UK Quickbooks Multi Currency Nightmare


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Urgh this is soooo difficult!

Before the start of the new fiscal year here in the UK I thought I'd learn how to use the multi currency feature properly as I trade in GBP, EUR, and USD when selling on Amazon, Amazon Europe, and also receive payments in USD in Paypal (GBP is my main currency in Paypal).
As it stands, all my foreign currency account balances are all over the place, I'll be for the high jump if I ever get audited!

I have created a new company file and enabled the multicurrency option.
I have created 2 test customers: Monday and Monday EUR.
I have set Monday EUR to EUROS.

Now this is where it falls down....

I have created a test sale in Sales Receipts:

Item: Postage
Qty: 1
Rate: 30,00EURO
Deposited to: Amazon EUR
Exchange rate 1 EUR = : 0.88646GBP (taken from random exchange rate website)

Clicking on save then deposits the exchanged amount of £26.59 into the Amazon EURO account. Problem is, in real life the exchange hasn't happened as Amazon Europe sales are held in EUROS until they transfer the balance to my GBP bank weeks after the transaction at a completely different exchange rate. So right now Amazon Europe are holding 30,00EURO

How do I do this where my QB Amazon EURO account holds the same figure as my actual Amazon EURO account? And then how do I transfer this to my GBP account using the actual exchange rate that Amazon EURO uses to do likewise?

And, how do I make sure that when it comes to calculating profit/loss that the income for this sale is NOT £30.00?

Am I over complicating things?
 
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Drmdcpa

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Where it falls down is attempting to use QB for multi currencies. I have made that mistake in the past. It was a colossal mess and a huge time vampire. I eventually scrapped it and started using Excel to keep track of other currency transaction then one journal entry per month into QB with currency translated.

This is just one more example of how Intuit has made things more difficult than it needs to be.
 

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