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worldlywiz
March 3, 2020
Solved

Should I create new CoA accounts in every currency we use? Im linking our multicurrency bank accounts to our CoA. Currently our CoA has EUR as its only currency.

  • March 3, 2020
  • 1 reply
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Best answer by MadelynC

Yes, @worldlywiz.

 

The multicurrency feature gives you the ability to track transactions as well as exchange rate gains and losses.

 

Creating different currency of Bank in Chart of accounts will allow you to connect and calculate the correct financial exchange rate for your reporting. This will also identify the currency of the payments you receive and spend.

 

To learn more about multicurrency and its effects on the accounts, you can check this article: About Multicurrency.

 

To learn more about managing accounts in QBO, you can visit this article as your guide moving forward: Help articles.

 

Keep me posted if you have other questions. I’ll be here.

1 reply

Fiat Lux - ASIA
Fiat Lux - ASIA
March 3, 2020

You have to turn the multi currenycy feature on, create each bank account with its currency, then create the customer/vendor account with its currency as well.

 

Another option, utilize this payment service to deal with multi-currency transaction.

https://veem.grsm.io/veems

W
worldlywizAuthor
March 3, 2020

Thankyou for your response Fiat Lux.

I did this and added the following lines to my CoA (see attached).
Is this how it needs to be done to connect my multicurrency bank accounts?

M
MadelynCAnswer
March 3, 2020

Yes, @worldlywiz.

 

The multicurrency feature gives you the ability to track transactions as well as exchange rate gains and losses.

 

Creating different currency of Bank in Chart of accounts will allow you to connect and calculate the correct financial exchange rate for your reporting. This will also identify the currency of the payments you receive and spend.

 

To learn more about multicurrency and its effects on the accounts, you can check this article: About Multicurrency.

 

To learn more about managing accounts in QBO, you can visit this article as your guide moving forward: Help articles.

 

Keep me posted if you have other questions. I’ll be here.

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