QuickBooks Desktop Home Currency Adjustment With Multi Currency

[@worldwidequickbooks]

Hello to all of my QuickBooks fans using the multi-currency feature in QuickBooks Desktop!! This QuickBooks training tutorial will show you how to record making a home currency adjustment. This is an entry you put in your QuickBooks that is not a transaction. It simply adjusts the balances of the accounts that represent the dollar amount of the foreign currency that you own or had transactions with. It re-values the units of the foreign currency to make all units listed in accounts that have the non-home currency balance become all the same rate per unit of currency. You must do this before you transfer out currency from your overseas bank account or pay from your account that has the foreign currency. I hope you will click “like” on any video that helped you and I hope you will subscribe! -Mark

[@tracytaylor9551]

Thanks so much for this video! It was exactly what I needed to find! I've used QB for years but have never needed to adjust home currency balances until today!

[@worldwidequickbooks]

I'm very glad it helped you and you should really make sure you watch the whole playlist in proper is the whole playlist in proper order If you click in the top right of this video you will see the link to the full playlist and then you can watch each one in proper order so you want to stand the whole idea of multi currency in proper context I hope you will click like after watching each one and subscribe Mark

[@KahawaMediaFinance]

THANK YOU!!!

[@worldwidequickbooks]

Oh you are most welcome Make sure you click in the top right corner to get the link to the full playlist and if you watch it in proper order, you'll have everything you need Mark

[@cn9732]

Thank you for this video. If you're making this entry for your year end, would you need to reverse this entry on the first day of the next year?

[@worldwidequickbooks]

Thank you for asking.you would never reverse a currency adjustment because it's based on the value of the date that you're making the adjustment. Reversing it would put the wrong value because it would put back to the value it was before the adjustment date. It has to be whatever the most current value is at the moment. You would just and thank you for asking I hope you will click in the top right corner and watch the full multi currency playlist that you can watch and proper order for better understanding. I hope you will click like after watching each one to support the free channel for everyone and please subscribe Mark

[@cn9732]

@@worldwidequickbooks Thank you so much for the quick reply. You're a absolute lifesaver! Consider it liked and subscribed!

[@ziashafaie650]

It was great

[@worldwidequickbooks]

Oh thank you If you click in the top right corner you can see the whole playlist and watch it in proper order for better understanding. Thanks for being a fan I hope you will click like and subscribe Mark

[@dipti4650]

Thank you so much for this video and clear explanation! Every foreign transaction I do I am entering the exchange rate for that day. Should I be doing that or just clicking on downloading the "latest exchange rate" . I did notice there is some discrepancy in QB and what I pull from a website for the rates. I think the rate QB gives is more the banking exchange rate and thus always higher. I am adjusting 2021 financials, so would it would be correct when I make the Home Currency Adjustment I would enter 12-31-2021, right?

[@worldwidequickbooks]

Thank you so much Dipti, I'm actually surprised that you're telling me that you get 2 different rates from 2 different sources for the currency exchange on any particular day. Accounting principles assume that the entire world agrees on what the daily exchange rate is for each currency. It would actually be troubling if the daily downloaded rate is different from rates that are shown on popular websites that people depend on to determine the daily rate of their currency when doing International business. In order to know if the daily downloaded rate, is better than the rate that you are manually putting it in, you would have to do a little more research regarding multi currency transactions and websites that dictate and determine the daily exchange rate of the currencies. Regarding your 2nd question, if we assume that the downloaded rate is the updated and most current rate, then I would run the financial statements for the year Is the most up-to-date as possible and includes any activity on December 31st when making urine or annual financial statements A lot of what determines the content of the full playlist of multi currency that you're currently watching, you have to read up on accounting principles regarding exchange rates and International transactions with multi currency in order to really understand why quick books behave this way and to know the proper time to do the adjustment and the places to rely on for the exchange rate. Make sure that you can see the full playlist by clicking in the top right corner of the video as it plays or look in the description field. If you watch the full playlist in proper order it will definitely clear things up regarding issues with multi currency and thank you again for being a loyal fan. I hope you will click like after watching each one and subscribe Mark

[@dipti4650]

@@worldwidequickbooks Thank you Mark for your quick reply, I appreciate it. I will watch the full video series. Can you explain to me what the "Home Currency Adjustment" is and when/if I need to do that? Thanks again!

[@spennysimmo3006]

Hey Mark, great video as always thanks. How would I go about fixing a difference in the home currency valuation of a foreign currency A/R account when the balance in the Trial Balance is different to the A/R Ageing Summary report. Home currency is GBP and I have a EUR A/R account. The TB shows the A/R balance in the home currency as a little different from the same balance in the A/R Ageing Summary report. I can't journal to A/R as QB requires I select a specific customer which then changes the balance in both places equally.

[@worldwidequickbooks]

Thank you but before I address the details of your question, I can assure you that if you watch the full playlist in proper order your question will automatically be answered by the topics that you need. I appreciate your compliment about the videos so if you do like the videos then you will absolutely love the full playlist if you watch it in proper order by clicking in the top right corner of the video or clicking somewhere in the description field to get the link to the full playlist Watching the full playlist in order will answer automatically most of your questions and then you'll be able to better clarify your question after watching them and then I can assure you I'll be able to help you. Mark

[@spennysimmo3006]

@@worldwidequickbooks Thanks. I did have difficulty finding a link to the full playlist in order. I also found your course on this topic on Udemy. Does that go into more detail on this topic than the playlist?

[@alirezahaidari2899]

Hellow to all I have question! I already changed my defult curency to another curency but now i can not change it agen to usd. If you could help me pleas? Is it posible to chenge it agen to usd?

[@worldwidequickbooks]

I will check it further however, I do remember that the video explicitly States, that you get a warning message telling you that once you activate the multi currency you cannot undo it. I'm not sure what your options would be I'll check it out Mark

[@cnx-aviation]

It is not possible to change the home currency. You have to create a new company

[@fauzkmc2659]

Hai, I have created one vendor with foreign currency and created one purchase and converted to bill with foreign currency. second I have recorded separate bill with base currency (local currency). now i have to apply this base currency bill cost to foreign currency bill. kindly please guide me plase

[@worldwidequickbooks]

Thank you but your question is not understandable. The onlything I can suggest is that you watch the whole playlist and then you will understand You can find the link to the whole playlist in the text of the description field. You can also find the link to the whole playlist in the top right of the video in the "card links" -Mark