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J
Juice Tin
April 8, 2024
Question

Foreign Currency Chart of Accounts

  • April 8, 2024
  • 1 reply
  • 0 views

Why does Quickbooks online not provide the currency option for every chart of accounts? I do not understand why this program is so severely unfinished when it comes to the accounting back-end of it. I should be able to provide a currency option for ANY chart of accounts I want to create.

 

Also, the inventory section (products and services) is basic beyond compare. This section has the simplest and cheapest design and the worst part about this is that the Quickbooks Desktop version was better than what we have now on the Online version, even though it is ancient compared to the online version.

 

Fix the COA issue with the currency option being unavailable for every selection. Improve the Products and Services section to be better suitable for warehousing and logistics. Why is intuit deliberately making its newest program more difficult to use than its previous ones?

1 reply

T
Trish_T
April 8, 2024

Hello Juice Tin,

 

Welcome to Community!  I appreciate the concerns you have when it comes to foreign currencies in QuickBooks Online.  I would be happy to provide some insight here!

 

Once multicurrency has been turned on, you can assign currency to your accounts.  Your chart of accounts will show account balances in their assigned currency and will have a column identifying the currency for each account.  Please note that income and expense accounts always use your Home currency.

 

Here's how to add a foreign currency account;

 

1. Open your Settings ⚙ and select Chart of Accounts

2. Hit New

3. Use the ▼ dropdown menu to select the appropriate Account type and Detail type

4. Enter a Name for the account 

5. Choose the currency for the account from the Currency ▼ dropdown menu

6. Hit Save and close.

 

In addition, you can set a default currency to your customers and suppliers.  

 

If you have any other questions or concerns, feel free to reach back out.  We would be glad to assist!

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