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Gibril
November 12, 2021
Solved

QuickBook Online setup for German online shop

  • November 12, 2021
  • 1 reply
  • 0 views

Hey there - dear QuickBooks Community - dear QuickBooks Team

 

Please give me advice how I should set up my QuickBooks Online Account.

 

Actual situation:

I need QuickBooks for my US Company which is situated in Florida (Florida LLP).

I use it for my Shopify-Onlinshop which ist targeting just Germany.

Therefore I use the QuickBooks Connector (Onesaas/Intuit).

This connection is absolutely necessary.

 

Because my Shop just targets Germany, my Shop currency is Euro and should not be changed.

All product prices are just in Euro.

Also all my customers are billed in Euro.

 

My companys bank account is in USD and all payouts are even in USD (automatically because my company is situated in the US).

 

All imported products (automatic import by QB Connector) are deposed in the system with USD although the products price is Euro.

All imported customers/bills will be in USD although they must be billed everytime in Euro by default.

 

So product prices and standard customer billing have to be imported in Euro.

 

Please consider that all payouts are made directly in USD by Shopify.

 

 

What I’ve done until now:

I’ve chosen Multicurreny on QB-Online.

I’ve chosen USD as home currency.

 

Than I realized that 1. I just can create bank accounts and credit cards in foreign currency and 2. All imported data (product prices and customer billing) are even in USD and are not able to be set on Euro by default.

 

 

So what should I do now?

 

My idea: I could set up my QB-Account all over again with Euro as home curreny and just use my bank account as USD account as foreign currency.

If I do so, there is still the issue that my payouts are always in USD by current exchange rate of shopify which might create a slight difference to your exchange rate (does it?).

Will this work for my US tax declaration?

 

Thank you very much!

Best answer by Fiat Lux - ASIA

@Gibril 

Consider having an additional app to reconcile your Shopify transactions into QBO.

1 reply

G
GlinetteC
November 12, 2021

Thanks for the detailed information you've provided, Gibril.

 

I'm here to share some information with you on how to handle this in QuickBooks Online.

 

You can set up your customers with a Euro currency. Before doing this process, you'll have to make sure that the Multi-currency feature is turned on. Turning this on allows you to have the ability to deal with foreign currencies. 

 

Once turned on, you can now set up your customer with a (Euro) currency by following these steps: 

 

  1. On the left panel, click Sales.
  2. Click the Customers tab, and click the New customer button.
  3. Enter the customer's information, and click the Payment and Billing tab.
  4. Choose EUR Euro from the This customer pays me with drop-down menu.
  5. Click Save.

 

You can also check this article and get answers to frequently asked questions about using multi-currency in QBO: Multi-currency FAQ.

 

Please get back to me if you have any additional questions. I've got your back @Gibril.

G
GibrilAuthor
November 13, 2021

Thank you for your answer.

 

As you told I have to set up every single customer with a Euro currency.

This will become a high work load. Therefore I wanted to have imported everey new customer with Euro currency by default.

 

Even the products must be with Euro currency by default. Otherwise the ammount will be taken as USD and than changed into Euro.

 

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