In order to set up the synchronization for different currencies, set up Sales, Fees, and Expenses for each of them using our newly introduced custom feature.
- Creating accounts in QuickBooks
- Sales in multicurrency
- Fees in multicurrency
- Expenses in multicurrency
- Payouts in multicurrency
Synder differentiates between your home currency (based on your company settings) and foreign currencies.
Creating accounts in QuickBooks
Before you start syncing foreign currency transactions, make sure that multicurrency is enabled* in your QuickBooks. Learn how to enable it here.
*Please note that according to QuickBooks rules it is not possible to undo enabling multicurrency in your QuickBooks company.
We highly recommend creating a separate *Bank type account in QuickBooks for each currency you are going to use. After they are set up on the QuickBooks end, please, choose them accordingly as a Sales , Fees (and for PayPal Expense tab) Bank accounts. For more details see below steps.
*The name of the type might vary from country to country. Look for the word bank in the name of the Account Type.
Sales in multicurrency
1. Go to Settings
2. Go to Sales
3. Press on Gear
4. Choose any of the available currencies and set up a Bank account where Sales Receipts, Refund Receipts and Payments received in each currency will be stored.
5. Update settings
Fees in multicurrency
1. Proceed to Fees
2. Select Fee Bank account
3. Select Accounts for chosen currencies by clicking on Gear next to the respective fields.
4. Update settings
QuickBooks regards Fees as Expenses. Category needs to be of Expense type in QuickBooks Chart of Accounts.
Expenses in multicurrency (PayPal only)
1. Proceed to Expenses
2. Choose Bank account
3. Choose a Category for chosen currencies by clicking on Gear next to the respective fields.
Payouts in multicurrency (Stripe and Square only)
1. Proceed to Payouts
2. Select Checking account for chosen currencies by clicking on Gear next to Transfer Funds to.
3. Choose a Bank account for chosen currencies
4. Update settings
Congratulations! Your account is all set to sync multicurrency transactions!
Tags: multi-currency, sync data in multi-currency, currencies