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:

1. 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.
   
2. Once you turn multicurrency on, your Home currency is set and cannot be changed.
   
3. 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.
   
4. Even after multicurrency is enabled, the currency displayed in Matter365 will always be “$” even where the default currency has been set differently in QBO.
   

Turn on Multicurrency 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.

1. Select Settings ⚙️.
   
2. Select Account and Settings
   
3. Select Advanced
   
4. Select Edit ✎ in the Currency section and choose your Home Currency
   
5. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
   
6. Select Save and close.

   
   

The Manage Currencies link that appears takes you to the Currencies page, where you can manage the currencies you use.

Add currencies in QBO

Here's how you can add to the currencies you use:

1. Select Settings ⚙️
   
2. Select Currencies (Note: This option is available after you turn on multicurrency.)
   
3. Select Add currency
   
4. Select the new currency from the Add Currency ▼ drop-down menu
   
5. Select Add
   

The currency you selected is added to your list of currencies.

Delete currencies in QBO

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.

1. Select Settings ⚙️.
   
2. Select Currencies.
   
3. Select the small arrow ▼ icon in the Action column and then select Delete.
   
4. Select Yes to confirm the deletion.

The currency is removed from your list of currencies.

Add a bank account that uses a foreign currency in QBO

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:

1. Select Settings ⚙
   
2. Select Chart of Accounts
   
3. Select New
   
4. In the Account dialog, select the appropriate Account Type and Detail Type
   
5. Enter a Name for the new account and an optional Description as well as any other required fields
   
6. Select the foreign currency to assign to the account from the Currency ▼ drop-down menu
   
7. Select Save and Close
   

The account is created, and the assigned currency is listed in the Currency column on the Chart of Accounts.

Multicurrency in Matter365 and QBO

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:

1. From the left menu, select Sales
   
2. Select Customer, then New customer
   
3. In the Customer information window, fill out the needed information
   
4. Select Payment and billing
   
5. 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
   
6. Select Save

Next, in Matter365:

1.  Create the Contact for the client in Matter365 using the exact same QuickBooks Display name for the client Display Name in Matter365.
   
2. Create Matters in Matter365 as you normally would and docket time and expenses to those Matters.
   
3. 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. 

Please Note: Before you change the currency for a Client, all current invoices must be closed and paid as any Invoices created prior to the change will no longer be synced from Matter365 to QBO.

In QBO: Make a customer inactive:

1. Go to Sales, then select Customers.
   
2. Find the customer and in the Action column select Make inactive.
   
3. 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.)
4. 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.

More information about Multicurrency

See the following articles from QBO for more information about the Multicurrency feature:

• How Multicurrency works
  
• How to turn on Multicurrency and add or delete currencies
  
• About exchange rates
  
• How to manually enter an exchange rate
  
• How to add a foreign currency account
  
• How to add transactions in a foreign currency
  
• How do I add foreign customers?
  
• How do I add foreign suppliers?
  
• Understanding Home currency adjustment
  

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