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2021-02-27 03:21:54
30-Day Money-Back Guarantee
Finance & Accounting Finance QuickBooks Online

QuickBooks Desktop vs QBO Multiple Currencies

Learn to record transactions using multiple currencies using both QuickBooks Online and QuickBooks Desktop
New
Rating: 5.0 out of 55.0 (1 rating)
4,735 students
Created by Robert (Bob) Steele
Last updated 3/2021
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

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

Requirements

  • None

Description

The course will start by discussing how to get access to both QuickBooks Online and QuickBooks Desktop. Intuit, the owner of QuickBooks often offers a free 30-day trial for each software package.

This will be a project based course. We will enter transaction in Excel before entering them into the accounting software, QuickBooks desktop and QuickBooks Online. Excel is more transparent, making it easier to understand the process. QuickBooks will then automate the process making it more efficient.

We will learn how to turn multicurrency on in both QuickBooks Online and QuickBooks Desktop. We will learn which accounts will be affected most by multicurrency transactions, these accounts being cash account types, accounts receivable account types, and accounts payable account types.

This course will work an example problems related to the sales cycles and the purchases cycle. The sales cycle will focus in on tracking foreign currency receivables. the purchases cycle will focus on foreign currency payables.

We will also demonstrate transactions related to forward contracts. We will discuss the uses of forward contracts including 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:

  • Business owners
  • Bookkeepers
  • Accountants

Course content

7 sections • 90 lectures • 17h 16m total length

  • Preview11:48
  • Preview08:40
  • Desktop-1305 Multiple Currencies Overview
    07:46
  • Online-1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable
    18:28
  • Desktop-1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable
    21:10

  • Documents to download
    00:00
  • Online-1315 Multiple Currencies Invoice & Accounts Receivable
    17:26
  • Desktop-1315 Multiple Currencies Invoice & Accounts Receivable
    13:35
  • Online-1320 Multiple Currencies Foreign Currency Accounts Receivable Adjusting
    19:34
  • Desktop-1320 Multiple Currencies Accounts Receivable Revalue Using Current
    11:15
  • Online-1325 Multiple Currencies Receive Payment & Make Deposit Excel
    18:59
  • Desktop-1325 Multiple Currencies Receive Payment & Make Deposit Excel
    08:49
  • 1330 Multiple Currencies Receive Payment & Make Deposit QuickBooks
    13:21
  • 1335 Multiple Currencies Reversing Entry
    11:35

  • Online-1340 Multiple Currencies Purchase Equipment On Account Excel
    10:55
  • Desktop-1340 Multiple Currencies Purchase Equipment On Account - Excel
    07:11
  • Online-1345 Multiple Currencies Purchase Equipment On Account QB
    14:33
  • Desktop-1345 Multiple Currencies Purchase Equipment On Account – QB
    10:46
  • Online-1350 Multiple Currencies Adjusting Entry Loan Payable
    13:20
  • Desktop-1350 Multiple Currencies Adjusting Entry Accounts Payable
    12:49
  • Online-1355 Multiple Currencies Transfer Money to Foreign Currency
    11:56
  • Desktop-1355 Multiple Currencies Transfer Money to Foreign Currency
    08:47
  • Online-1360 Multiple Currencies Pay Foreign Loan Payable
    09:41
  • Desktop-1360 Multiple Currencies Pay Foreign Accounts Payable
    13:08
  • 1365 Multiple Currencies Accounts Payable Reversing Entry
    09:40

  • Online-1370 Multiple Currencies Purchase Inventory On Account
    14:09
  • Desktop-1370 Multiple Currencies Purchase Inventory On Account
    13:21
  • Online-1375 Multiple Currencies Accounts Payable Adjusting Entry
    15:51
  • Desktop-1375 Multiple Currencies Accounts Payable Adjusting Entry
    11:18
  • Online-1380 Multiple Currencies Foreign Currency Transfer
    17:11
  • Desktop-1380 Multiple Currencies Foreign Currency Transfer
    13:54
  • Online-1385 Multiple Currencies Accounts Payable Reversing Entry
    12:39
  • Desktop-1385 Multiple Currencies Accounts Payable Reversing Entry
    09:02
  • Online-1390 Multiple Currencies Accounts Payable Payment
    10:59
  • Desktop-1390 Multiple Currencies Accounts Payable Payment
    12:36

  • Documents to download
    00:00
  • Online-1400 Setup Free 30-Day Trial Practice Multiple Currencies
    08:16
  • Desktop-1400 Forward Contract for Speculation that Foreign Currency will
    10:44
  • Online-1402 Forward Contract for Speculation that Foreign Currency will Str
    12:03
  • Online-1405 Forward Contract for Speculation that Foreign Currency will Str
    14:08
  • Desktop-1405 Forward Contract for Speculation that Foreign Currency will Str
    17:25
  • Online-1410 Forward Contract for Speculation that Foreign Currency will Str
    11:01
  • Desktop-1410 Forward Contract for Speculation that Foreign Currency will Str
    11:19
  • Online-1415 Forward Contract for Speculation that Foreign Currency will Stre
    11:01
  • Desktop-1415 Forward Contract for Speculation that Foreign Currency will Str
    12:32
  • Online-1420 Forward Contract for Speculation that Foreign Currency will St
    12:38
  • Desktop-1420 Forward Contract for Speculation that Foreign Currency will Str
    14:21
  • Online-1425 Forward Contract for Speculation that Foreign Currency will Str
    12:49
  • Desktop-1425 Forward Contract for Speculation that Foreign Currency will Str
    06:53
  • Desktop-1430 Forward Contract for Speculation that Foreign Currency will Str
    05:09

  • Documents to download
    00:00
  • Online-1447 Free 30 Trial Setup-Forward Contract for Speculation that F
    11:25
  • Online-1450 Forward Contract for Speculation that Foreign Currency will
    10:51
  • Desktop-1450 Forward Contract for Speculation that Foreign Currency will
    12:09
  • Online-1455 Forward Contract for Speculation that Foreign Currency will
    07:10
  • Desktop-1455 Forward Contract for Speculation that Foreign Currency will
    10:10
  • Online-1460 Forward Contract for Speculation that Foreign Currency will
    15:28
  • Desktop-1460 Forward Contract for Speculation that Foreign Currency will
    15:09
  • Online-1465 Forward Contract for Speculation that Foreign Currency
    10:47
  • Desktop-1465 Forward Contract for Speculation that Foreign Currency will Weake
    09:13
  • Online-1470 Forward Contract for Speculation that Foreign Currency will Weaken
    13:59
  • Desktop-1470 Forward Contract for Speculation that Foreign Currency will Weaken
    11:20
  • Online-1472 Forward Contract for Speculation that Foreign Currency will Weaken
    07:45
  • Desktop-1472 Forward Contract for Speculation that Foreign Currency will Weaken
    06:29
  • Online-1475 Forward Contract for Speculation that Foreign Currency will Weaken
    12:14
  • Desktop-1475 Forward Contract for Speculation that Foreign Currency will Weaken
    10:02
  • Online-1480 Forward Contract for Speculation that Foreign Currency will Weaken
    10:31
  • Desktop-1480 Forward Contract for Speculation that Foreign Currency will Weaken
    08:01

  • Documents to download
    00:00
  • Online-1483 Free 30 Day Trial Multiple Currencies Problem 4
    08:54
  • Online-1485 Multiple Currencies Problem 4 Overview
    07:13
  • Desktop-1485 Forward Contract to Reduce Risk from Purchase Overview
    12:44
  • Online-1490 Multiple Currencies Problem 4 Purchase Fixed Asset On Account
    12:52
  • Desktop-1490 Purchase Fixed Asset On Account Foreign Currency
    13:42
  • Online-1495 Multiple Currencies Problem 4 Forward Contract Initial Transaction
    14:13
  • Desktop-1495 Forward Contract Transaction Excel
    07:08
  • 1497 Forward Contract Transaction QuickBooks
    14:56
  • Online-1500 Multiple Currencies Problem 4 Adjusting Entry Accounts Payable
    11:13
  • Desktop-1500 Adjusting Entry Accounts Payable Foreign Currency
    09:47
  • Online-1505 Multiple Currencies Problem 4 Adjusting Entry Forward Contract
    11:00
  • Desktop-1505 Adjusting Entry Forward Contract
    09:44
  • Online-1510 Multiple Currencies Problem 4 Foreign Payable & Forward Contract
    17:15
  • Desktop-1510 Foreign Payable & Forward Contract Maturity Transactions
    16:56
  • 1515 Multiple Currencies Problem 4 Forward Contract Maturity Transactions
    15:14
  • Desktop-1515 Forward Contract Maturity Transactions
    14:51
  • Online-1520 Multiple Currencies Problem 4 Foreign Currency Accounts Payable
    14:13
  • Online-1520 Foreign Currency Accounts Payable Maturity Transactions
    10:18
  • 1520 Foreign Currency Accounts Payable Maturity Transactions
    10:18
  • Online-1525 Multiple Currencies Problem 4 Foreign Currency Reversing Entries
    12:32
  • 1525 Foreign Currency Reversing Entries
    12:16

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 17,021 Reviews
  • 354,449 Students
  • 97 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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