I have been using the MultiCurrency feature in QuickBooks desktop for many years but knew I wanted to understand the feature better.
Today I learned that rather then inputting the exchange rate manually per transaction, you can ask QB to update the exchange rates for you. Here’s how:
- Go to the Lists menu > Currency List
- Click on the Activities button and choose Download Latest Exchange Rates
Another part of this feature that is handy is the Report “Realized Gains & Losses”. This lets you see what you charged compared to what you actually received in the bank factoring in the different exchange rates for each transaction. Here’s how:
- Go to the Reports menu > Company & Financial
- Choose Realized Gains & Losses
I can’t wait to try this out!