Using the multi-currency feature in QuickBooks does not always end up pretty. Because exchange rates are constantly changing, linked transactions are more than likely to have different rates.
A common example of this is seeing one rate on an invoice and a different rate when payment is received against the invoice. When you enable multicurrency, QuickBooks Online creates an account called Exchange Gain or Loss which maintains the difference on ever-changing exchange rates.
The multicurrency feature is used usually when you sell products and services to customers or buy products and services from vendors whose base currency is different from your home currency.
With the multi-currency feature, it is very important to remember that once the feature is enabled, it cannot be turned off and once the home currency is set, it cannot be changed. Enabling this feature causes a set of different issues that can prove detrimental when it comes to the migration of data from QuickBooks Desktop to Online and being unable to select multiple customers in invoices for Time and Expense windows – among others. Because of this, it is strongly recommended that a backup copy of the QuickBooks company file be made before turning on the multicurrency feature.
As an alternative to using the feature, experts recommend converting amounts to Microsoft Excel and then pasting your calculations into QuickBooks records.
QuickBooks has been helping individuals and SMBs keep track of their finances since the 1990s. They offer a series of bookkeeping and accounting tools which are designed to help keep track of financial health in real-time. This helps to simplify business management.
E-Tech, a leading data repair and conversion service- is a top-rated and trusted source for data conversions in North America. Having performed thousands of successful data repairs over the course of more than two decades, E-Tech’s Multi-Currency Removal Service pledges to remove the multi-currency feature from QuickBooks so you can carry on your tasks without a worry.
E-Tech’s QuickBooks Multi-Currency Removal Service will remove the multi-currency settings from your data file and convert the file to a single currency. It would be as if you never turned on multi-currency in the first place. This convenient service is a life saver if you wish to use QuickBooks products and services that only work with single currency QuickBooks data files.
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