There will be times in a QuickBooks Desktop multicurrency situation when you’ll be dealing in two currencies in a transaction, and you’ll know two values but you’ll want to calculate the third. Here’s a common scenario:
You transferred $5,000 US to a euro currency account and your bank gave you credit for €4,249.24 in the euro currency account. You want to enter the transfer transaction in QuickBooks Desktop. How do you calculate the third value, the exchange rate, if you can’t find it from the bank? The answer lies within the QuickBooks Multicurrency feature, but it’s a hidden function. Read on to find out how.
Hit Control+Alt+C on your keyboard and enter any two of these three values:
Then click Calculate and the third value will appear:
You can use this trick if you know any two of the three values involved in a foreign currency calculation, without a calculator.
This is just one scenario that the CompuBooks QuickBooks Multicurrency Course for Desktop will solve for you, and this doesn’t even exist in the HELP function.
The CompuBooks QuickBooks Desktop Multicurrency course will take you through all the ins and outs of using Multicurrency, Foreign Currency, Exchange Rates, and valuations.You’ll learn how to tell what any foreign currency transaction is worth in your own home currency, and how to let QuickBooks handle exchange gains and losses on foreign currency automatically.
You’ll also learn what to look for and when to intervene and create a foreign currency adjustment. You’ll see how easy it is to work with exchange rates and foreign currency, as long as you’re taught how to do it correctly.
QuickBooks Online (QBO) can also be set up to work with multiple currencies, and QBO has a number of advantages over QuickBooks Desktop. Here are just two of them:
QuickBooks Online is constantly changing, and so it is improving on its multicurrency function. QuickBooks Desktop has not changed its multicurrency functions in many years.