Entering Multi-Currency Transactions in QuickBooks Online - My Cloud Bookkeeping

Quite some time back I created some videos to show you how currency transactions work in QuickBooks Online. Since then, QuickBooks looks different, and there have been improvements in how currency transactions are matched. I thought it might be time to redo the video!
If you’re not familiar with QuickBooks Online, you might be tempted to just enter everything with a 1 for 1 exchange rate thinking that you can clean it up at your end, or get your accountant to do it! There’s no need to do this. Multi-currency in QuickBooks Online works seamlessly if you just know how to use it. This video shows you how!
FREE resources: www.mycloudboo...
If you are new to QuickBooks Online or are not sure how to most effectively work with the bank feed check out my Bank Feed Training course: learn.mycloudb...
If you would like to get set up to manage your business finances on QuickBooks Online reach out! I can help get you set up right the first time: learn.mycloudb...
Compare QuickBooks Online plans here: www.mycloudboo...
If you want to know more, book a session with me! calendly.com/k...
If you have questions or comments, please use the comments box below. I would love to hear from you :)
VISIT MY WEBSITE HERE: mycloudbookkee...
**********************************
SUBSCRIBE HERE: bit.ly/3eWu8s2
************************************
CONNECT WITH ME:
I absolutely love hearing from you!
TWITTER: / mycloudbooks
FACEBOOK: / mycloudbookkeeping
INSTAGRAM: / mycloudbookkeeping
EMAIL ME: [e-mail]
************************************
• Entering Multi-Currenc...
HIT LIKE AND LEAVE A COMMENT BELOW IF YOU'VE ENJOYED THIS VIDEO! 👇👇👇

[@davidshelton9917]

This was great. As a dual, USA-Canadian citizen launching a new consulting firm that will operate in both countries, I have tons of questions. But right now, I will just say that I would like to learn more about invoicing.

[@MyCloudBookkeeping]

Hi David! A quick tip I will give you (and you may already know this!) is to be sure to set up your customers in the correct currency right from the beginning. This is not something you can change. I also maintain both a CAD and USD bank account, that way I can choose when I want to transfer funds based on the exchange rate, and pay USD expenses in USD and CAD expenses in CAD - saving a TON on credit card exchange rates! Cheers! Kerry

[@MyCloudBookkeeping]

Be sure to reach out if you have any multi-currency questions! QuickBooks Online does a great job of recording your foreign currency transactions if it is set up correctly!

[@MyCloudBookkeeping]

Thank you for letting me know. Delighted I could help!

[@vaibhavnarula2152]

Hi mam, I have a question regarding multiple currency while paying bills, sometimes the online exchange rate and quickbooks exchange rate varies and due to this sometimes the difference comes in, it causes conflicts while paying bills.

[@MyCloudBookkeeping]

@@vaibhavnarula2152 you can change the exchange rate on the transaction in QuickBooks Online to agree to the rate you have actually paid. I hope that helps!!

[@rverityhk1]

Really helpful

[@MyCloudBookkeeping]

Thank you for letting me know!

[@meghakamra3855]

All this is really useful information, I asked in your other video but was left with a small question. We cleaned our cash account by transferring the balance to an expense account, left with less than $2 under the Home currency level. I tried to edit the rate while doing the transfer, but in that too I was not able to clean that completely. Now what should I do to clean the account at Home Currency level.Hope my quey is clear.

[@MyCloudBookkeeping]

I'm not sure how to fix your specific issue without looking at it - feel free to schedule a working session: calendly.com/kerry-11/one-hour-consultation-us and I can help you for sure!

[@meghakamra3855]

Thanks for all the support, as of now we can’t afford that as we are a non profit…but appreciate all the support.

[@nleposk1]

I have a client who pays in British pounds, and then pays by wire. My bank converts it to USD. But I could not accept payment in the amount USD and it is not showing up in my account even though I deposited it/

[@MyCloudBookkeeping]

You may have to receive payment in GBP to a clearing account, and then transfer from the GBP clearing to your USD account using the exchange rate to match. That may not make sense! I don't normally like clearing accounts. Sometimes they are necessary. If you would like to look at this together you can book a time here: calendly.com/kerry-11/one-hour-consultation-us Cheers

[@nleposk1]

I did receive the payment in GBP but I realized I had to make the date the same as the online transaction so that QB could figure out it was the same payment. now it's showing up in the register, thank you @@MyCloudBookkeeping