How To Sync Transactions In Multiple Currencies

The-Benefits-of-Accepting-Multiple-Currencies

: How To Sync Transactions In Multiple Currencies

In order to set up the synchronization for different currencies, set up Sales, Fees and Expenses for each of them using our newly introduced custom feature.

OVERVIEW:


  1. Sales in
  2. Fees in multicurrency
  3. Expenses in multicurrency
Business Payments differentiates between your home (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
*Please note that according to QuickBooks rules it is not possible to undo enabling multicurrency in your QuickBooks company.
We highly recommend creating a separate PayPal/Stripe account in QuickBooks and choosing it as a Sales , Fees and Expense Bank account. Learn more in our Quick Start guide: http://cloudbusinessllc.com/2018/07/stripe-and-paypal-synchronization-via-business-payments/

Sales in multicurrency

  1. Go to My Profile – Settings
  2. Go to Sales and press on Gear
  3. Choose any of the available currencies and set up a Bank account where Sales Receipts, Refund Receipts and Payments received in each currency will be stored.
га1

Fees in multicurrency

  1. Proceed to Fees
  2. Select Fee Bank account
  3. Select Expense line account for chosen currencies by clicking on Gear next to the respective fields.
QuickBooks regards Fees as Expenses. Expense line account needs to be of Expense type in QuickBooks Chart of Accounts.
га2

Expenses in multicurrency (PayPal only)

  1. Proceed to Expenses
  2. Choose Bank account
  3. Choose an Expense line account for chosen currencies by clicking on Gear next to the respective fields.
га3

Save your changes by clicking on Update

га4

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

Do you have any questions? We would love to hear from you. Contact us via our in-app chat to start a conversation or send an email to the address specified in the footer of this page.
anton.bondar

This entry has 0 replies

Comments open

Leave a reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>