Working with Multiple Currencies in QuickBooks 2017 - dummies

Working with Multiple Currencies in QuickBooks 2017

By Stephen L. Nelson

If you tell QuickBooks 2017 that you need to do your accounting in multiple currencies — something you do in the Pro, Premier, and Enterprise Solutions editions by choosing Edit → Preferences, selecting Multiple Currencies, clicking the Company Preferences tab, and then clicking the Yes I Use More Than One Currency button — QuickBooks reconfigures its operation and appearance so you can work with more than one currency.

As you might expect, given that this is QuickBooks, working with multiple currencies isn’t that complicated. (This includes both foreign currencies, like the Euro, and virtual currencies.) To go “multiple currencies,” you simply identify the currency that you’ll use for specific bank accounts, customers, and vendors.

Thereafter, QuickBooks assumes that when you’re recording transactions for these bank accounts, customers, and vendors, you’re working in the specified currency. QuickBooks clearly identifies the specified currency in windows and dialog boxes next to amount boxes.

To enable you to convert foreign (including virtual) currencies to your home currency, QuickBooks also adds a Currency List command to the Lists menu, which you use to track currencies and their exchange rates so you can translate transactions denominated in a foreign (or virtual) currency into your home currency.