Kington, UK -- (SBWIRE) -- 04/20/2021 -- Enabling the multi-currency feature in QuickBooks allows to assign currencies to customers, suppliers, and accounts in the chart of accounts.
With the multi-currency feature, exchange rates can be manually entered for foreign currency transactions, QuickBooks uses the home currency for reports instead of separate reports for different currencies and includes exchange gains or losses based on rate changes.
This tool also calls for some product features to be inaccessible such as online payment of invoices. Further disadvantages are that only current exchange rates could be downloaded and 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 billsin 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. This service works with US, Canadian, UK, and Australian (Reckon) QuickBooks data files with a full money-back guarantee for this service.
More service specifications for E-Tech's QuickBooks Multiple Currency Removal Service can be seen at https://quickbooksrecovery.co.uk/quickbooks-data-conversions/multiple-currency-removal-service/.
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 their 20 years plus of experience with Intuit QuickBooks, they have assisted over 1000 satisfied customers with their requirements. E-Tech UK covers US, UK, Canadian, Australian versions which include Reckon Accounts, and New Zealand versions of QuickBooks through 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.
To learn more about the company, visit: https://quickbooksrecovery.co.uk/
Media Contact
Melanie Ann
E-Tech
61 Bridge St.
Kington HR5 3DJ
Melanie@e-tech.ca
www.quickbooksrecovery.co.uk