QuickBooks Online Multicurrency Update

With a growing global marketplace, many companies need accounting software that supports a multicurrency environment. The good news is that on August 12, 2015, Intuit released an update for QuickBooks Online users to support multicurrency. This option is currently only available to QuickBooks Online users, so here are some basic examples of manual conversion calculations.  (Exchange rates vary, so be sure to use current or historical rates as needed.)

What does the following conversion tell you?

$1.00 USD = 1.32528 CAD

$1.00 CAD = .754557 USD

For every $1.00 you earn in USD, it will be worth $1.32528 in CAD. Conversely, for every $1.00 in CAD you earn, it will be worth $.754557 in USD.

US to Canadian

$1000 (USD) X 1.32528 = $1325.28 (CAD)

Canadian to US

$1000 (CAD) X .754557 = $754.55 (USD)

The Intuit QuickBooks Blog lists the QuickBooks Multicurrency update instructions. Take a look at their post to get full details on how to use this new update. We are happy to help if you have any questions. Call us today at (801) 225-6900.