community.

[QuickTrainer]

Hi Aphrodite, thank you for your comment and for your phone call on Tuesday. QuickBooks uses the currency symbol specified in your Windows Control Panel. To change the symbol, you must change the Control Panel setting from $ to €. Also, you should change your home currency in QuickBooks from USD to Euro (i believe?). I hope this helps.

[helenacosta]

Hi Jim,
Im using quickbooks online 2014, I deal mostly with USA purchases and sell in CAD
question 1- do I need to turn on multi currency ? I pay everything on credit card and exchange rates are always different when entering payments.
Question 2 - if I need to use multi currency does your rule of setting up items still apply ?
or should I ask do I set up the item cost in CAD and re-sell in CAD
Question 3 - if item is set up both in CAD prices will the exchange rates work themselves out ?
Hope this is not confusing

[christophermaneri]

Jim, great tutorial. I know you said that this works for customers as well as vendors. One question, if a vendor sends me product (for sale in US) in Euros, how do I book that product cost (in euros or $)? We are having a major problem because presently we are paying back in $ and the bill/invoice will never reconcile? Any help you could provide would be great. Is there any way we could hire you to assist in this conversion of our QBs?

[alastairmacbeath]

Hi Jim
How do you get rid of exchange differences on a vendors/customers account after their balances have been paid off. The forex balance is zero but there shows a balance o/s in the local currency

[HelBrewster]

Question: I live outside the USA and the other 3 home currencies offered. Dies quickbooks offer any other home currency settings? If so how?

[qtiadmin]

QuickBooks offers a plethora of home currency settings. To change go to Edit, Preferences. In the list at the left of the Preferences window, click Multiple Currencies.
Click the Company Preferences tab. NOTE: Only the Admin user can make changes on the Company Preferences tab. Select, Yes I use more than one currency. In the drop down, click View More Currencies and you will be presented with a list of choices.

[qtiadmin]

Multiple Currency was not made available until 2009 USA version of QuickBooks. Though I believe the Canadian version had multi currency prior, but that will not help you. For what it's worth, the South African Rand (or ZAR) is one of the exchanges available. If you want to take advantage of Multiple Currency, it's time to upgrade. :-)

[wilst]

I am using QB pro 2007 and the steps explained to change currency does come up. How do I change from $ to South African Rand on this specific version of QB

[ishmailkamara]

Hi Jim
I have an issue wherein my home currency is dollar, my company receive supplies from someone in pounds and now my company have settled that bill in euro. how should deal with this one?

[edithconts]

This particular customer was set up as a USD currency, but for a particular invoice it paid in MXP, how can I receive this payment?, Quickbooks doesnt allow me because customer was set up a a diferent currency

[QuickTrainer]

It's not free. Do a Google search for Intuit Quickbooks ProAdvisor Program. You can learn more about it at their website.

[lungiledube]

HI MY NAME IS LUNGI AND IM STRUGGLING TO CHANGE THE CURRENCY I DID CHANGE IT ON MY CONTROL PANEL BUT I CANT ON QUICK BOOKS I NEED TO CHANGE IT FROM $ USD TO R (RAND) PLEASE HELP AND TAKE ME STEP BY STEP

[aferditajusufi]

Hi, my name is Aphrodite I saw your video on currency exchange bud I need to change only $ sign to a € Symbol. I tried to customize invoice bud does not let me do it . Helpless girl frome Kosova :)