QuickBooks Desktop Multi Currency Issues, Flaws And Program Glitch With Work Around

  Рет қаралды 2,100

thequickbooksdude

thequickbooksdude

Күн бұрын

Пікірлер: 18
@worldwidequickbooks
@worldwidequickbooks 4 жыл бұрын
Hello to all of my QuickBooks fans using the multi-currency feature in QuickBooks Desktop!! This QuickBooks training tutorial will show you why making a home currency adjustment is vital before paying from or transferring from (out of) an overseas international bank account holding the foreign, non-home currency. QuickBooks is really the best accounting software in the world, hands down!! However, the multi-currency feature has a slight imperfection regarding recording the exchange gain or loss at the moment foreign currency units are transferred out or paid from the account. For only those 2 transaction types, QuickBooks does not record the exchange gain or loss properly. Because of this program “glitch” or “flaw”, you must work around this by making a “home currency adjustment before each time paying from or transferring funds from the overseas international bank account that holds the other currency. Then, everything will be ok. I hope you will
@ezekielmak5985
@ezekielmak5985 2 жыл бұрын
Thanx you so much .wonderful!!
@worldwidequickbooks
@worldwidequickbooks 2 жыл бұрын
I'm very glad it helped you and I hope you will click like after watching each one and subscribe Mark
@RustyRia73
@RustyRia73 3 ай бұрын
Hello thank you for the video. I unfortunately entered a lot of foreign transactions without performing home currency adjustments before I watched this video. Now my Quickbooks is out of sync. My personal investment account is set as a type of bank account. I recorded unrealized profit and loss at the end of each month for many years. There are too many transactions and I cannot delete all of them and entered them back again. Is there anyway to adjust these entries other ways? I also have a closed investment account and the foreign currency balance is shown as zero but the home currency balance is not.
@worldwidequickbooks
@worldwidequickbooks 3 ай бұрын
Thank you for asking I don't believe there's any other alternative besides deleting and reentering the transactions that you had with multi-currency There's no way to batch correct a bunch of transactions However it will help you if you click on the top right corner of this video to get the link to the full multi-currency playlist. If you watch that playlist and proper order you will have everything you need
@RustyRia73
@RustyRia73 3 ай бұрын
@@worldwidequickbooks Thank you so much. I guess I am out of luck. I did watch all of your videos regarding the multi-currency. Really useful information. Do you have videos how to track personal investments in quickbooks?
@dipti4650
@dipti4650 2 жыл бұрын
So anytime I make any foreign payment I MUST do a " Home Current Adjustment"? How can I fix the previous year? And this year to-date?
@worldwidequickbooks
@worldwidequickbooks 2 жыл бұрын
Thank you for your question and yes, the safest thing to do, at the beginning of the day, is to make a home currency adjustment before you make any of your daily transactions. It only takes a second and a guarantees that you're always updating and adjusting the proper amounts of the transactions on the day that they happen and that you're updating and adjusting the proper amount that you might have gained and lost overall cumulatively for the difference in currency. As far as fixing the prior year, that would depend on how you recorded your International transactions in the prior year. In order to help you with that, I would need to know a lot more information and devote a lot more time energy and attention to those transactions and that unfortunately would require an expense would you acquire an expensive private session. However, you might not need me if you watch the whole playlist in proper order by clicking in the top right corner of the video to get the link to the folk playlist and I'm absolutely sure that it will help you if you patiently watch them Mark
@sokarisaid
@sokarisaid 2 жыл бұрын
How would I go about correcting disconnects between the AR Aging and the BS? These all resulted form monthly HCA adjustments. I know with Online there is an option to exclude the unrealized gain/loss - is there a similar feature in desktop?
@worldwidequickbooks
@worldwidequickbooks 2 жыл бұрын
Thank you but in quick books online there would be no difference between the AR aging and the balance sheet. Quickbooks desktop they would also be no difference because the software would keep them and sync. If you're using different software to track AR aging separately from the same software that you're using for your general ledger and your balance sheet, then you have to ask yourself why there is a difference But if you use either online or desktop for quick books there will not be. Mark
@sokarisaid
@sokarisaid 2 жыл бұрын
@@worldwidequickbooks Unfortunately we are seeing that within Desktop it does not keep them in sync. Within the AR Aging it does not list the unrealized gain (as it shouldn't) but within the balance sheet - it is reflecting this for the AR pieces. Resulting in a disconnect between the BS and when we run the aging for the same period.
@worldwidequickbooks
@worldwidequickbooks 2 жыл бұрын
Thank you but it's posible I may not be understanding you. If you click in the top-right corner of this video, you will have the link tot he whole playlist. Watch the videos in proper order and it may either answer your questions or at least clear up enough to handle our isse. After watching, let me know if the issue is still there. -Mark
@mansoorahmed7026
@mansoorahmed7026 2 жыл бұрын
Is there any workaround to turn off Multi Currency feature as we without understanding turron Multicurrency feature and we entered many transactions . If we create new company based on existing company but it turned on the Multi Currency feature by default. Please guide
@worldwidequickbooks
@worldwidequickbooks 2 жыл бұрын
Thank you but unfortunatly, when you activated the feature in the preferences window, they showed you a warning that this cannot be undone. You would have to make a new file and import/export 1 part at a time. -Mark
@islander959
@islander959 Жыл бұрын
I hope you are still replying to comments.. Im wondering if the reporting time makes a difference. If it was no hassle that the bank amount was out of sync DURING the year and left as is...will a HCA at year end for remaining balance tally with if HCA was done daily? will the exchange gain/loss be the same?
@worldwidequickbooks
@worldwidequickbooks Жыл бұрын
Thank you for asking but clearly you misunderstood the main point of this video.. You must do a home currency adjustment before each transaction or your balance is will be wrong.and they will be wrong but not because of the fluctuating. Currency.they will be wrong because when you pay from an account that had money received more than one set to different rates,the amount that comes out. Of the account will be wrong.. That's the point of this video and I suggest you watch it again. So even if you wait until the end of the month to make the home currency adjustment,your records will be wrong Bixby cause the amount that comes. Out of the account he is different from the unit price of currency that went in.. Mark
@islander959
@islander959 Жыл бұрын
@@worldwidequickbooks Ok maybe I can clarify a bit more. I have done books for a whole year using rates of the day for each day of transaction.. QuickBooks also allows you to enter rates in 'List'... This ensures that the amount moving out on that day is actually correct according to the daily rates. But the bank balance does however not reconcile. As per the reporting legal standards in my country...we have specific rates that must be used to report foreign amounts for tax purposes at the end of the year. I did a HCA and adjusted the foreign balance to the correct exchange rate for the year end and an exchange gain or loss is generated.. I was asking if this tally's with doing a HCA before every transaction....because as the video shows...the bank balance that's over or under when a HCA is not done... Is actually the exchange gain or loss... I'm assuming it accumulates since all the transaction are done according to the daily rates and is correct...and only for reporting purposes a HCA is entered...
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