Learn to record transactions using multiple currencies using both QuickBooks Online and QuickBooks Desktop
☑ How to get access to QuickBooks Desktop & QuickBooks Online including a possible free 30-day trial for both
☑ How to turn on the multicurrency feature in both QuickBooks Online and QuickBooks Desktop
☑ Set up accounts related to multicurrency including account types of Cash, Accounts Receivable, & Accounts Payable
☑ Enter transactions related to foreign currency accounts receivable in both QuickBooks Desktop and QuickBooks Online
☑ Enter transactions related to foreign currency accounts payable in both QuickBooks Desktop and QuickBooks Online
☑ Enter transactions related to forward contracts for speculation in both QuickBooks Desktop and QuickBooks Online
☑ Enter transactions related to forward contracts to reduce risk on foreign currency transactions
The course will start by discussing how to get access to both QuickBooks Online and QuickBooks Desktop. Intuit, the owner of QuickBooks often offers a free 30-day trial for each software package.
This will be a project based course. We will enter transaction in Excel before entering them into the accounting software, QuickBooks desktop and QuickBooks Online. Excel is more transparent, making it easier to understand the process. QuickBooks will then automate the process making it more efficient.
We will learn how to turn multicurrency on in both QuickBooks Online and QuickBooks Desktop. We will learn which accounts will be affected most by multicurrency transactions, these accounts being cash account types, accounts receivable account types, and accounts payable account types.
This course will work an example problems related to the sales cycles and the purchases cycle. The sales cycle will focus in on tracking foreign currency receivables. the purchases cycle will focus on foreign currency payables.
We will also demonstrate transactions related to forward contracts. We will discuss the uses of forward contracts including for speculative purposes and to mitigate risk on foreign currency transactions.
The multiple currency feature is useful when the company is holding onto cash in a foreign currency, the software helping us to record the home currency equivalent for financial statement presentation.
Multiple currency functionality is also helpful when we make sales on account, sending an invoice, hoping to get paid in the future, tracking accounting receivable, but expecting to be paid in a foreign currency. The accounts receivable account will need to be valued in the home currency even though we will be paid in a foreign one.
We have a similar situation when we make purchases on account, promising to pay in a foreign currency at some point in the future. The accounts payable account will need to be valued in the home currency equivalence even though we will be paying in a foreign currency.
English
Language
Introduction
Online-1302 Free 30-Day Trial Multiple Currencies
Online-1305 Multiple Currencies Overview
Desktop-1305 Multiple Currencies Overview
Online-1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable
Desktop-1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable
Sales Cycle
Documents to download
Online-1315 Multiple Currencies Invoice & Accounts Receivable
Desktop-1315 Multiple Currencies Invoice & Accounts Receivable
Online-1320 Multiple Currencies Foreign Currency Accounts Receivable Adjusting
Desktop-1320 Multiple Currencies Accounts Receivable Revalue Using Current
Online-1325 Multiple Currencies Receive Payment & Make Deposit Excel
Desktop-1325 Multiple Currencies Receive Payment & Make Deposit Excel
1330 Multiple Currencies Receive Payment & Make Deposit QuickBooks
1335 Multiple Currencies Reversing Entry
Purchase Equipment On Account
Online-1340 Multiple Currencies Purchase Equipment On Account Excel
Desktop-1340 Multiple Currencies Purchase Equipment On Account – Excel
Online-1345 Multiple Currencies Purchase Equipment On Account QB
Desktop-1345 Multiple Currencies Purchase Equipment On Account – QB
Online-1350 Multiple Currencies Adjusting Entry Loan Payable
Desktop-1350 Multiple Currencies Adjusting Entry Accounts Payable
Online-1355 Multiple Currencies Transfer Money to Foreign Currency
Desktop-1355 Multiple Currencies Transfer Money to Foreign Currency
Online-1360 Multiple Currencies Pay Foreign Loan Payable
Desktop-1360 Multiple Currencies Pay Foreign Accounts Payable
1365 Multiple Currencies Accounts Payable Reversing Entry
Purchase Inventory On Account
Online-1370 Multiple Currencies Purchase Inventory On Account
Desktop-1370 Multiple Currencies Purchase Inventory On Account
Online-1375 Multiple Currencies Accounts Payable Adjusting Entry
Desktop-1375 Multiple Currencies Accounts Payable Adjusting Entry
Online-1380 Multiple Currencies Foreign Currency Transfer
Desktop-1380 Multiple Currencies Foreign Currency Transfer
Online-1385 Multiple Currencies Accounts Payable Reversing Entry
Desktop-1385 Multiple Currencies Accounts Payable Reversing Entry
Online-1390 Multiple Currencies Accounts Payable Payment
Desktop-1390 Multiple Currencies Accounts Payable Payment
Forward Contract for Speculation that Foreign Currency will Strengthen
Documents to download
Online-1400 Setup Free 30-Day Trial Practice Multiple Currencies
Desktop-1400 Forward Contract for Speculation that Foreign Currency will
Online-1402 Forward Contract for Speculation that Foreign Currency will Str
Online-1405 Forward Contract for Speculation that Foreign Currency will Str
Desktop-1405 Forward Contract for Speculation that Foreign Currency will Str
Online-1410 Forward Contract for Speculation that Foreign Currency will Str
Desktop-1410 Forward Contract for Speculation that Foreign Currency will Str
Online-1415 Forward Contract for Speculation that Foreign Currency will Stre
Desktop-1415 Forward Contract for Speculation that Foreign Currency will Str
Online-1420 Forward Contract for Speculation that Foreign Currency will St
Desktop-1420 Forward Contract for Speculation that Foreign Currency will Str
Online-1425 Forward Contract for Speculation that Foreign Currency will Str
Desktop-1425 Forward Contract for Speculation that Foreign Currency will Str
Desktop-1430 Forward Contract for Speculation that Foreign Currency will Str
Forward Contract for Speculation that Foreign Currency will Weaken
Documents to download
Online-1447 Free 30 Trial Setup-Forward Contract for Speculation that F
Online-1450 Forward Contract for Speculation that Foreign Currency will
Desktop-1450 Forward Contract for Speculation that Foreign Currency will
Online-1455 Forward Contract for Speculation that Foreign Currency will
Desktop-1455 Forward Contract for Speculation that Foreign Currency will
Online-1460 Forward Contract for Speculation that Foreign Currency will
Desktop-1460 Forward Contract for Speculation that Foreign Currency will
Online-1465 Forward Contract for Speculation that Foreign Currency
Desktop-1465 Forward Contract for Speculation that Foreign Currency will Weake
Online-1470 Forward Contract for Speculation that Foreign Currency will Weaken
Desktop-1470 Forward Contract for Speculation that Foreign Currency will Weaken
Online-1472 Forward Contract for Speculation that Foreign Currency will Weaken
Desktop-1472 Forward Contract for Speculation that Foreign Currency will Weaken
Online-1475 Forward Contract for Speculation that Foreign Currency will Weaken
Desktop-1475 Forward Contract for Speculation that Foreign Currency will Weaken
Online-1480 Forward Contract for Speculation that Foreign Currency will Weaken
Desktop-1480 Forward Contract for Speculation that Foreign Currency will Weaken
Forward Contracted Used to Reduce Risk From Purchase of Fixed Asset On Account
Documents to download
Online-1483 Free 30 Day Trial Multiple Currencies Problem 4
Online-1485 Multiple Currencies Problem 4 Overview
Desktop-1485 Forward Contract to Reduce Risk from Purchase Overview
Online-1490 Multiple Currencies Problem 4 Purchase Fixed Asset On Account
Desktop-1490 Purchase Fixed Asset On Account Foreign Currency
Online-1495 Multiple Currencies Problem 4 Forward Contract Initial Transaction
Desktop-1495 Forward Contract Transaction Excel
1497 Forward Contract Transaction QuickBooks
Online-1500 Multiple Currencies Problem 4 Adjusting Entry Accounts Payable
Desktop-1500 Adjusting Entry Accounts Payable Foreign Currency
Online-1505 Multiple Currencies Problem 4 Adjusting Entry Forward Contract
Desktop-1505 Adjusting Entry Forward Contract
Online-1510 Multiple Currencies Problem 4 Foreign Payable & Forward Contract
Desktop-1510 Foreign Payable & Forward Contract Maturity Transactions
1515 Multiple Currencies Problem 4 Forward Contract Maturity Transactions
Desktop-1515 Forward Contract Maturity Transactions
Online-1520 Multiple Currencies Problem 4 Foreign Currency Accounts Payable
Online-1520 Foreign Currency Accounts Payable Maturity Transactions
1520 Foreign Currency Accounts Payable Maturity Transactions
Online-1525 Multiple Currencies Problem 4 Foreign Currency Reversing Entries
1525 Foreign Currency Reversing Entries