Summary
The Multicurrency feature in QuickBooks Online can save you a lot of time when you're working with foreign customers and suppliers on a regular basis. In this chapter, we learned how:
- To put the required settings in place to use the multicurrency feature
- Gains/Losses are calculated when payments are made or received
- Rates of exchange can be edited
- To create a work-around when trying to account for two foreign currencies simultaneously
- The revaluation of foreign currency balances work
- Reports can be customized to display both home currency and foreign currency balances
The Multicurrency feature is just one of many tools you can use to help you get the most out of QuickBooks Online. In the next chapter, we'll be looking at a few reports that will help you follow the best practices when reviewing financial records.
