Multicurrency in QuickBooks

When a business deals with two or more currencies, QuickBooks creates an avenue where you can manage your finances with this feature. For the next 2 or 3 days, I’ll be updating you more information on ‘MULTICURENNCY IN QUICKBOOKS’.

Before setting up multicurrency in QuickBooks, there are certain tasks to complete, they are:

i)    Turn on the multicurrency

ii)   Setup foreign chart of accounts

iii)  Setup foreign customers and vendors

iv)   Setup foreign prices for items

How to Turn on Multicurrency in QuickBooks

1) Click ‘Edit’ at the menu bar and select ‘Preferences’ from the drop down list 

2) The ‘Preferences’ window below opens

Click ‘Multi Currencies’ by the left side of the window and select ‘Company Preferences’  

 

An information message window titled ‘Tracking Multiple Currencies’ appears telling you to back-up your file before turning on the multiple currencies. (To create a back-up, search for ‘Create a Back-up’ on my blog. 

Click ‘YES’ after a back-up has been created for your file.

3) Click the drop down arrow and select your home currency from the drop down list. 

Click OK to continue 

4) A window appears telling you your company file will close and reopen to update your settings. Click OK to continue.

The multi-currency is now turned on, and the home currency is set to ‘Nigerian Naira’