Tag Archives: multiple currency

Currency name versus currency code

Software: MoneyWorks accounting software

When adding a Transaction.currency field into the sales invoice or receipt template, it prints the currency code used in the transaction. For example, to print an invoice total of US$1,000, you use:

Transaction.currency+Transaction.gross

The invoice total prints as ‘USD1,000.00’.

On the other hand, it may be more appropriate to show the currency name instead of the currency code when converting the invoice total in English. That is, print the invoice total as ‘US Dollar One thousand dollar only’ is better than showing the currency code ‘USD’.

The currency name, such as ‘US Dollar’, stores in the Off-ledger table, which require to use a Lookup function

Lookup (Transaction.currency, “Offledger.description”)

to pull out the currency name.

It prints as ‘US Dollar One thousand dollar only’ when adding the formula in front of the DollarsToEnglish ( ) function of the Transaction.gross.

Lookup (Transaction.currency, “Offledger.description”) + ” ” + DollarsToEnglish (Transaction.gross)

template design

You may refer to the MoneyWorks user guide to have more information on form design and formula use.

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QuickBooks is using the currency code instead currency symbol

Software: QuickBooks Desktop accounting software

In our earlier post, we mentioned that QuickBooks is using the currency symbol set in the Window Operating System (OS) when multiple currencies feature is not turned on. That is, QuickBooks print £ before the invoice total if the setting in the Operating System is £.

However, QuickBooks will switch to currency code instead of the currency symbol when multiple currencies feature has turned on. For example, if you set the base currency as Singapore Dollar, which the currency code is SGD, all base currency invoices will print SGD before the invoice total instead of placing the currency code ‘S$’ before the invoice total.

currency code in QuickBooks

Using currency code is better than currency symbol when involving multiple currencies. For example, the currency symbol for Renminbi is ¥ and Japanese Yen is also ¥; or US Dollar, HK Dollar, Australian Dollar are all using $. Whereas the currency code for these currencies is different; Renminbi is CNY (or RMB is also commonly use), the Japanese Yen is JPY, the US Dollar is USD, HKD for HK Dollar, AUD for Australian Dollar, etc.

As you can see using the currency symbol before invoice total is perfectly alright when your business is only dealing with the local currency, such as Singapore Dollar. However, having a currency code before the invoice total is less confusing when you trade internationally with multiple currencies.

Note: You cannot turn off the multiple currencies feature once it has turned on.

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QuickBooks foreign currency transaction

Software: Intuit Quickbooks Desktop accounting system

In QuickBooks, only bank, accounts receivable, accounts payable, and the credit card accounts have the multiple currencies option.

After turning on the multiple currencies feature in QuickBooks, you have to set the trading currency in each debtor or creditor profile. So, the related transaction will record in foreign currency.

QuickBooks multiple currency

By default, the foreign currency transaction will pick up the exchange rate from the currency table; however, you can change the exchange rate to match the GST in Singapore dollar which shows on the foreign currency bill.

Local Supplier who billed you in foreign currency has to show the amount before GST, GST, and the amount inclusive of GST in Singapore dollar equivalent. You have to follow the exchange rate shown on the bill instead of the system exchange rate, so to claim the input tax correctly.

For example, your system exchange rate is 1USD:1.3500SGD. You received a US dollar bill from a local supplier shows a GST of US$700 (S$947.10 Singapore dollar equivalent). Then, you record the bill at 1USD:1.3530SGD instead of the system exchange rate. It affects the GST amount in Singapore dollar if using the system exchange rate instead.

Join our training to learn the proper way of recording transaction in QuickBooks.

Intuit QuickBooks Desktop 2019 is coming soon, contact us if you are interested.