Foreign Currency Transactions
IAS 21 requires us to translate all foreign currency transactions in to the reporting currency at the end of the accounting period. If i have foreign currency transactions at the end of my accounting period how do i convert them into the reporting currency in quick books??
If you turned on the multi-currency feature in QuickBooks, the reports will automatically calculate both the foreign currency and your home currency amounts. However, if you did not have this feature turned on prior to recording transactions into QuickBooks, I don’t think you can turn it on now and expect it to go back and recalculate. You should contact the Intuit support team so that they can walk you through how to turn on and manage the multi-currency feature. Just log into QuickBooks, click on the help button and you see a contact phone number or option to chat with a support rep.
Crystalynn Shelton, CPA