Working with Multicurrency
In This Chapter
Turning on multicurrency
Selling and buying in a foreign currency
Checking whether you came out ahead
You won’t be surprised to hear that QuickBooks makes it very easy to track what you sell and buy in a foreign currency. You can assign a currency to a customer and raise an invoice that shows the prices of your items in a foreign currency. When your customer pays, you can record the payment in the foreign currency and deposit the money into a foreign bank account. The same goes for purchases made in a foreign currency – you can show the value of the bill in a foreign currency and pay your supplier from a foreign bank account, in the currency of the bill. In this chapter, we show you how.
Getting Ready to Use Multicurrency
We need to tell you something very important about the Multicurrency feature in QuickBooks. Are you ready? Okay, here it is. Once you turn it on, it cannot be turned off.