Need to pick a brain. Client has Paypal account - with USD, Euro and GBP. Its a nightmare to unpick! Receipts in, payments out, currency contras.. ugh!
Sage with multi-currency is too expensive, and he has mentioned getting Quickooks which will give him this facility. You all know I have little patience for the system, but I'm willing to keep pluggin away, trying to love it.
Hi Amanda, cheers for the attempt! Seems like everyone is off having a life, this evening? How very dare they! :))
I think he will be getting 2013 as that's the version I have, so can open his back ups.
I am looking a few options... one of which being whether there is anyway to rejig the paypal spreadsheet so that it can import into Sage. Maybe use formula to calculate USD into GBP on a monthly basis, then import certain fields. Its a big ask I think!
If he goes for an online version of QB it may well be able to sync with the paypal account and upload stuff real time. I know for a fact Kashflow does, and im sure Xero would too...
Hey, so most cloud software's now deal with multi currency, with QuickBooks online (the cloud software) the mid tier easily deal with most multi currency transactions. You can set up your customers, bank accounts and suppliers in foreign currencies and then you can trade with them.
just remember if you choose £ as your base currency all transactions and accounts will appear in that base currency in your bal sheet.
PayPal yes you can create an auto bank feed connection but, as long as you don't have to use the security pin device and if all your transactions are in £ sterling whilst sitting in your paypal account then its all good.
I use QB 2013 and I have few customers that use multiple currencies. One bills in Euros but has accounts in £, Euros and USD, the other has paypal accounts in the USD, Euros and £ and like you he has stuff moving all over the place. Quickbooks copes with it really well. I've just set up bank accounts for each of the paypal and bank accounts. When moves money from one paypal ot another (or rather when paypal does it when he spends something in anything other than £) I just do a bank transfer.
The gain/loss in exchange rate appears on the P&L automatically so I don't have to worry about that. You can either use QB's uploaded exchange rates or you can overwrite them on each transaction if you know what the exact exchange rate is. I think it's marvellous and my clients are well impressed! As far as I know you have to have Premier/Accountants edition to use currencies. And once you've turned it on you can't turn it off.
go to the menu across the top of the page and click on Lists, this will drop down and the first one is the COA, click on this and it opens a new window. You should already have a default COA in place when you set up the Pro2013. You can alter these quite easily or even rename some of them. Once in the new window go to the bottom left hand of the page and you will see a tab saying 'ACCOUNT', click on this and it will give a small box and say, NEW, EDIT ACCOUNT, DELETE ACCOUNT etc, click on New and follow it through, clicking on Bank on the options. Its really similar to Sage its just got a different interface that's all.
I would expect if you have the option to turn a button on it won't be at this stage. You would have to go to Preferences and go the 'BANK' and there will probably something in there to turn it on (i'm guessing a bit).
Found it! Top menu go to EDIT (2nd one it from left), and go to bottom of drop down and choose preferences. Now along the left hand side is a list of preferences, this is just basically setting up things in the company to suit your needs. Half way down is one called 'Multi Currencies', click on it and it opens up and then you can choose under company preferences to turn on Multi Cuirrency, I have no idea how to use this function as I don't have any clients who needs this facility that are on QB.
I don't know if its on PRO 2013, as I have version Accountants 2013.
HTH
-- Edited by Amanda on Friday 13th of September 2013 10:47:02 PM
Thanks to you all, for these replies. Really helpful.
I have accountants Pro 2013. Do you think that can handle multi currency?? I may set up a dummy company and have a play. Would I start by creating a bank account?? Forgive me as I dont have day to day bookkeeping knowledge of QB - how do I set up a bank account? I cant see an "add new" button in the Banking menu
Pro and Accountants versions are different. Accountants/Premier addition have more functions. They look the same but you can do more with the Accountants version, more reports etc.
Any probs post back on here and I'll try and help.
I have checked my box. I have Accountant 2013 which includes 2013 Quickstart, Pro and Premier. The proof is in the pudding so I will give it a go, when I get some time :)
