Why the QuickBooks Multi-Currency Feature Could be a "Turn-Off"

Brandon, MB- August 19, 2022: Among the many benefits of the QuickBooks multi-currency feature are that foreign accounts can be reconciled 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, QuickBooks can also easily calculate the gains or losses on foreign exchange as well as track the exchange rate on foreign currency transactions.

The multicurrency feature has its share of disadvantages- historical exchange rates would have to be entered manually. Although static foreign prices can be set up using the per item price levels, same cannot be done to create static foreign unit costs. Multi-Currency is not supported with recurring bills setup or auto pay. Payments can be made from USD bank accounts. The USD equivalent of the foreign currency will be manifested at the time of payment and the bank account will debit the USD dollar amount. A new vendor record would need to be created in order to enter foreign currency bills in case of any existing vendor record that has USD bills associated with it. Vendor records with different billing currencies cannot be merged.
The biggest drawback, however, is that once multicurrency is enabled, it cannot be disabled.

Third party services can assist with the removal of the QuickBooks Multi-currency feature. E-Tech offers a service to remove the multi-currency feature from QuickBooks. This also allows for the smooth transition of a data file to QuickBooks for Mac or QuickBooks Online.

For more information 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
E-Tech is the leading service provider of QuickBooks File Repair, Data Recovery, QuickBooks Conversion and QuickBooks SDK programming in the UK and Ireland. In our 20 years plus of experience with Intuit QuickBooks, we have assisted over a 1000 satisfied customers with their requirements.
We offer a range of services for existing QuickBooks users and provide comprehensive solutions for small businesses. Additionally, our expertise covers the US, UK, Canadian, Australian (Reckon Accounts), and New Zealand versions of QuickBooks (PC and Mac platforms).
For media inquiries regarding E-Tech, individuals are encouraged to contact Media Relations Director, Melanie Ann via email at Melanie@e-tech.ca.