You and your client can have a huge problem if you don’t keep track of foreign exchange fluctuations. It can mean the difference between a net profit and a net loss for a business.
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Companies that ignore foreign currency changes fail because they don’t have accurate information in a timely fashion. They don’t know the true cost of their goods and services, and therefore neglect to price them correctly for sale to their customers. Foreign currency is often ignored by business owners until it’s too late: when their accountants look at the financial effect of exchange rates after the year-end. By then, a company can be out of business or have a large shift in financial results for the year.
For example, a US company buying Canadian goods when the Canadian dollar was at its low point (January 2002) would end up paying 75% more for those same goods just a few years later (November 2007) when the Canadian buck was at its high – with no inflation whatsoever! This type of swing, outside of management’s control, can put an enterprise out of business if exchange-related cost hikes are not tracked, planned for, and addressed proactively.
Are you either an accounting professional or a QuickBooks small-to-medium sized business end user? And are you confused by how to use QuickBooks with more than one currency and stop the flow of red ink?
How about self-paced deep drive training on multicurrency in QuickBooks from the master?
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For accounting professionals, consultants and QuickBooks ProAdvisors:
For business users: