QuickBooks Desktop Multiple Currencies

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

4.25 (19 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
QuickBooks Desktop Multiple Currencies
15,500
students
8.5 hours
content
Nov 2020
last update
$84.99
regular price

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% OFF
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12/11/202095% OFF
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Charts

Price

QuickBooks Desktop Multiple Currencies - Price chart

Rating

QuickBooks Desktop Multiple Currencies - Ratings chart

Enrollment distribution

QuickBooks Desktop Multiple Currencies - Distribution chart

Related Topics

3625968
udemy ID
11/10/2020
course created date
12/2/2020
course indexed date
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course submited by