Business Payments: How To Sync Transactions In Multiple Currencies

The-Benefits-of-Accepting-Multiple-Currencies

 How To Sync Transactions In in 

Many of our customers require an option to sync transactions in multiple currencies. Based on the demand, our developers have introduced this option.

differentiates between your home currency (based on your company settings) and foreign currencies.

Before you start syncing foreign currency transactions, make sure that multicurrency is enabled in your QuickBooks. Learn how to enable it here: https://community.intuit.com/articles/1145843-turn-on-multicurrency-and-add-or-delete-currencies

To set up additional currencies follow these simple steps:

Step 1: Proceed to Settings


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Step 2: Go to Sales and press on Gear


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Step 3: Choose currencies and Set up a Deposit account


Choose any of the available currencies and set up a Deposit account where Sales Receipts, Refund Receipts and Payments received in that currency will be stored.

We highly recommend creating a separate PayPal/Stripe account in QuickBooks and choosing it as a Deposit account.

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Step 4: Select Fee Bank/Credit account and Fee line account


Proceed to Fees and select Fee Bank/Credit account and Fee line account for chosen currencies by clicking on Gear next to the respective fields.

QuickBooks regards Fees as Expenses. Fee line account needs to be an Expense account.

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Step 5: PayPal only: Choose Expense Bank/Credit account and Expense line account


Proceed to Expenses and choose Expense Bank/Credit account and Expense line account for chosen currencies by clicking on Gear next to the respective fields.

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Step 6: Save your changes by clicking on Update


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Congratulations! Your account is all set to sync multicurrency transactions!


anton.bondar

This entry has 3 replies

  1. bruno says:

    Anton Bondar, thanks so much for the post.Much thanks again. Really Cool.

  2. Eveline says:

    Thank you For your response!

  3. chefenvy says:

    Anton Bondar, thanks for the article post.Really thank you! Great.

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