Brandon, MB -- (SBWIRE) -- 07/22/2021 -- The multi-currency feature in QuickBooks comes with its own set of strengths. On the downside, certain services and applications do not support QuickBooks data files if multi-currency was turned on.
An example of this is a multi-currency file cannot be converted to Xero, QuickBooks for Mac or QuickBooks Online. Multi-currency also only allows for current exchange rates to be downloaded, prohibiting the creation of static foreign unit costs, with difficulties found around processing online invoice payments.
"Once the home currency is set, it cannot be changed and rates are updated every four hours from real-time exchange rates," E-Tech's John Rocha said. Another common issue that he stressed on is that users may notice strange balances for bank accounts on the balance sheet due to how QuickBooks Online handles exchange rates. These balances could also affect Profit and Loss reports.
"This is because the foreign currency bank accounts may show a balance in the home currency value even though the actual bank balance is zero," Rocha stated.
When faced with the dilemma of multiple currencies in QuickBooks, E-Tech's Multiple Currency Removal service removes the multiple currencies from QuickBooks and reverts the file to a single currency. This service works with US, UK, and Canadian data files.
For more information, visit: https://quickbooksrecovery.co.uk/quickbooks-data-conversions/multiple-currency-removal-service/
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/
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