❗The content presented here is sourced directly from Udemy platform. For comprehensive course details, including enrollment information, simply click on the 'Go to class' link on our website.
Updated in [August 31st, 2023]
Skills and Knowledge:
At the end of this course, you will have acquired the skills and knowledge to:
• Understand how to access QuickBooks Desktop & QuickBooks Online including a possible free 30-day trial for both
• Turn on the multicurrency feature in both QuickBooks Online and QuickBooks Desktop
• Set up accounts related to multicurrency including account types of Cash, Accounts Receivable, & Accounts Payable
• Enter transactions related to foreign currency accounts receivable in both QuickBooks Desktop and QuickBooks Online
• Enter transactions related to foreign currency accounts payable in both QuickBooks Desktop and QuickBooks Online
• Enter transactions related to forward contracts for speculation in both QuickBooks Desktop and QuickBooks Online
• Enter transactions related to forward contracts to reduce risk on foreign currency transactions
• Understand the uses of forward contracts including for speculative purposes and to mitigate risk on foreign currency transactions
• Record the home currency equivalent for financial statement presentation when holding onto cash in a foreign currency
• Track accounting receivable and accounts payable in the home currency equivalence even though payments will be made in a foreign currency.
Professional Growth:
This course on QuickBooks Desktop vs QBO Multiple Currencies contributes to professional growth in several ways:
1. Enhanced knowledge and skills: By taking this course, professionals will gain a deep understanding of how to record transactions using multiple currencies in both QuickBooks Desktop and QuickBooks Online. This knowledge will enable them to effectively manage and track foreign currency transactions, which is a valuable skill in today's global business environment.
2. Improved efficiency and accuracy: The course teaches participants how to turn on the multicurrency feature in both QuickBooks Desktop and QuickBooks Online, as well as how to set up accounts related to multicurrency. This knowledge will help professionals streamline their accounting processes and ensure accurate recording of transactions involving foreign currencies.
3. Project-based learning: The course follows a project-based approach, where participants will enter transactions in Excel before entering them into QuickBooks Desktop and QuickBooks Online. This hands-on experience will enhance their practical skills and enable them to apply their knowledge in real-world scenarios.
4. Understanding of forward contracts: The course covers transactions related to forward contracts, including their uses for speculation and risk mitigation in foreign currency transactions. This knowledge will enable professionals to make informed decisions and effectively manage currency risks in their organizations.
5. Financial statement presentation: The course emphasizes the importance of recording foreign currency transactions in the home currency equivalent for financial statement presentation. Professionals will learn how to accurately value accounts receivable and accounts payable in the home currency, even when transactions are conducted in foreign currencies.
Overall, this course equips professionals with the necessary knowledge and skills to effectively manage multiple currencies in QuickBooks Desktop and QuickBooks Online. This expertise will enhance their professional growth and make them valuable assets in organizations dealing with international transactions.
Further Education:
This course is suitable for preparing further education. It covers topics such as setting up accounts related to multicurrency, entering transactions related to foreign currency accounts receivable and accounts payable, and using forward contracts for speculation and risk reduction. These skills are relevant for further education in accounting or finance, particularly for businesses that operate in multiple currencies.
