• Post category:Udemy (Oct. 2021)
  • Reading time:8 mins read


Learn to record transactions using multiple currencies from a certified public accountant (CPA)

What you will learn

How to get access to QuickBooks Online including a possible free 30-day trial

How to turn on the multicurrency feature

Set up accounts related to multicurrency including account types of Cash, Accounts Receivable, & Accounts Payable

Enter transactions related to foreign currency accounts receivable

Enter transactions related to foreign currency accounts payable

Enter transactions related to forward contracts for speculation

Enter transactions related to forward contracts to reduce risk on foreign currency transactions

Description

Learn how to get access to QuickBooks Online including a possible free 30-day trial version often offered by Intuit, the owner of QuickBooks Online.

The course will discuss accounting for multiple currencies, outlining the process in Excel to provide a more transparent look at the process. Then we will enter the transactions into QuickBooks, the software automating some of the steps required.

We will learn how to turn multicurrency on, and which accounts will be affected most by multicurrency transactions including cash account types, accounts receivable account types, and accounts payable account types.

Learners will work example problems related to the sales cycles and the purchases cycle, the sales cycle including foreign currency receivables, the purchases cycle including foreign currency payables.

We will also demonstrate transactions related to forward contracts, both for speculative purposes and to mitigate risk on foreign currency transactions.


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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

Content

Introduction
1302 Free 30-Day Trial Multiple Currencies
1305 Multiple Currencies Overview
1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable
Sales Cycle
Documents to download
1315 Multiple Currencies Invoice & Accounts Receivable
1320 Multiple Currencies Foreign Currency Accounts Receivable Adjusting Entry
1325 Multiple Currencies Receive Payment & Make Deposit Excel
Purchase Equipment On Account
1340 Multiple Currencies Purchase Equipment On Account Excel
1345 Multiple Currencies Purchase Equipment On Account QB
1350 Multiple Currencies Adjusting Entry Loan Payable
1355 Multiple Currencies Transfer Money to Foreign Currency
1360 Multiple Currencies Pay Foreign Loan Payable
Purchase Inventory On Account
1370 Multiple Currencies Purchase Inventory On Account
1375 Multiple Currencies Accounts Payable Adjusting Entry
1380 Multiple Currencies Foreign Currency Transfer
1385 Multiple Currencies Accounts Payable Reversing Entry
1390 Multiple Currencies Accounts Payable Payment
Forward Contract for Speculation that Foreign Currency will Strengthen
Documents to download
1400 Setup Free 30-Day Trial Practice Multiple Currencies
1402 Forward Contract for Speculation that Foreign Currency will Strengthen Over
1405 Forward Contract for Speculation that Foreign Currency will Strengthen Init
1410 Forward Contract for Speculation that Foreign Currency will Strengthen Adju
1415 Forward Contract for Speculation that Foreign Currency will Strengthen Matu
1420 Forward Contract for Speculation that Foreign Currency will Strengthen Matu
1425 Forward Contract for Speculation that Foreign Currency will Strengthen Reve
Forward Contract for Speculation that Foreign Currency will Weaken
Documents to download
1447 Free 30 Trial Setup-Forward Contract for Speculation that Foreign Currency
1450 Forward Contract for Speculation that Foreign Currency will Weaken Overview
1455 Forward Contract for Speculation that Foreign Currency will Weaken Initial
1460 Forward Contract for Speculation that Foreign Currency will Weaken Initial
1465 Forward Contract for Speculation that Foreign Currency will Weaken Adjustin
1470 Forward Contract for Speculation that Foreign Currency will Weaken Maturity
1472 Forward Contract for Speculation that Foreign Currency will Weaken Maturity
1475 Forward Contract for Speculation that Foreign Currency will Weaken Maturity
1480 Forward Contract for Speculation that Foreign Currency will Weaken Revesing
Forward Contracted Used to Reduce Risk From Purchase of Fixed Asset On Account
Documents to download
1483 Free 30 Day Trial Multiple Currencies Problem 4
1485 Multiple Currencies Problem 4 Overview
1490 Multiple Currencies Problem 4 Purchase Fixed Asset On Account Foreign Curre
1495 Multiple Currencies Problem 4 Forward Contract Initial Transaction
1500 Multiple Currencies Problem 4 Adjusting Entry Accounts Payable Foreign Curr
1505 Multiple Currencies Problem 4 Adjusting Entry Forward Contract Receivable
1510 Multiple Currencies Problem 4 Foreign Payable & Forward Contract Maturity T
1515 Multiple Currencies Problem 4 Forward Contract Maturity Transactions
1520 Multiple Currencies Problem 4 Foreign Currency Accounts Payable Maturity Tr
1525 Multiple Currencies Problem 4 Foreign Currency Reversing Entries