The multiple conundrums with the QuickBooks Multiple Currency feature
Brandon, MB, 23 Oct 2021, ZEXPRWIRE, The multicurrency feature in QuickBooks allows users to receive sales orders and create purchase orders in whatever currency their customers or vendors use while also allowing them to convers documents into the home currency for accurate bookkeeping purposes.
Quite a few paralyzing dynamics with enabling the multicurrency feature has impeded interest in the feature however. Some of these include the fact that once enabled, the feature cannot be turned off, as well prevents importing and exporting to other QuickBooks versions, like from Desktop to Online. Another aspect is once the home currency, it cannot be changed. Rates are updated every four hours from real-time exchange rates
Users have also noticed strange balances appearing on bank accounts on the balance sheet due to how QuickBooks Online handles exchange rates. These balances are also known to affect Profit and Loss reports.
“It has been noted that that foreign currency bank accounts may hold a balance in the home currency value even though the actual bank balance is zero. Some have also seen a balance in the Exchange Gain or Loss account, leading to a negative net income because of the higher currency exchange rate,” E-Tech’s John Rocha said.
This can typically be resolved by creating a home currency adjustment on the bank account. “When a home currency adjustment is created, QuickBooks Online creates a currency re-evaluation journal entry with the date and rate used. These $0.00 journal entries can be used to track any and all adjustments made,” Rocha said.
On the downside, details like exchange rate, dates, or amounts for currency adjustments cannot be edited, as well the journal entry may have to be deleted if a mistake was made.
If the QuickBooks Multi-currency feature was turned on and now needs to be disabled, E-Tech will work to remove the feature from QuickBooks so the data file. This also helps when the file needs to be converted to QuickBooks Mac or QuickBooks Online.
E-Tech will work towards converting the QuickBooks file with the multi-currency feature turned on to QuickBooks Online or QuickBooks Mac and works with US, Canadian, UK, and Australian (Reckon) QuickBooks data files.
Visit https://e-tech.ca/Quickbooks-Multiple-Currency-Turn-Off.aspx for more information.
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 [email protected].
To learn more about the company, visit: www.e-tech.ca
Media Contact
Contact person: Melanie Ann
Company Name: E-Tech
Address: 136 11 th St, Brandon, MB R7A 4J4
Email: [email protected]
Website: www.e-tech.ca
