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M
Mouaz87
June 24, 2020
Question

Currency Exchange & Money transfer

  • June 24, 2020
  • 2 replies
  • 0 views

Hello All,

I have questions about how I can process currency exchange and is Quickbooks online help me to do all transactions because I am working as an accountant with the company which works as an agent for money transfer companies and buy, sells a different currency. how can post batch transactions with QuickBooks online?

  Thanks

2 replies

katherinejoyceO
katherinejoyceO
June 24, 2020

Hi there, @Mouaz87. 

 

Thanks for inquiring about the process of currency exchange in QuickBooks Online (QBO). You've come to the right place, and yes, you can use the multicurrency feature in QBO to track foreign transactions. 

 

First off, we'll have to turn this feature on so you can start using it. Here's how: 

 

  1. Select the Settings menu.
  2. Go to Company Settings, select Advanced.
  3. Under the Currency section, select Edit (pencil icon) to set your Home currency. Hint: Use the currency of the country your business is physically located.
  4. Choose the Multicurrency checkbox to turn it on.
  5. Select Save and close.

 

For more insights about this feature, see this article: About Multicurrency.

 

For buying and selling, QuickBooks will use the home currency. You'll just need to assign the appropriate one for each customer. This way, the correct amount will show on the transaction. Here's how: 

 

  1. Choose the Sales menu on the left panel to select Customers.
  2. Under the Customers tab, click the New customer button in the upper right to open the Customer Information screen.
  3. From there, fill in the field boxes.
  4. Next, tap the Payment and billing tab to select USD United States Dollar.
  5. Once done, hit the Save button.

 

Read through the overview of this feature on this link: Assign a foreign currency in QBO.

 

When transferring funds with a different currency, QuickBooks will base the exchange rate on the day the funds transmitted. Follow the step-by-step guide on how to manually enter the exchange rates and revalue them whenever necessary. 

 

Additionally, QuickBooks allows you to connect a bank with a different currency to post batch transactions. To do this, you'll need to create a foreign currency account first in your Chart of Accounts.

 

Visit this link for more detailed steps: Add a foreign currency account. It also helps you calculate the correct financial exchange rate for your reporting, and to identify the currency of your transactions.

 

Let me know if you have additional questions. We're always delighted to help. 

    M
    Mouaz87Author
    December 1, 2020

    I work with QB Desktop Pro 2018  

    And my company work as broker (currency exchange)

    how can do sell and buy currency invoice with QB 

    please provide me with an example or any video 

     

    Thanks

    R
    rvrfrf
    December 1, 2020

    You've come to the right place, Mouaz87. I'd be more than happy to guide you through how to use invoices and process payments.
     

    You can create an invoice anytime.
     

    Here's how:

    1. In your top menu bar, go to Customers, then Create Invoices.
    2. Use the Customer: Job drop-down to choose a customer or job.
    3. Enter all relevant information in your available fields.
    4. Pick the item(s) and/or service(s).
    5. Select Save & Close.


    As for sending online invoices to your clients, you'll need to apply for a QuickBooks Payments account:

    1. Access the Customers menu.
    2. Click Add Credit Card Processing.
    3. Follow our on-screen steps and fill out your application.


    If approved, you can turn on payment options for customers and start sending e-invoices. Payments can also be processed manually without sending an electronic invoice.

    I've included a helpful video tutorial that details how to create and email these types of transactions with a merchant account:


    Please don't hesitate in reaching out if there's any additional questions. Have a wonderful day!

    Fiat Lux - ASIA
    Fiat Lux - ASIA
    June 25, 2020

    @Mouaz87 

    If you are using QB Online and deal with multi currency transactions, you may have other options to lower your fee and get a better rate.

    1. Utilize a 3rd party payment service

    https:// veem.grsm.io/veems

     

    2. Open a multi currency business account at TW as the virtual bank and utilize the bank feeds.

    https:// prf.hn/l/7gg1NWy

     

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