How to Convert Currency in QuickBooks?
Dealing with multiple currencies is a norm for many businesses as the branches of one company could be in multiple countries. It can be hassle for employees to tackle the financial activities in multiple currencies. However, with QuickBooks at hand this issue can be sorted quite easily. The software accords user with the ability to change currency within the software as per their need and requirements. Before proceeding to change the currencies there are few points to keep in mind as listed below:
- The feature of multiple currency once activated cannot be reversed. Hence, it is advised to activate the feature only if the organisation works in different currencies.
- Another point to keep in mind is that tracking within the software should also be enabled This feature is imperative from the point of view of safeguarding from fraud as even vendors will be dealing in more than one currency and tracking tool will help to check required rate within the software.
- A proper and latest backup of the company file should be maintained to avoid data loss.
Convert Currency in QuickBooks
Once the user is aware and has kept the above situations in mind, list of instruction have to be followed in order to change the currency within the software. The instructions are as follows:
- Switch on QuickBooks software followed by locating and selecting the company file from the menu.
- Under the new screen click on Settings option and then select the option called ‘Company Settings’ tab from the drop down menu.
- Now under the new window select the tab called ‘Advanced’.
- From the menu navigate to Currency tab.
- Next click on the Home Currency option from regular currencies menu.
- Select radio button labeled ‘Multi Currency’ to enable multi currency option.
- Now the user will encounter a message stating “Turning on Multi currency will lock your home currency and will never be changed”. Click on the Ok tab in the message.
- Select Save button for future references and also to activate the Multi Currency option.
Adding New Currencies in QuickBooks:
There will come a time in near future, when it will be required to add new currencies within the software. For this purpose follow the instructions listed below:
- Click open the QuickBooks software and then choose the option of Settings from the menu.
- Locate and click on Currency option.
- Next select the ‘Add Currencies’ tab from the Currency Menu.
- Now the from the list select the currency you wish to add within the software.
- Lastly, select ‘Save’ option which will ensure currencies selected will be added within the company account.
The above steps should help to add the currencies within the software along with the option of changing it whenever required. However, in case the user still faces some issues in changing the currencies, it is recommended to connect with the QuickBooks support team setup by Intuit. Suppose the user is not able to connect with the customer care team, they can try alternative QuickBooks Desktop support service on their Toll Free Number ✆1-855-481-5338 or visit their website – for live chat support.