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2021-02-27 03:22:14
30-Day Money-Back Guarantee
Finance & Accounting Accounting & Bookkeeping QuickBooks

QuickBooks Desktop Multiple Currencies

Learn to record transactions using multiple currencies from a certified public accountant (CPA)
Rating: 4.8 out of 54.8 (3 ratings)
4,078 students
Created by Robert (Bob) Steele
Last updated 11/2020
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • How to get access to QuickBooks including a possible free 30-day trial
  • How to turn on the multicurrency feature
  • Set up accounts related to multicurrency including account types of Cash, Accounts Receivable, & Accounts Payable
  • Enter transactions related to foreign currency accounts receivable
  • Enter transactions related to foreign currency accounts payable
  • Enter transactions related to forward contracts for speculation
  • Enter transactions related to forward contracts to reduce risk on foreign currency transactions

Requirements

  • None

Description

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

The course will discuss accounting for multiple currencies, outlining the process in Excel to provide a more transparent look at the process. Then we will enter the transactions into QuickBooks, the software automating some of the steps required.

We will learn how to turn multicurrency on, and which accounts will be affected most by multicurrency transactions including cash account types, accounts receivable account types, and accounts payable account types.

Learners will work example problems related to the sales cycles and the purchases cycle, the sales cycle including foreign currency receivables, the purchases cycle including foreign currency payables.

We will also demonstrate transactions related to forward contracts, both for speculative purposes and to mitigate risk on foreign currency transactions.

The multiple currency feature is useful when the company is holding onto cash in a foreign currency, the software helping us to record the home currency equivalent for financial statement presentation.

Multiple currency functionality is also helpful when we make sales on account, sending an invoice, hoping to get paid in the future, tracking accounting receivable, but expecting to be paid in a foreign currency. The accounts receivable account will need to be valued in the home currency even though we will be paid in a foreign one.

We have a similar situation when we make purchases on account, promising to pay in a foreign currency at some point in the future. The accounts payable account will need to be valued in the home currency equivalence even though we will be paying in a foreign currency.

Who this course is for:

  • Accountants
  • Bookkeepers
  • Business owners

Course content

7 sections • 46 lectures • 8h 40m total length

  • Preview13:04
  • Preview11:33
  • Preview02:50
  • Preview07:46
  • Preview21:10

  • Preview13:35
  • 1320 Accounts Receivable Revalue Using Current Exchange Rate
    11:15
  • 1325 Receive Payment & Make Deposit Excel
    08:49
  • 1330 Receive Payment & Make Deposit QuickBooks
    13:21
  • 1335 Reversing Entry
    11:35

  • 1340 Purchase Equipment On Account - Excel
    07:11
  • 1345 Purchase Equipment On Account – QB
    10:46
  • 1350 Adjusting Entry Accounts Payable
    12:49
  • 1355 Transfer Money to Foreign Currency
    08:47
  • 1360 Pay Foreign Accounts Payable
    13:08
  • 1365 Accounts Payable Reversing Entry
    09:40

  • 1370 Purchase Inventory On Account
    13:21
  • 1375 Accounts Payable Adjusting Entry
    11:18
  • 1380 Foreign Currency Transfer
    13:54
  • 1385 Accounts Payable Reversing Entry
    09:02
  • 1390 Accounts Payable Payment
    12:36

  • 1400 Overview
    10:44
  • 1405 Initial Transactions
    17:25
  • 1410 Adjusting Entry
    11:19
  • 1415 Maturity Date Transaction Excel
    12:32
  • 1420 Maturity Date Transaction QuickBooks
    14:21
  • 1425 Reversing Entry
    06:53
  • 1430 Maturity Transaction Accounts Payable
    05:09

  • 1450 Overview
    12:09
  • 1455 Initial Transaction Excel
    10:10
  • 1460 Initial Transaction QuickBooks
    15:09
  • 1465 Adjusting Entry
    09:13
  • 1470 Maturity Transactions Excel
    11:20
  • 1472 Maturity Transaction Cash Transfer
    06:29
  • 1475 Maturity Transactions Accounts Payable
    10:02
  • 1480 Reversing Entry
    08:01

  • 1485 Overview
    12:44
  • 1490 Purchase Fixed Asset On Account Foreign Currency
    13:42
  • 1495 Forward Contract Transaction Excel
    07:08
  • 1497 Forward Contract Transaction QuickBooks
    14:56
  • 1500 Adjusting Entry Accounts Payable Foreign Currency
    09:47
  • 1505 Adjusting Entry Forward Contract
    09:44
  • 1510 Foreign Payable & Forward Contract Maturity Transactions
    16:56
  • 1515 Forward Contract Maturity Transactions
    14:51
  • 1520 Foreign Currency Accounts Payable Maturity Transactions
    10:18
  • 1525 Foreign Currency Reversing Entries
    12:16

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 15,872 Reviews
  • 329,509 Students
  • 95 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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