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Quickbooks and multi-currency

Does anyone know whether Quickbooks copes well with multi currency companies.

My client has a numnber of both US and UK bank accounts, with money being banked on a daily basis. Does the program have the capability of importing the necessary exchange rates on from the internet on a daily basis.

Any opinins on the ability of quickbooks to cope with this would be appreciated. Is SAGE likely to be a better choice?

Thanks.

Rob Vaughan


Number of comments: 1

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Nicholas Myles, 09 March 2004 @ 16:38 PM

yes
I use QB for a company that has acs in $ € £ and previously in DM FF etc and it works fine. it does take a little thought to get your head around it, but i particularly like it because of its flexibility if you make a mistake!

basically you have an a/r & a/p account in the home currency, usually £, and one in each foreign currency; customers are linked by currency to the relevant a/r so you cannot post say a $ customer to say the € ledger. if you have one customer that deals in say 2 currencies then you would set up the customer with 2 names; this actually works quite well in practice and we are happy with the results.

the problems we had with sage, which may have been corrected by now, was the constant need to journal everything everytime you made a small mistake, which is very easy to do with foreign currencies. we found this a bit of a nuisance; being able to drill down and alter the individual transaction is much more useful.

the new version of QB 2004 being released supports currency downloads, is good value and has a decent help index.