QuickBooks Online Multiple Currencies
Learn the basics of QuickBooks Online Multiple Currencies ▼
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Course Feature
Cost:
Paid
Provider:
Udemy
Certificate:
Paid Certification
Language:
English
Start Date:
On-Demand
Course Overview
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Updated in [July 11th, 2023]
Learn to record transactions using multiple currencies from a certified public accountant (CPA)
What youll learn:
How to get access to QuickBooks Online including a possible free 30-day trial
How to turn on the multicurrency feature
Set up accounts related to multicurrency including account types of Cash Accounts Receivable & Accounts Payable
Enter transactions related to foreign currency accounts receivable
Enter transactions related to foreign currency accounts payable
Enter transactions related to forward contracts for speculation
Enter transactions related to forward contracts to reduce risk on foreign currency transactions
Learn how to get access to QuickBooks Online including a possible free 30-day trial version often offered by Intuit the owner of QuickBooks Online
The course will discuss accounting for multiple currencies outlining the process in Excel to provide a more transparent look at the process Then we will enter the transactions into QuickBooks the software automating some of the steps required
We will learn how to turn multicurrency on and which accounts will be affected most by multicurrency transactions including cash account types accounts receivable account types and accounts payable account types
Learners will work example problems related to the sales cycles and the purchases cycle the sales cycle including foreign currency receivables the purchases cycle including foreign currency payables
We will also demonstrate transactions related to forward contracts both for speculative purposes and to mitigate risk on foreign currency transactions
The multiple currency feature is useful when the company is holding onto cash in a foreign currency the software helping us to record the home currency equivalent for financial statement presentation
Multiple currency functionality is also helpful when we make sales on account sending an invoice hoping to get paid in the future tracking accounting receivable but expecting to be paid in a foreign currency The accounts receivable account will need to be valued in the home currency even though we will be paid in a foreign one
We have a similar situation when we make purchases on account promising to pay in a foreign currency at some point in the future The accounts payable account will need to be valued in the home currency equivalence even though we will be paying in a foreign currency
Course Provider
Provider Udemy's Stats at AZClass
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