Kington, UK -- (SBWIRE) -- 12/24/2020 -- The multicurrency feature in QuickBooks is typically utilized by small businesses with customers, suppliers or bank accounts that use foreign currencies, or currencies that differ from their home currency.
There are some QuickBooks desktop features that will use U.S currency and does not affect activating multicurrency in QuickBooks, such as the Fixed Asset Manager and Statement Writer. Insights, Income Tracker, and Bill Tracker cannot be used; as well entering or deleting transactions or invoices in QuickBooks Enterprise cannot be done when the multicurrency feature is enabled.
The multicurrency feature allows for the download current exchange rates. And although static foreign prices can be set up using the per item price levels, the same cannot be done to create static foreign unit costs.
The Multicurrency feature can be used to properly track transactions, as well as exchange rate gains and losses. QuickBooks experts say that if you don't have foreign customers, suppliers or currencies in your bank accounts, you do not need to turn on the Multicurrency feature with the main reason being that once this feature is turned on, it cannot be turned off.
"Some key points to consider with the multicurrency feature are that once you turn it on, you cannot turn it off, and only one home currency, for example, USD or CAD can be used for the QuickBooks Online file," E-Tech's John Rocha said.
"If your file has global customers or vendors who want to be invoiced in their local currency, you would need to set up a customer and vendor for each currency. This in turn impacts reports."
E-Tech's Multicurrency feature removal service enables you to remove the multicurrency settings from your data file and convert the file to a single currency. This also simplifies the process of converting your data file to QuickBooks Mac or QuickBooks Online.
More service specifications for the 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
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E-Tech
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Melanie@e-tech.ca
www.quickbooksrecovery.co.uk