Have a question?
Message sent Close
4.5 out of 5
4.5
2 reviews on Udemy

QuickBooks Desktop vs QBO Multiple Currencies

Learn to record transactions using multiple currencies using both QuickBooks Online and QuickBooks Desktop
Instructor:
Robert (Bob) Steele
5,824 students enrolled
English [Auto]
How to get access to QuickBooks Desktop & QuickBooks Online including a possible free 30-day trial for both
How to turn on the multicurrency feature in both QuickBooks Online and QuickBooks Desktop
Set up accounts related to multicurrency including account types of Cash, Accounts Receivable, & Accounts Payable
Enter transactions related to foreign currency accounts receivable in both QuickBooks Desktop and QuickBooks Online
Enter transactions related to foreign currency accounts payable in both QuickBooks Desktop and QuickBooks Online
Enter transactions related to forward contracts for speculation in both QuickBooks Desktop and QuickBooks Online
Enter transactions related to forward contracts to reduce risk on foreign currency transactions

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.

Forward Contracted Used to Reduce Risk From Purchase of Fixed Asset On Account

You can view and review the lecture materials indefinitely, like an on-demand channel.
Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don't have an internet connection, some instructors also let their students download course lectures. That's up to the instructor though, so make sure you get on their good side!
4.5
4.5 out of 5
2 Ratings

Detailed Rating

Stars 5
1
Stars 4
1
Stars 3
0
Stars 2
0
Stars 1
0
5b310c0f0e7b0844944c9a080305db61
Course available for 2 days
30-Day Money-Back Guarantee

Includes

17 hours on-demand video
4 articles
Full lifetime access
Access on mobile and TV
Certificate of Completion

External Links May Contain Affiliate Links read more

Join our Telegram Channel To Get Latest Notification & Course Updates!
Join Our Telegram For FREE Courses & Canva PremiumJOIN NOW