QuickBooks’ Multicurrency Pitfalls

Brandon, MB – February 1, 2022 - The multi-currency feature plays a major role in QuickBooks. By enabling this feature in your account, you can track foreign transactions. In addition, the multi-currency feature allows you to assign the particular currency to different profiles and accounts.

With this feature, QuickBooks maintains foreign debits and credits as well as their value in the home currency for every foreign transaction. Users can reconcile foreign accounts like banks and credit cards in their native currency, without having to consider the exchange rate. Customers can be invoiced in their native currency, purchase orders can be issued to vendors in their native currency, and QuickBooks can calculate the gains or losses on foreign exchange as well as track the exchange rate on foreign currency transactions.

With this feature, however, users can only download current exchange rates. Although static foreign prices can be set using the per item price levels, the same cannot be done to create static foreign unit costs.
While using the multicurrency feature, some features such as online payment of invoices cannot be enabled for multiple currencies. Users have meanwhile also encountered errors such as one that states “Something’s not quite right: You can only use home currency balance sheet accounts with home currency A/R and A/P accounts”. This happens when currencies are intertwined, QuickBooks Online blocks journal entries, which might later result in incorrect opening balances or incorrect exchange gains or losses. In addition, users would not be able to use Bill tracker and Income tracker, select multiple customers in invoices for Time and Expense windows, make online payment of invoices in multiple currencies or exchange data file information with QuickBooks desktop for Mac system. Users also find it difficult to convert a multi-currency file to Xero, or convert to QuickBooks for Mac or Online. Multi-currency is also known to be associated with corrupting QuickBooks files.
E-Tech offers a solution to discontinue using the Multi-Currency feature. The Multi-currency Removal Service will remove the multi-currency settings from a data file and convert the file to a single currency.

For more information on how this service works, visit https://e-tech.ca/Quickbooks-Multiple-Currency-Turn-Off.aspx

Melanie Ann
Media Relations
E-Tech
136 11 th St
Brandon, MB R7A 4J4
Melanie@e-tech.ca
www.e-tech.ca

About E-Tech
Founded in 2001, E-Tech is the leading file repair, data recovery, and data conversion services provider in the United States and Canada. The company works to stay up to date on the latest technology news, reviews, and more for their customers.
For media inquiries regarding E-Tech, individuals are encouraged to contact Media Relations Director, Melanie Ann via email at Melanie@e-tech.ca.
To learn more about the company, visit: www.e-tech.ca