Foreign Currency Transactions in QuickBooks Desktop - Beyond the Basics

Learning Objectives

• To identify how to access and create a Home Currency Adjustment.
• To recognize Home Currency Adjustments in the Exchange Gain or Loss account.
• To describe the process for maintaining static foreign price lists that do not fluctuate with the exchange rate.
• To analyze which versions of QuickBooks Desktop are required to maintain foreign price lists.
• To recognize how the process of using purchase orders works in a Multicurrency environment.

Course Description

Not knowing how QuickBooks Desktop can track foreign currency transactions means that you are not providing your clients with the utmost expertise. Furthermore, it can cause you a lot of work at year-end trying to detangle the mess that your clients have left for you in the form of meaningless QuickBooks data.

With the help of this CPE course, you can learn how to use Multicurrency in QuickBooks the correct way and offer your clients "above and beyond" knowledge and expertise.

In certain situations, QuickBooks automatically calculates and records gains and losses on foreign exchange. These situations have to do with closing a sales workflow (receiving payment, depositing to the bank) and closing a purchase workflow (paying a bill).

But there is one more kind of gain or loss on foreign exchange that QuickBooks doesn’t record unless we tell it to do so: Home Currency Adjustments.

Join this CPE course by Esther Friedberg Karp to learn about the concept of the Home Currency Adjustment, which revalues foreign currency balances on the balance sheet without changing their value in the original currency.

Major topics discussed in this course:

• Home Currency Adjustments and Exchange Gain or Loss Account
• Home Currency Adjustments when Foreign Balance = 0 (but BS ≠ 0)
• Selling in Foreign Currency: Maintaining Static Foreign Price Lists
• Purchase Orders & Purchasing in a Multicurrency Environment

This CPE QuickBooks webinar will go beyond the everyday purchase, sale, and transfer transactions in a Multicurrency environment in QuickBooks Desktop. You will also learn how to use purchase orders in a Multicurrency environment.

Overview

• About these multicurrency modules

  4 mins
• Home currency adjustments

  9 mins
• Exchange gain or loss account

  31 mins
• Selling in foreign currency

  43 mins
• Purchase orders

  62 mins
• Item pricing & Costs

  68 mins