How to setup Foreign Chart of Accounts in QuickBooks

CONTINUE FROM MY LAST POST, THE NEXT STEP IS SETTING UP A FOREIGN CHART OF ACCOUNTS IN QUICKBOOKS.

If you have foreign customers and suppliers in your business, you can create an Account Receivable and Account Payable for them using their currency.

Example: If you have a customer in United States and Spain, you cannot use the same Account Receivable and Account Payable for both customers. You need to create different A/R and A/P for both customers.

The following steps will help you on how to create a foreign chart of accounts.

NOTE: Once a transaction is made in an account, the account’s currency cannot be changed.

1) Click ‘List’ at the menu bar and select ‘Chart of Accounts’ from the drop down list’ 

2) From the Chart of Accounts window, click ‘Account’ at the bottom of the window and select and select ‘New’ from the drop down list. 

3) From the ‘Add New Account’ window, select ‘Other Account Types’ below the window by clicking the belly button.

 Click the drop down arrow and select the account you want to create from the drop down list. Here, ‘Account Receivables’ is selected. 

Click ‘Continue’ below the window to complete setting up the account.

4) Fill in the account information in the appropriate places.

Note: The currency tab determines the types of account you are setting up. Click the drop down arrow in order to select your customer’s currency. Here, US Dollar ($) is selected. 

To view more currencies, click ‘View More Currencies’ at the drop down list. 

Click Save & Close after filling up the necessary information.

To know more on how to create chart of accounts in QuickBooks, search for ‘HOW TO SETUP CHART OF ACCOUNTS IN QUICKBOOKS’ on my blog