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How To Set Up Multi-Currency in Webgility Online

This article guides Webgility Online users on configuring Multi-Currency settings in Webgility Online to accurately record orders and associated fees from sales channels in different currencies to the corresponding accounts in QuickBooks. After enabling Multi-Currency in QuickBooks Online and downloading the latest accounting data into Webgility Online, users must ensure that customer currency, accounts receivable, deposit accounts, and fee settings align with the currency of each sales channel. Standard customer settings must be used, and separate accounts can be configured for transactions and fees per sub-channel to maintain accurate multi-currency reporting.

Overview:

If your QuickBooks supports multi-currency and your sales channel receives orders in various currencies, it's crucial to configure settings in Webgility Online to accurately record specific currency orders to the corresponding accounts in QuickBooks.

 

Note1: This article uses the Amazon channel as an example. But other sales channels can be configured with the help of a transaction rule on the basis of Currency.

Note2: Multi-Currency feature works with standard customer settings only.

Steps to follow:

A) Enable Multi-Currency feature in QuickBooks Online

Kindly refer to the help article: How to set up Multicurrency in QuickBooks Online

B) Download latest accounting data into Webgility Online. Kindly refer the help article: Download the Latest Data from QuickBooks in Webgility Online

C) Configure Multi-Currency related settings in Webgility Online:

1). Go to Settings> Accounting to access the configuration settings.

2). Ensure that, for the relevant sales channel, the following currencies align:

  • Customer Currency

  • Accounts Receivable Currency

  • Deposit Account Currency

For example:

  • For Amazon US, the Customer currency, Accounts Receivable currency, and Deposit account currency should be set to USD.

  • For Amazon CA, the Customer currency, Accounts Receivable currency, and Deposit account currency should be set to CAD.

  • For Amazon MX, the Customer currency, Accounts Receivable currency, and Deposit account currency should be set to MXN.

3). Similarly, under the Fee Settings, ensure the Deposit account, Payee, and payment account are in the same currency as the sales channel currency.

By adhering to these settings, you ensure accurate recording of multi-currency orders in Webgility Online, including the associated expenses and fees.

Transactions:

Under Transaction settings > you can configure seperate Deposit to accounts for each sub-channel of Amazon.

Customer:

  • First make sure you have confired it to use Standard Customer if the customer is not found.
  • Under Customers settings, you can enable the feature "Use dfifferent customer based on curency" > then it should allow you map the currency with is respective standard customer from QuickBooks Online.

You can review a customer’s currency in QuickBooks Online by navigating to Customers & Leads > Customers, opening the customer’s details, clicking Edit, and checking the Payments section, which displays the currency that the customer uses to make payments.

Fees:

Under Fees, similar to Transaction settings, here you can configure seperate accounts for the fees for each Sub-channels.