QuickBooks Desktop 2021 #14 Multiple Currencies
Learn to record transactions using multiple currencies from a certified public accountant (CPA)
.20 Download Free or Paid QuickBooks Pro 2021
.30 Install QuickBooks Pro 2021
.40 Increase Size of Icons
1305 Multiple Currencies Overview
1310 Multiple Currencies Cash, Accounts Receivable, & Accounts Payable
1315 Multiple Currencies Invoice & Accounts Receivable
1320 Multiple Currencies Accounts Receivable Revalue Using Current Exchange Rates
1325 Multiple Currencies Receive Payment & Make Deposit Excel
1330 Multiple Currencies Receive Payment & Make Deposit QuickBooks
1335 Multiple Currencies Reversing Entry
1340 Multiple Currencies Purchase Equipment On Account - Excel
1345 Multiple Currencies Purchase Equipment On Account – QB
1350 Multiple Currencies Adjusting Entry Accounts Payable
1355 Multiple Currencies Transfer Money to Foreign Currency
1360 Multiple Currencies Pay Foreign Accounts Payable
1365 Multiple Currencies Accounts Payable Reversing Entry
1370 Multiple Currencies Purchase Inventory On Account
1375 Multiple Currencies Accounts Payable Adjusting Entry
1380 Multiple Currencies Foreign Currency Transfer
1385 Multiple Currencies Accounts Payable Reversing Entry
1390 Multiple Currencies Accounts Payable Payment
1400 Forward Contract for Speculation that Foreign Currency will Strengthen Overview
1405 Forward Contract for Speculation that Foreign Currency will Strengthen Initial Transaction
1410 Forward Contract for Speculation that Foreign Currency will Strengthen Adjusting Entry
1415 Forward Contract for Speculation that Foreign Currency will Strengthen Maturity Date Transactio
1420 Forward Contract for Speculation that Foreign Currency will Strengthen Maturity Date Transactio
1425 Forward Contract for Speculation that Foreign Currency will Strengthen Reversing Entry
1430 Forward Contract for Speculation that Foreign Currency will Strengthen Maturity Transaction Acc
1450 Forward Contract for Speculation that Foreign Currency will Weaken Overview
1455 Forward Contract for Speculation that Foreign Currency will Weaken Initial Transaction Excel
1460 Forward Contract for Speculation that Foreign Currency will Weaken Initial Transaction QuickBoo
1465 Forward Contract for Speculation that Foreign Currency will Weaken Adjusting Entry
1470 Forward Contract for Speculation that Foreign Currency will Weaken Maturity Transactions Excel
1472 Forward Contract for Speculation that Foreign Currency will Weaken Maturity Transactions QuickB
1475 Forward Contract for Speculation that Foreign Currency will Weaken Maturity Transactions Quick
1480 Forward Contract for Speculation that Foreign Currency will Weaken Reversing Entry
Learn how to get access to QuickBooks Desktop including a possible free 30-day trial version often offered by Intuit, the owner of QuickBooks Desktop.
The course will discuss accounting for multiple currencies, outlining the process in Excel to provide a more transparent look at the process. Then entering the transactions into QuickBooks, the software automating some of the steps required.
We will learn how to turn multicurrency on and which accounts will be affected most by multicurrency transactions including cash account types, accounts receivable account types, and accounts payable account types.
Learners will work example problems related to the sales cycles and the purchases cycle, the sales cycle including foreign currency receivables, the purchases cycle including foreign currency payables.
We will also demonstrate transactions related to forward contracts, both for speculative purposes and to medicate risk on foreign currency transactions.
Instructor
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele’s teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge.