Multicurrency in Matter365 and QuickBooksOnline
Multicurrency in Matter365 and QuickBooksOnline
Here is a guide on how to set up Multicurrency in QBO and assign
a foreign currency for a customer. For more information on multicurrency in
QBO, click here.
Notes before you start:
- Matter365 does not allow for linkage to more
than one Trust Account in QBO - i.e., you can have more than one Trust Account,
and some may be in different currencies but for any additional Trust Accounts,
you will not be able to manage them through Matter365.
- Once you turn multicurrency on, your Home currency is set and cannot be changed.
- Before you change the currency for an existing Client, all current
invoices must be closed and paid. Any
Invoices created prior to the change will no longer be synced from Matter365 to
QBO.
- Even after multicurrency is enabled, the
currency displayed in Matter365 will always be “$” even where the default
currency has been set differently in QBO.
The first step is to turn on Multicurrency in QBO.
Warning: Once you turn multicurrency on, your Home currency is set and cannot be changed.
- Select Settings ⚙️.
- Select Account and Settings
- Select Advanced
- Select Edit ✎ in
the Currency section and choose your Home Currency
- Select
the Multicurrency checkbox
and confirm that you understand that you can't undo this option.
Select Save
and close.
The Manage Currencies link that appears takes you to
the Currencies page, where you can manage the currencies you use.
Here's how you can add to the currencies you
use:
- Select Settings ⚙️
- Select Currencies (Note: This option is available after you turn on
multicurrency.)
- Select Add currency
- Select the new currency from the Add Currency ▼ drop-down menu
- Select Add
The currency you selected is added to your list
of currencies.
You can delete currencies that you do not use
from your list of currencies, but you can only delete a currency if there are
no transactions attached to it.
- Select Settings ⚙️.
- Select Currencies.
- Select the small arrow ▼ icon in the Action column and then select Delete.
- Select Yes to confirm the deletion.
The currency is removed from your list of
currencies.
The Currency column in the Chart of Accounts
shows the currency assigned to the account, and account balances are shown in
the account's assigned currency. By default, existing accounts will be in your
home currency.
To create an account that uses foreign
currency:
- Select Settings ⚙
- Select Chart of Accounts
- Select New
- In the Account dialog, select the appropriate Account Type and Detail Type
- Enter a Name for the new account and an optional Description as well as any other required fields
- Select the foreign currency to assign to the account from the Currency ▼ drop-down menu
- Select Save and Close
The account is created, and the assigned
currency is listed in the Currency column on the Chart of Accounts.
Now that you have set up multicurrency in QBO, you
can designate Clients in Matter365 to be billed in other currencies.
You will need to create a new customer FIRST in QBO,
assign it a currency, and THEN create the Client in Matter365 to match.
If you would like to assign a new currency to
existing Clients in Matter365, please see “Change the currency for an existing
customer” below.
Assign
a foreign currency to a new Client
First in QBO:
- From the left menu, select Sales
- Select Customer, then New customer
- In the Customer information window, fill out the needed information
- Select Payment and billing
- In This customer pays me with field, select the customer's currency. This is the currency that the customer uses to pay you for products or services
- Select Save
Next, in Matter365:
- Create the Contact for the client in Matter365 using the exact same QuickBooks Display name for the client Display Name in Matter365.
- Create Matters in Matter365 as you normally would and docket time and expenses to those Matters.
- When you Create Invoice(s) for those Clients’ Matters and sync those Invoices to QBO, it will automatically use currency you set when you created the customer on QBO.
Please Note: the currency displayed in Matter365 will always be “$” even where the default currency has been set differently in QBO. Change
the currency for an existing Client
Once you add a Client, associate them with Matters in Matter365, and
synchronize their Invoices with QBO, you can't change the currency in their QBO
Customer profile.
However, if you want to change the currency for a
Client going forward, you will need to inactivate the Client in QBO, then
create a new Customer Profile with the new currency, as described for fully below.
In QBO: Make a customer inactive:
- Go to Sales, then select Customers.
- Find the customer and in the Action column select Make inactive.
- Select Yes to confirm the request (Don’t worry, your previous Invoices and Payments and other associated accounting records for that Client will stay in Matter365 and QBO.)
- Follow the steps to add the Client as a new customer in QBO with the exact same
Display Name as used in Matter365 and then assign the currency with which they
pay you.
From now on, the new transactions you record
with that Client will be in their currency.
See the following articles from QBO for more
information about the Multicurrency feature:
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