The course will start by discussing how to get access to both QuickBooks Online and QuickBooks Desktop. Intuit, the owner of QuickBooks often offers a free 30-day trial for each software package.
This will be a project based course. We will enter transaction in Excel before entering them into the accounting software, QuickBooks desktop and QuickBooks Online. Excel is more transparent, making it easier to understand the process. QuickBooks will then automate the process making it more efficient.
We will learn how to turn multicurrency on in both QuickBooks Online and QuickBooks Desktop. We will learn which accounts will be affected most by multicurrency transactions, these accounts being cash account types, accounts receivable account types, and accounts payable account types.
This course will work an example problems related to the sales cycles and the purchases cycle. The sales cycle will focus in on tracking foreign currency receivables. the purchases cycle will focus on foreign currency payables.
We will also demonstrate transactions related to forward contracts. We will discuss the uses of forward contracts including for speculative purposes and to mitigate risk on foreign currency transactions.
The multiple currency feature is useful when the company is holding onto cash in a foreign currency, the software helping us to record the home currency equivalent for financial statement presentation.
Multiple currency functionality is also helpful when we make sales on account, sending an invoice, hoping to get paid in the future, tracking accounting receivable, but expecting to be paid in a foreign currency. The accounts receivable account will need to be valued in the home currency even though we will be paid in a foreign one.
We have a similar situation when we make purchases on account, promising to pay in a foreign currency at some point in the future. The accounts payable account will need to be valued in the home currency equivalence even though we will be paying in a foreign currency.
Sales Cycle
Purchase Equipment On Account
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6Documents to download
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7Online-1315 Multiple Currencies Invoice & Accounts Receivable
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8Desktop-1315 Multiple Currencies Invoice & Accounts Receivable
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9Online-1320 Multiple Currencies Foreign Currency Accounts Receivable Adjusting
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10Desktop-1320 Multiple Currencies Accounts Receivable Revalue Using Current
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11Online-1325 Multiple Currencies Receive Payment & Make Deposit Excel
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12Desktop-1325 Multiple Currencies Receive Payment & Make Deposit Excel
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131330 Multiple Currencies Receive Payment & Make Deposit QuickBooks
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141335 Multiple Currencies Reversing Entry
Purchase Inventory On Account
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15Online-1340 Multiple Currencies Purchase Equipment On Account Excel
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16Desktop-1340 Multiple Currencies Purchase Equipment On Account - Excel
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17Online-1345 Multiple Currencies Purchase Equipment On Account QB
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18Desktop-1345 Multiple Currencies Purchase Equipment On Account – QB
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19Online-1350 Multiple Currencies Adjusting Entry Loan Payable
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20Desktop-1350 Multiple Currencies Adjusting Entry Accounts Payable
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21Online-1355 Multiple Currencies Transfer Money to Foreign Currency
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22Desktop-1355 Multiple Currencies Transfer Money to Foreign Currency
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23Online-1360 Multiple Currencies Pay Foreign Loan Payable
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24Desktop-1360 Multiple Currencies Pay Foreign Accounts Payable
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251365 Multiple Currencies Accounts Payable Reversing Entry
Forward Contract for Speculation that Foreign Currency will Strengthen
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26Online-1370 Multiple Currencies Purchase Inventory On Account
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27Desktop-1370 Multiple Currencies Purchase Inventory On Account
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28Online-1375 Multiple Currencies Accounts Payable Adjusting Entry
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29Desktop-1375 Multiple Currencies Accounts Payable Adjusting Entry
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30Online-1380 Multiple Currencies Foreign Currency Transfer
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31Desktop-1380 Multiple Currencies Foreign Currency Transfer
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32Online-1385 Multiple Currencies Accounts Payable Reversing Entry
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33Desktop-1385 Multiple Currencies Accounts Payable Reversing Entry
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34Online-1390 Multiple Currencies Accounts Payable Payment
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35Desktop-1390 Multiple Currencies Accounts Payable Payment
Forward Contract for Speculation that Foreign Currency will Weaken
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36Documents to download
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37Online-1400 Setup Free 30-Day Trial Practice Multiple Currencies
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38Desktop-1400 Forward Contract for Speculation that Foreign Currency will
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39Online-1402 Forward Contract for Speculation that Foreign Currency will Str
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40Online-1405 Forward Contract for Speculation that Foreign Currency will Str
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41Desktop-1405 Forward Contract for Speculation that Foreign Currency will Str
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42Online-1410 Forward Contract for Speculation that Foreign Currency will Str
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43Desktop-1410 Forward Contract for Speculation that Foreign Currency will Str
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44Online-1415 Forward Contract for Speculation that Foreign Currency will Stre
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45Desktop-1415 Forward Contract for Speculation that Foreign Currency will Str
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46Online-1420 Forward Contract for Speculation that Foreign Currency will St
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47Desktop-1420 Forward Contract for Speculation that Foreign Currency will Str
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48Online-1425 Forward Contract for Speculation that Foreign Currency will Str
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49Desktop-1425 Forward Contract for Speculation that Foreign Currency will Str
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50Desktop-1430 Forward Contract for Speculation that Foreign Currency will Str
Forward Contracted Used to Reduce Risk From Purchase of Fixed Asset On Account
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51Documents to download
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52Online-1447 Free 30 Trial Setup-Forward Contract for Speculation that F
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53Online-1450 Forward Contract for Speculation that Foreign Currency will
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54Desktop-1450 Forward Contract for Speculation that Foreign Currency will
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55Online-1455 Forward Contract for Speculation that Foreign Currency will
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56Desktop-1455 Forward Contract for Speculation that Foreign Currency will
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57Online-1460 Forward Contract for Speculation that Foreign Currency will
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58Desktop-1460 Forward Contract for Speculation that Foreign Currency will
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59Online-1465 Forward Contract for Speculation that Foreign Currency
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60Desktop-1465 Forward Contract for Speculation that Foreign Currency will Weake
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61Online-1470 Forward Contract for Speculation that Foreign Currency will Weaken
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62Desktop-1470 Forward Contract for Speculation that Foreign Currency will Weaken
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63Online-1472 Forward Contract for Speculation that Foreign Currency will Weaken
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64Desktop-1472 Forward Contract for Speculation that Foreign Currency will Weaken
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65Online-1475 Forward Contract for Speculation that Foreign Currency will Weaken
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66Desktop-1475 Forward Contract for Speculation that Foreign Currency will Weaken
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67Online-1480 Forward Contract for Speculation that Foreign Currency will Weaken
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68Desktop-1480 Forward Contract for Speculation that Foreign Currency will Weaken