![]() QuickBooks will bring in default rates so you should change the rate to be as per the current rate for the currencies that will be used. ![]() This can be changed if necessaryĢ Setting Exchange rates Once the preference is turned on there is a new list under the Lists menu for the exchange rates The following warning message will appearīusiness EEz – Procedure Once multi currency is turned on, it can never be turned off so it is recommended not to turn it on unless you intend to use it Once you have accepted the message – the home currency will default in to AUD. This paper outlines setting up QuickBooks to enable this feature and recording the relevant transactions in QuickBooks as well as some hints to ensure the data is correct Data is entered in the foreign currency but converted to Australian dollars and recorded as such in the financial statements, however the foreign currency balances are available in lists and registers Note – this functionality is only available in QuickBooks Pro or higher (Premier, Enterprise, On-Line)Įdit > Preferences > Accounting > Company Preferences Tick the box – Use Multicurrency Holding a bank account in a foreign currency ![]() Purchasing and paying for goods in a foreign currency Selling goods and /or services and receiving payment in a foreign currency Setting up/Using Multi Currency in QuickBooks The multi currency feature in Quick Books allows you to deal in currencies other than the Australia dollar.
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