Muhammad Imad
Level 1
‎October 08, 2020 05:01 AM

Multiple Currecies

Hello Dear,
I am facing a problem in multi-currency account. I've two accounts GBP& PKR. PKR is my home currency and GBP is second currency. I receive amount in GBP  and transfer some amount in PKR. But during this I face an issue, eg. I transfer 1000GBP in PKR  account, conversion rate is 1GBP=200PKR. It will deposit my PKR Account  with 200,000 PKR, while it will deduct 200,000 from GBP account also due to which GBP account shows balance in minus (-199,800/-). how can I hadle it.

Kindly guide me in his manner.

 

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IamjuViel
QuickBooks Team
QuickBooks Team
‎October 08, 2020 07:56 AM

Other Questions

Hello, @Muhammad Imad.

 

Let me share some information on how QuickBooks handles your multicurrency transactions.

 

Just to clarify, did you perhaps manually entered your own conversion rate in the system? When you use the multicurrency feature in QuickBooks, the system utilizes the most recent exchange rates from Markit. Also, the value is based on the day you created the Transfer transaction.

 

You can generate the Transaction Detail by Account report. It displays all of your transactions specific to your GBP and PKR account. This way, we can review all the transactions that cause a negative balance. Here's how:

  1. Go to the Report menu.
  2. Scroll down to the For my Accountant section.
  3. Double-click on the Transaction Detail by Account report. 

Get back to us here if you have other questions about using the multicurrency feature in QuickBooks. I'm always here to help.

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