Question

UK Company with USD Functional Currency

Forum|Forum|4 years ago
August 2, 2021
2 replies
0 views

Hi All

I want to create an account on Quickbooks for a company located in UK, but I need its functional currency to be USD.

Is this is applicable at Quickbooks? if yes, Does this include any complications regarding quarterly VAT returns?

Thanks in advance,

Ahmed

QuickBooks Online

A

Ashleigh1

Hello Ahmedjames,

Welcome to the Community page,

So if i have understood you correctly then you will not be able to have the home currency set to dollar (USD) and file to HMRC in Quickbooks. However you can use dollars (USD) on invoices ect. All you would need to do is set the home currency at GBP and turn on multi currency in the main settings> cog wheel>account and settings>advanced>currency> click on it and turn it on and done and then when you create a customer or supplier you just need to set the currency as USD under the section that says payments and billing> the scroll down to where it says this customer pays me with select the drop down arrow and select USD, so when you create the invoice for example it will do it in USD for you.

Fiat Lux - ASIA

@AhmedJames

Technically you can open a QBO UK version, enable the multi currency, and change the home currency to USD prior to posting any transaction.

https:// quickbooks.grsm.io/UK

The real question is why do you need to use only USD in UK?

P

ProSeller

Hi,

We have the same problem. We are a UK based company. We buy and sell our products to customers in USA. In Summary, we deal in US$ for 90% of our transaction.

However, we also sell in UK (of course in GBP)

We have set the Home Currency to USD because we want all our reports such P/L, Balance Sheet, etc to be in USD. We want to see our profits, etc in USD.

Everything works perfectly fine but we have problems with UK VAT reports. The VAT report is being shown in USD, we wish to get the report in GBP. Honestly, this should be any easy fix.

Any solution?

R

RCV

Thanks for checking in with us, ProSeller.

If you need to change the home currency to show the VAT report in GBP currency, then that option is unavailable. Once you turn on multicurrency, we cannot turn it off or change your home currency. You have the option to completely delete all data in the company file and start over if your account is active for less than 60 days. Then set up the home currency to GBP to run the VAT report you need. To do that:

Sign in to your QuickBooks Online account.
Look at the URL in your browser's address bar. Delete all the text after the last / and enter purge company.
To confirm you want to delete your company data, type Yes.
Select Wipe data.

You can also follow the recommended solution provided by Fiat Lux - ASIA and Ashleigh1. On the other hand, if your account is active for more than 60 days, you can no longer purge your company data. Instead, you have to cancel your account, then start a new subscription. Just follow the steps and details in the Delete online data and start over article.

However, if you need further assistance with the procedure, you can always reach out to our Customer Support Team. You may send a message via chat, call us at a time convenient to you, or we’ll get in touch with you instead. To ensure we address your concern, our representatives are available from 6:00 AM to 6:00 PM on weekdays and 6:00 AM - 3:00 PM on Saturdays, PST. See our support hours and types for more details about this one. Here's how:

Sign in to your QuickBooks Online company.
Go to Help (?).
Select Contact Us.
Enter your concern, then select Let's talk.
Choose a way to connect with us:
- Start a chat with a support expert.
- Get a callback from the next available expert.

Visit our Help Article page for more insights about managing your business in QuickBooks.

Feel free to update us after performing the solutions, as I want to ensure this is resolved for you. Please reply to this post and I'll get back to you. Take care always.

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