Brandon, MB -- (SBWIRE) -- 03/23/2021 -- The Multicurrency feature is used by small businesses with customers, suppliers, suppliers or bank accounts that use foreign currencies, or currencies that differ from their home currency.
When turning on the Multi-currency, it is important to note that the Fixed Asset Manager and Statement Writer only work with U.S. currency. Also, the user would not be able to use income tracker, insights and bill tracker, while in QuickBooks Enterprise and Accountant. It also becomes hard to choose multiple customers in the Invoices and online payment of invoices will not work with multiple currencies.
Once the Multicurrency feature is turned on, it cannot be turned off.
With QuickBooks UK, Experts say that if customers are being invoiced in a foreign currency and the business is registered for UK VAT, it would be necessary to show the pounds sterling equivalent of the total amount of VAT of what is being sold and the amount of VAT being charged, if any. This is because the HMRC will be paid the VAT in pounds sterling, and shows the sterling value in the different accounts.
When anything is bought or sold in a foreign currency, it is recorded in sterling, using the exchange rate that is prevailing at the date of the purchase or sale.
If there is a balance in a foreign currency on the balance sheet, it must be converted to pounds sterling at the exchange rate in place on the balance sheet date. If items are being sold in a foreign country while working with multiple currencies, the correct amount of tax on the money owed must be shown.
E-Tech's Multicurrency feature removal service assists with removing multicurrency settings from the data file and converting the file to a single currency. This process also helps when converting adata file to QuickBooks Mac or QuickBooks Online.
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.
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