do you need to activate additional currencies in your quickbooks online records well then you
should watch how to manage the multi-currency list and add and activate currencies
if you have any questions about this topic you can leave them in the comments section below and
i'll do my best to help you and of course if you feel the video helped you i hope you will click
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you can add an additional currency from the currency list by clicking the pull down menu
choice and scrolling to the specific currency that you would like to add to the list the value will
be whatever the exchange rate is at the moment of activation so if we now add russian rubles
we can take a look at what the exchange rate is at the moment that we add
from the top right we click the cog wheel and then we click currencies
now here are the default currencies that are already activated and then we click add currency
now we get the pull down list of all the currencies that we want to activate
so let's scroll down to the letter r they're in alphabetical order from the english alphabet l
m n o p q r ruble russian ruble here we go and we click add and now russian ruble has been added to
the list of currencies now let's add the guyana dollar to our currency list click add currency
and then it's down by g alphabetical order in regard to the english alphabet it's
gyd guyana dollar click add and now they are on the currency list
and if you want to see what the unit value of each of the currencies are at the moment that
you activated the currency you would click edit currency exchange so if i click that
for the guyana dollar right now on february 7th 2021 the rate that would be downloaded
if we use this rate is .004781 of the us dollar and we'll talk about changing the rates later
same thing with russian ruble exchange rate right now at the moment we activated the russian ruble
the exchange rate was point zero one three four zero one of the us dollar as of
february seventh and now that we've added the currencies to the currency list
we must add each currency to the appropriate customer data for each customer you add to
quickbooks online you must tell quickbooks online which currency that customer will pay you with
only customers who pay you with active currencies that means currencies that we just put on the list
will be able to be saved in the customer list simply choose the currency when you first input
the new customer so you must remember that you can only have one currency per customer literally and
if you have that rare situation where one customer pays you in different currencies you may need
to add a customer twice but we might not have to do that let's add henry goodman he pays us
in guyana dollars so he's henry goodman from guyana watch how we add him we click sales then
we click customers then we click new customer now his name is henry goodman and the way to determine
his currency is to click the tab payment and billing and you can see this customer pays me with
and we click the pull down arrow and right here on the top are the active
currencies that we activated from the list and we click guyana dollar and then we click save
now let's add yuri buri from russia and he pays us in russian rubles so we click sales
customers new customer
but to make sure we add his currency we click the payment and billing tab customer pays me with
russian ruble right here save now we can check to see if we are able to make
transactions in the appropriate currency if we click new and we click invoice
look what happens if we choose yuri the customer who pays us in rubles
you see that the ruble indi in ruble is indicated here
and uh even though this stupid thing is stuck on my screen because it doesn't work here it is
okay you can see that rubles automatically come up when i choose the customer who pays us in rubles
however if i choose the customer who pays us in guyana dollars you can see that guyana dollars is
what comes up in the currency exchange conversion rate box and adding the currency information to
the vendor data is almost exactly like adding it to the customer data for each vendor you add to
quickbooks online you must tell quickbooks which currency that you will pay them with
only vendors whom you pay with active currencies which are currencies that we just put on the list
will be able to be saved in the vendors list simply choose the currency when you first input
the new vendor remember it's one currency per vendor so if you have that rare situation where
you have one vendor that you for some reason need to pay in two different currencies you might need
to add the vendor twice so let's add gina casina for her delivery services from guyana and we pay
her in the guyana dollar very simple we click leave without saving yes we click expenses
vendors new vendor now her name will be gina let's scroll up here sorry gina casino
and the currency that we pay gina with is the guyana dollar
notice it's in the activated section on top guyana dollar so we click save now
let's add euro elena metro fena from russia and we pay her in russian rubles
for delivery service no problem we click exp we click new vendor and the name was yelena
mitrofena
and if we scroll down you can see that we can choose to pay her in russian rubles and we click
save now we know that this is active when we go to pay because if we click new and we click expense
if we choose excuse me if we choose gina casino you can see that the guyana dollar
is what we are paying her in and if we choose uh uh where is she
we choose yelena mitrofena you can see russian rubles is what we need to pay her in
and those are the changes you need to make and now we are finally ready for our first multi-currency
transaction
you