Suggestions for making Multicurrency more realistic

US QuickBooks Pro for Windows : 2010

The multicurrency feature is a good start, but it is somewhat divorced from reality at present. The following three features would help to bring Quickbooks closer to the reality of how business is actually done in the real world. Right now, the home currency basis implementation may be convenient for how the software works, but it causes numerous problems in real business situations. Please consider implementing the following:

1. Allow fixed item pricing/rates in foreign currency. (Not only set in home currency and converted by rate as they are now -- both possibilities should be available.
2. Allow conversion of currency at payment receipt. (Right now you have to set exchange rates here, but the amount does not carry through to deposits, so it is useless. In reality one collects payments, some that have been converted from a foreign currency, some in the home currency and makes a single deposit. This currently cannot be done in QB.)
3. Allow conversion of individual payments at deposit. (Might be unnecessary if 2 were implemented and the conversions carried through to the deposit.)

4. Make combined deposits of converted payments on foreign currency accounts and home currency accounts possible. (I should be able to receive a foreign currency payment, convert it, and deposit it in the home currency along with payments received in the home currency in one deposit. This happens all the time in reality.)

I am sure others have something to add to this, and I am posting it here for discussion. If someone knows how I can directly suggest these changes to Intuit, I would appreciate knowing about it.

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3 Replies

Gotuit

New Member

10/19/10 12:47pm PDT

QB should consider including Manual Payroll for non USD home currency.

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svenhaile

Contributor

10/26/10 6:21am PDT

My suggestion is to allow for the storing of historic exchange rates (not a new request, I know). Example: not all recordings are done today, as we need to wait for the final bank statements to be printed or delivered. We need to enter manually the FX rate for most transactions after looking up those rates repeatedly (the documents have multi-day transactions and can not be sorted into batches).

It doesn't take lot of data space to save historic FX rates in QB, but the rate of human errors could be diminished substantially - we have so many entries we need 2 people checking those recorded rates on a quarterly basis. Alternatively, QuickBooks should allow for configuring a custom path to a FX data spreadsheet that we're updating on a daily basis.

Thank you!

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grenuis

New Member

02/07/12 2:03am PST

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It should have the ability to receive home currency and other currency payment for the same transaction, meaning if the customer owes USD.100, I should be able to receive USD.50, and then R$100 (assuming USD.1 = R$ 2), here we deal multi currencies at daily basis, we receive 3 to 4 different type of cash and checks, and deposit them to all different currencies account or keep it in the cashier, a lot of customers pays one invoice in at least 2 different currencies. Currently, QB's multi currency feature is only good for an maybe import export business, but it is not good for business that uses multi-currencies at daily basis, just like the title says, if possible, please make it more realistic. Thanks!

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