QuickBooks Desktop Multiple Currencies

Mastering QuickBooks Desktop: Multicurrency Accounting and More

Learn how to access QuickBooks Desktop, including the possibility of a free 30-day trial version often offered by Intuit, the owner of QuickBooks Desktop.

Course Overview

This course will delve into the intricacies of multicurrency accounting using QuickBooks Desktop and provide a comprehensive understanding of the process.

Key Topics Covered

• Accessing QuickBooks Desktop: Understand how to get started with QuickBooks Desktop, including accessing a possible free 30-day trial version.
• Accounting for Multiple Currencies in Excel: Gain a transparent look at the multicurrency accounting process by first outlining it in Excel.
• Entering Transactions in QuickBooks: Learn how to enter these transactions into QuickBooks, leveraging the software’s automation features to streamline the process.
• Enabling Multicurrency Feature: Discover how to turn on the multicurrency feature in QuickBooks and understand which accounts are most affected, including cash accounts, accounts receivable, and accounts payable.
• Example Problems and Cycles: Work through example problems related to sales and purchases cycles, including foreign currency receivables and payables.
• Forward Contracts: Understand transactions related to forward contracts, both for speculative purposes and to mitigate risk on foreign currency transactions.
• Financial Statement Presentation: Learn how the multiple currency feature helps record the home currency equivalent for financial statement presentation when holding cash in a foreign currency.
• Accounts Receivable and Payable Valuation: Understand how to value accounts receivable and payable in the home currency even when transactions are expected to be paid or received in a foreign currency.

Practical Applications

This course will cover real-world scenarios such as:

• Making sales on account in a foreign currency and tracking the accounting receivable.
• Making purchases on account in a foreign currency and valuing the accounts payable in the home currency.

Who Should Take This Course?

This course is ideal for:

• Accountants: Looking to enhance their skills in multicurrency accounting.
• Bookkeepers: Seeking to understand how to manage foreign currency transactions efficiently.
• Business Owners: Interested in mastering the financial aspects of international trade using QuickBooks Desktop.

Benefits of the Course

By the end of this course, you will be able to:

• Understand and enable the multicurrency feature in QuickBooks Desktop.
• Manage foreign currency transactions accurately.
• Value accounts receivable and payable in the home currency.
• Record financial statements with correct home currency equivalents.
• Mitigate risks associated with foreign currency transactions using forward contracts.

Enroll Now!

Don’t wait – enroll now and master the art of multicurrency accounting with QuickBooks Desktop. Enhance your skills in managing international financial transactions and take your accounting capabilities to the next level.

Who This Course Is For:

• Accountants
• Bookkeepers
• Business Owners