Hi,
I heard a user cannot set up income and expense accounts in multiple currencies using the multicurrency software from quickbooks, simply accounting or most all other software. So is this going to be a problem ?
Because I have 2 different Bank accouts for commercial business, and additionally I have 3 currencies per chequing account.
For example, the commericial chequing account is with Bank A, and another one at Bank B.
Bank A has 1 chequing account in Canadian Funds (home currency), US, and Euro. The same applies to Bank B.
***** Thus if I am charged $50 USD in bank fees for a wire transfer at Bank A in my US chequing account, or if I deposit 500 Euros currency cheque from a customer into Bank A Euro account I never exchange/convert these amounts into other currencies overtime since they sit in thier respective chequing accounts.
But my software converts the US $50 expense into my home currency at some exchange rate, and converts my Euro deposit into my Euro account of 500 Euro's into a Canadian Dollar value.
How do I keep track of these errors ? or what am I supposed to do, is there software out there that allows the option to see each income and expense in multicurrencies ?
Is this a problem in the software or an accounting problem?
Maybe I have the entire accounting idea wrong, if someone can explain to me in simple english I will understand this system, if anyone can shed light please explain in detail.
Thanks
I heard a user cannot set up income and expense accounts in multiple currencies using the multicurrency software from quickbooks, simply accounting or most all other software. So is this going to be a problem ?
Because I have 2 different Bank accouts for commercial business, and additionally I have 3 currencies per chequing account.
For example, the commericial chequing account is with Bank A, and another one at Bank B.
Bank A has 1 chequing account in Canadian Funds (home currency), US, and Euro. The same applies to Bank B.
***** Thus if I am charged $50 USD in bank fees for a wire transfer at Bank A in my US chequing account, or if I deposit 500 Euros currency cheque from a customer into Bank A Euro account I never exchange/convert these amounts into other currencies overtime since they sit in thier respective chequing accounts.
But my software converts the US $50 expense into my home currency at some exchange rate, and converts my Euro deposit into my Euro account of 500 Euro's into a Canadian Dollar value.
How do I keep track of these errors ? or what am I supposed to do, is there software out there that allows the option to see each income and expense in multicurrencies ?
Is this a problem in the software or an accounting problem?
Maybe I have the entire accounting idea wrong, if someone can explain to me in simple english I will understand this system, if anyone can shed light please explain in detail.
Thanks