QuickBooks Multi Currency Problem in Desktop & Online

Do you wish to record foreign transactions without thinking of conversions or exchange rates? With the QuickBooks multi currency feature, […]

Do you wish to record foreign transactions without thinking of conversions or exchange rates? With the QuickBooks multi currency feature, you get several banking and accounting opportunities to make seamless payments in your particular currency from abroad without any hassle.

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Multi-currency allows you to pay and get payments in foreign currencies from vendors, customers, and bank accounts that do not accept your particular home currency. After it is turned on, it is possible to include transactions in different currencies, and QuickBooks will deal with all other currency conversions.

With the assistance of QuickBooks, you can monitor transactions in foreign currency. This particular multi-currency characteristic allows you to allocate a particular currency type to the given accounts and profile, comprising:

However, the users come across QuickBooks Multi-Currency issues in Online and Desktop, eventually hampering all business tasks. Have you experienced any such thing? In case you have experienced them, do not worry. Keep reading this article till you get the right solution.

Causes for Multi-Currency Problems in QuickBooks Desktop and Online

There are certain reasons for QuickBooks multi-currency issue in QuickBooks, some of which are stated below:

  • Absence of Customers and Vendors: When customers and vendors are not included in conducting transactions in foreign currency, It is quite likely that you will witness the same issue.
  • Currencies are need to be Deleted or Added: If a few of the currencies are required to be included or deleted, it can lead to a multi-currency problem in QuickBooks.
  • Bank Account is not connected for Foreign Currency Transactions: In case your bank account is not connected for foreign currency transactions, it is quite likely to experience QuickBooks multi-currency issues.
  • Dormant Multi-currency Feature: In case the multi-currency feature is inactive in your system, you will witness the QuickBooks multi-currency error.
  • Unable to set Home Currency for Your Organizations or Update Exchange Rates: The issue can also arise in case you did not set Home Currency for your business or could not update exchange rates.
  • Fail to include Foreign Currency Accounts in the Chart of Accounts: Locating problems when including foreign currency accounts in the Chart of Accounts is another cause for this issue.
  • Corrupted Company File: In case the users are accessing a corrupted company file, it may give rise to multi-currency problems in QuickBooks.

Some Prerequisites Before Switching to the Multi-Currency Feature in QuickBooks

Once you switch on the multi-currency feature, it is not possible to turn it off. Hence, it is crucial to be aware of the applicable terms and conditions prior to enabling this particular functionality. Not to mention, you also need to make sure that you have made the company file backup when you take a look at the pointers stated below:

  • The information will not be exchanged with QuickBooks Desktop for Mac or the user will not be able to copy the particular company file
  • In QuickBooks Accountant, you will not be able to add batches or invoices void/delete transactions
  • Multi-currency is not present for Simple Start users
  • You are restricted to choosing several customers in the invoices for the Time and Expenses screen
  • Once you turn on this feature, it will not be possible to utilize the insights, income tracker, and bill tracker
  • Online payment will not work for several currencies in invoices
  • QuickBooks Desktop add-ons like QuickBooks Statement Writer or Fixed Asset Manager only utilize U.S Currency and multi-currency function activation will not impact them.

Solution for QuickBooks Multi Currency Problem in QuickBooks Online & Desktop

Here are the steps and solutions that will assist you in including transactions in a different currency and managing all currency conversions:

Condition 1: If the Multi-currency Feature is not Yet Started on the Computer

In such a scenario, it is important that you switch on your multi-currency feature in QuickBooks Online and QuickBooks Desktop.

Here are the steps stated below that you must execute:

How to Turn on Multi-currency in QuickBooks Online

  • First, you need to go to Settings. Now select the option for Account and Settings.
  • Now choose the Advanced tab.
  • Post this, you need to press the Edit option in the Currency section.
  • From the drop-down list for Home Currency, select your currency.
  • Now add a tick mark on the checkbox for multi-currency and make sure you comprehend that it is not possible to undo this particular option.
  • Finally, Click Save.

The screen for Manage Currencies will navigate you to the currencies page, where you can handle all the particular currencies you can utilize.

How to Turn on Multi-currency in QuickBooks Desktop

  • Navigate to the Edit menu and then select Preferences.
  • Now choose Multiple Currencies.
  • Click the tab for Company Preferences, and then press the Yes option for, I use more than one currency.
  • From the drop-down available, Select your home currency.

Condition 2: If the Customers and Vendors are not included in Creating Transactions in Foreign Currency

Note: It is possible to add foreign currency or assign one currency, accompany to the vendor profiler customer profile. Thus, you need to prepare new profiles to allocate a new currency.

Here are the steps to include Foreign-currency vendors and customers:

  • To start with, Check the Customers/Vendors menu and choose the Vendor or Customer center.
  • Now select the New Customer job or New Vendor drop-down from the particular Vendor/Customer center.
  • Post this, you must allocate a Vendor/Customer currency and name.
  • Once completed, Press OK.

Condition 3: If Your Company’s Home Currency is not Configured or if the Exchange Rates have not been Updated yet

Note: QuickBooks Desktop downloads the rates for active currencies. Not to mention, it is possible to download rates for the currencies that are active.

Here are the instructions on setting Home Currency or updating the exchange rate for your company.

To Download Exchange Rates:

  • First, Navigate to the Lists menu and choose the Currency List.
  • Now you need to click the Activities button. Now press the Download Latest Exchange Rates.

To Add Exchange Rates Manually:

  • Go to the Lists menu. Now click the Currency List.
  • Press twice on the tab for Currency.
  • Click the Edit Currency screen, and choose the Update the currency exchange rates option for particular dates.

Condition 4: If You need to include or Delete Foreign Currencies

Here are the steps you must conduct to add or delete the foreign currencies:

Include Currencies

  • Go to Settings and then select Currencies. It is important to note that this particular option is present once the multi-currency feature is enabled.
  • Now press on Add Currency.
  • From the drop-down of Add Currency, choose the new currency.
  • Lastly, Choose the Add option.

Remove Currencies

It is possible to delete a currency only when no particular transaction is connected to it.

  • Navigate to Settings and then choose Currencies.
  • Press on the icon for the small arrow, present in the Action column. Now click the Delete tab.
  • Now click Yes in order to confirm what you deleted.

Condition 5: In case the Foreign Currency Accounts are not Added to the Chart of Accounts

By default, All the existing accounts are present in your home currency in the particular Currency column present in the Chart of Accounts. To prepare the account with the help of a foreign currency, follow the steps mentioned below:

  • Navigate to the Settings option and then select the option Chart of Accounts.
  • Next, Press on the option, New.
  • Select the right Account Type plus the Detail Type in the section for Account Dialog.
  • Post this, enter a Name for the particular new account along with an optional Description.
  • Select the currency from the drop-down menu for Currency to allocate to the account.
  • Click Save and Close.

Condition 6: If the Bank Account Cannot use Foreign Currency Transactions

Connecting a Bank Account that uses foreign currencies is the ideal way to include transactions in those particular currencies to QuickBooks Online. Here are specific steps to do it:

  • You need to go to the option for Bookkeeping and Transactions. Now select Bank Transactions.
  • Next, open the particular transaction details and press the option Add from the tab for Review.
  • In the currency fields, Add the exchange rate or foreign amount that your bank offers.

The total amount is determined by QuickBooks Online and the transaction is displayed under the Detail or Bank Description field as shown in your particular statement with the help of the currency and amount.

Condition 7: In Case the Company File you are Accessing is Damaged

With the help of the Rebuild and Verify Data tool, it is possible to determine and troubleshoot the problem seamlessly. Here are the steps to do it:

Authenticate Your Company File Data

  • To start with, Go to Windows and then press on the option, Close All.
  • Now, Go over File and choose Utilities
  • Select the tab for Verify Data. If you witness:
    • An Error Prompt: Search for it on your particular QuickBooks Desktop customer site for a way to handle it
    • QuickBooks Noticed no Issues with Your Data: Your data is not corrupted and you need not do anything more
    • Your Data Integrity is Lost: Data damage was noticed in the file, You need to rebuild your particular data to fix it

Reconstruct Your Company File Data

  • Go to File. Then navigate to Utilities and select Rebuild Data
  • You are notified to take a backup prior to recovering your particular company file. Click OK. A backup is needed when you are attempting to rebuild.
  • Choose the place where you want to save your backup. Now click the OK tab. Make sure not to substitute a different backup file
  • Next, In the File name, you need to enter a new name. Now press Save
  • Select OK after you get the message, Rebuild has finished
  • Go ahead and move to File. Now choose Utilities. Now choose Verify Data once more to look for extra damage
  • In case the authentication locates more damage, it is important that you repair it manually. Search for the error(s) in the particular qbwin.log on the available Dancing Numbers Chat to repair it.
  • Now you must restore the latest backup in case the error is not visible or seen. For this, go over the File option and select the Open or Restore Company option.

Note: Make sure that your existing company file is not replaced. You must include the details into your particular company file once more since the backup was made.

We hope that after reading this article, you can now comprehend how to handle QuickBooks Multi-Currency Problem in Online and Desktop.

However, If you still experience any issues, call us.

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Frequently Asked Questions

Will including a Foreign Currency Account fix QuickBooks Multi-Currency issue in Online and Desktop?

Yes. It will. When attempting to include a foreign currency account to your particular Chart of Accounts, you need to make sure that the particular multi-currency feature is active in your Advanced options.

Can the Multi-currency Feature in QuickBooks Online be Deactivated?

No. You cannot deactivate the multi-currency feature in QuickBooks Online. However, you delete your currencies only in case there is no translation connected to it.

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