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Income and Expense accounts in multicurrency ?

Hi,

I heard you cannot set up income and expense accounts in several 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 banks, and about 3 types of expenses per bank I don't interchange or move one currency into another all year. However the software converts it.

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 ?

Thanks

Reply to
Curious George the Monkey
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Hi again.

So you "heard" that QB does NOT report multi-currency income and expenses INCORRECTLY, nor does "most all other software".

Why do you think that NOT doing it INCORRECTLY would be a problem? It is unlikely to be a problem for most people, but you can choose to make it a problem for yourself if you wish.

These are not "ERRORS". What are you "SUPPOSED" to do? One choice, which you have previously resisted, is to do as your accountant advises. If you prefer to do about twice as much work you can simply NOT use the QB multicurrency feature - an option that is available in any accounting software.

Reply to
!-!

Actually I would say it can't be done in any software package on the market today or in the future. I sugest you sit down with an accounting text book and read up on how to account for foreign currency transations. It has become crystal clear over the past few months that you do not have a clue as to what you are doing.

Reply to
Allan Martin

Allan,

You are incorrect.

Quickbook advises that you set up separate companies for each account.

Otherwise you are somewhat correct -- it shouldn't matter since the GL is always kept in the currencies.

Stop being so arrogant. Not everyone is a talented accountant. I wouldn't ask you to get a new pair of genes if you had downs syndrome.

Cheers

Reply to
Curious George the Monkey

If, as one of your identities claims, you have Canadian QB, then you know this is not true.

Yes. You (or one of you) claims to own it.

[To others following this thread: this person - or these people - aren't serious, they're just generating pointless traffic. All this information is covered in the Canadian QB help file under "multicurrency - adding a currency", and again in the tutorials on the "Learning CD"]]
Reply to
Paul Danaher

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