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Foreign Exchange Transactions for Car Import Business

QuickBooks SupportCategory: TransactionsForeign Exchange Transactions for Car Import Business
Mr Mike asked 6 years ago

I import cars from the US to Nigeria and resell to working class executives, I am looking for an accounting software that will cater for my line of business especially one that will help me track exchange rate and forex transactions, my clients pay me in Naira and I buy these cars from the US and pay US dollars, how do I handle these in your QuickBooks?

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1 Answers
BigResources Staff answered 6 years ago

Hi Mike,
With QuickBooks Pro software, you can get your record straight, the only thing required is to activate multiple currency in QuickBooks software, select your home currency as Nigeria Naira and save. The vendor in USA can then be setup using US dollars as their base currency, and anytime you buy from them, you will pay in dollars, I assume you already have a domiciliary account in place and their relevant balances.
For local car buyers, add new customers and set them up as Naira, to collect payment in Naira into your local bank account. For dollar purchases, you can use transfer fund to convert the Naira in your local bank to the US at a prevailing transaction exchange rate.
Any other charges on Car import can also be recorded as cost of sales; these charges could be custom and shipping fees.

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Last modified: May 24, 2018