The Currency module is where you go to set up a home currency and also create alternative currencies that can be converted into the home currency. It’s a vitally important module to ensuring the accuracy of your inventory and accounting records, so let’s explore how to use it.
Fishbowl users have the ability to use multiple currencies in their purchase orders and sales orders. In addition, data that is recorded in a specific currency will be transferred to QuickBooks in that same currency when data is exported to it from Fishbowl.
You can update each currency’s conversion rate on a regular basis from QuickBooks by clicking the Update button or by scheduling transfers. To add a new currency to your collection of available currencies that you can use in Fishbowl, simply click the New button and add the following information:
- Conversion rate to U.S. dollars
Then decide whether or not you want to activate it and/or exclude it from the next update. The name and code automatically fill in once you choose a country, as does the symbol that will be used for it. The conversion rate will be automatically set to 1, so you’ll have to change it to whatever it currently is. Once you’ve done all of that, hit the Save button, which is right next to the New button. Once you save it, you’ll see the Date Last Modified filled in, as well.
That’s the last module in in the Accounting module group. Next week we’ll get an overview of the biggest module group in Fishbowl – the Setup module group.
Robert Lockard is a copywriter with Fishbowl. He writes for several blogs about inventory management, manufacturing, QuickBooks, and small business. Fishbowl is the #1-requested manufacturing and warehouse management software for QuickBooks users. Robert enjoys running, reading, writing, spending time with his wife and children, and watching movies.