Udemy

Platform

English

Language

Accounting & Bookkeeping

Category

QuickBooks Desktop Multiple Currencies

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

4.86 (7 reviews)

QuickBooks Desktop Multiple Currencies

Students

8.5 hours

Content

Nov 2020

Last Update
Regular Price

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What you will learn

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

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.

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.



Content

Overview

.20 Download Free or Paid QuickBooks Pro 2021

.30 Install QuickBooks Pro 2021

.40 Increase Size of Icons

1305 Multiple Currencies Overview

1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable

Sales Cycle

1315 Invoice & Accounts Receivable

1320 Accounts Receivable Revalue Using Current Exchange Rate

1325 Receive Payment & Make Deposit Excel

1330 Receive Payment & Make Deposit QuickBooks

1335 Reversing Entry

Purchase Equipment On Account

1340 Purchase Equipment On Account - Excel

1345 Purchase Equipment On Account – QB

1350 Adjusting Entry Accounts Payable

1355 Transfer Money to Foreign Currency

1360 Pay Foreign Accounts Payable

1365 Accounts Payable Reversing Entry

Purchase Inventory On Account

1370 Purchase Inventory On Account

1375 Accounts Payable Adjusting Entry

1380 Foreign Currency Transfer

1385 Accounts Payable Reversing Entry

1390 Accounts Payable Payment

Forward Contract for Speculation that Foreign Currency will Strengthen

1400 Overview

1405 Initial Transactions

1410 Adjusting Entry

1415 Maturity Date Transaction Excel

1420 Maturity Date Transaction QuickBooks

1425 Reversing Entry

1430 Maturity Transaction Accounts Payable

Forward Contract for Speculation that Foreign Currency will Weaken

1450 Overview

1455 Initial Transaction Excel

1460 Initial Transaction QuickBooks

1465 Adjusting Entry

1470 Maturity Transactions Excel

1472 Maturity Transaction Cash Transfer

1475 Maturity Transactions Accounts Payable

1480 Reversing Entry

Forward Contracted Used to Reduce Risk From Purchase of Fixed Asset On Account

1485 Overview

1490 Purchase Fixed Asset On Account Foreign Currency

1495 Forward Contract Transaction Excel

1497 Forward Contract Transaction QuickBooks

1500 Adjusting Entry Accounts Payable Foreign Currency

1505 Adjusting Entry Forward Contract

1510 Foreign Payable & Forward Contract Maturity Transactions

1515 Forward Contract Maturity Transactions

1520 Foreign Currency Accounts Payable Maturity Transactions

1525 Foreign Currency Reversing Entries


Coupons

DateDiscountStatus
12/2/2020100% OFFExpired
12/11/202095% OFFExpired
1/8/2021100% OFFExpired
3/1/2021100% OFFExpired
4/19/2021100% OFFExpired
5/11/2021100% OFFExpired

3625968

Udemy ID

11/10/2020

Course created date

12/2/2020

Course Indexed date
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