Tag Archives: QuickBooks desktop accounting software

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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Currency Symbol on the QuickBooks Invoice

Software: QuickBooks Desktop accounting software

QuickBooks desktop, by default, uses the currency symbol set in the Window operating system. For example, the Total field on the invoice will print as € if the currency symbol set in the Window is € unless you have multiple currencies turned on, which QuickBooks will follow the setting in the customer profile.

Currency Symbol on QuickBooks invoice 1.png

Depending on the Window operation system, the currency symbol setting is in the Control Panel or Setting page for the Window 10. Search for the Currency Symbol setting and change it accordingly. You may have to close the QuickBooks program before you made changes to the Window setting and may require to restart the computer after changing.

Currency Symbol on QuickBooks invoice 2.png

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How to use QuickBooks Sales Receipt as an internal maintenance service note?

Generally, we use QuickBooks Sales Receipt to record Cash Sales transaction or charitable organisation using it as a donation receipt. However, for those who are in rental services (renting out equipment or facilities such as a conference room, studio, etc.) or chartering service (bus, car, boat, etc.) may use Sales Receipt feature to record the part used in serving the equipment or facilities. For example, you may change the worn out seat belt or car seat on the chartered bus. In this case, seat belt and car seat are your service part which you used it internally to maintain your asset.

Create the service parts as an inventory item, so when the item purchased it will debit the inventory asset of the maintenance part and credit the accounts payable or bank account.

Then, use the QuickBooks Sales Receipt (you can rename the form as ‘Service Note’ or something which relevant to your business) to record the part used on the equipment. The customer name on the receipt can be the equipment/asset name or vehicle number, which depending on businesses. Next, use those service part which you have purchased in the detail line with $0.00 selling price.

QuickBooks Sales Receipt

Assuming the cost of the part used is $1,000, then the double entry of the sales receipt will:

Debit Accounts Receivable 0.00
Debit Cost of Good Sold (or your prefered expense account) 1,000

Credit Sales 0.00
Credit Inventory Asset of the maintenance part 1,000

You can print an Inventory Valuation Detail report to check the transaction history of the part. Inventory Valuation Detail report is like a stock card where you can see the in/out of an item.

QuickBooks Inventory Detail Report

Next, print a Sales by Customer Report, which you can customise the report to something like ‘Service Parts Used by Machine’, to find out the items used on each machine (or vehicle).

QuickBooks Sales by Customer Detail

QuickBooks is a simple yet feature-rich accounting system for small businesses.

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