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, [...]
Intuit announced last night that QuickBooks 2011 and Enterprise Solutions 11.0 will be available by September 17, 2010, including via electronic download from our Buy QuickBooks page. On tap for 2011 are: A new Collections Center to make it easy to send overdue invoices to customers via email Support for batch invoicing Balance sheets by [...]
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 [...]
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 [...]
One of the best online sources we’ve found for historical foreign exchange rates is OANDA’s Historical Exchange Rates. Their data stretches back to 1990, and access is free. They include multiple rates for each currency and can return data in HTML, ASCII, or CSV formats. A CSV format can be easily imported into Microsoft Excel [...]
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. [...]
For many businesses today, the economy is global. That means an accounting system needs to support multiple currencies, and QuickBooks 2009 meets that need with support for all global currencies. Let’s see how these features are implemented. We have screen shots of how it all works below, organized to match the menu and a typical [...]
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