The QuickBooks© Tune Up & Reporting Specialists
The source of foreign exchange rates in QuickBooks is Wall Street On Demand, a company that provides data and tools to the financial services industry. The question on data source for foreign exchange rates often arises out of a misunderstanding of how rates downloaded by QuickBooks should be used. These rates are only a guide, [...]
In QuickBooks 2009 there are 6 reports to provide information about what customers or clients owe to a firm. They are: A/R Aging Summary A/R Aging Detail Customer Balance Summary Customer Balance Detail Open Invoices Collections Report These reports are found on the Reports->Customers & Receivables menu selection. Each report is intended to provide certain [...]
A spot rate, but it’s up to the user to download current spot rates (from the Company->Manage Currency->Download Latest Exchange Rates menu selection) or enter an accurate spot rate when recording a transaction or printing reports. For example, for sales and expenses, a user needs to enter an exchange rate, as shown below in the [...]
Yes, there are a few restrictions on making General Journal entries in a multicurrency environment. Only 1 foreign currency is allowed per General Journal entry The currency of the General Journal entry must match the currency of the accounts selected or be your home currency If you enter data in the Name field, it must [...]
In QuickBooks the home currency adjustment is calculated based on the difference between the exchange rate recorded with each transaction and the exchange rate as of the home currency adjustment. It’s calculated on: Open Accounts Payable transactions in a foreign currency Open Accounts Receivable transactions in a foreign currency Balance sheet account balances for which [...]
Recording a gain or loss on funds transferred to a foreign bank account is accomplished by the Company->Manage Currency->Home Currency Adjustment menu selection. First, enter the Date for the currency adjustment and choose the Currency whose value you want to update. Click the Calculate Adjustment button to locate those balances potentially impacted by the changed [...]
QuickBooks 2009 and Enterprise Solutions 9.0 (and later) support transactions in multiple currencies. Each account, customer, and vendor has an associated currency. Multi-currency support in QB does not extend to employees. Therefore, when you set up a bank account, you’ll specify the Currency used for that account, as shown below. In a company file (.qbw) [...]
QuickBooks 2009 and Enterprise Solutions can print checks in currencies other than the US dollar (USD), with a few words of caution. Each time you attempt to print checks in a currency other than the USD, QuickBooks will display the warning screen shown below. To continue with the printing process, you’ll need to click Ok. [...]
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