[Fixed]- QuickBooks Multi Currency Problem In Desktop and Online

The QuickBooks Multi-Currency Problem content addresses and resolves common issues encountered by users in both Desktop and Online versions, enabling businesses to manage foreign transactions accurately without manually calculating exchange rates. It emphasizes that activating the Multi-Currency feature is permanent and irreversible, requiring users to understand key limitations, such as the disabling of the Income Tracker in Desktop versions. The core of the issues often lies in inactive features, incorrectly set up customer or vendor profiles, unassigned currencies in the Chart of Accounts, or outdated exchange rates. Troubleshooting methods are presented case-by-case, detailing step-by-step instructions for activation, setting the home currency, adding new customer/vendor profiles for foreign currency, manually entering rates, and using the Verify and Rebuild Data utility to address company file damage. The guide also clarifies the specific QuickBooks Online plans that support the feature, ensuring users have the necessary subscription level for international financial management.

This content provides a direct reference guide for fixing QuickBooks Multi-Currency issues, highlighting critical facts and solutions:

• Activation is permanent: Once the Multi-Currency feature is turned on in both QuickBooks Desktop (QBD) and QuickBooks Online (QBO), it cannot be turned off.
• Customer/Vendor profiles: A user can only assign one currency per customer or vendor profile. New profiles must be created to transact with an existing party in a different currency.
• Troubleshooting Steps: Key solutions include:
  • QuickBooks Online (QBO): Enable Multi-Currency under Settings → Account and Settings → Advanced → Currency section.
  • QuickBooks Desktop (QBD): Enable Multi-Currency under the Edit menu → Preferences → Multiple Currencies → Company Preferences tab.
  • Data Integrity: Use the Verify and Rebuild Data utility (File → Utilities) in QBD to fix issues caused by a damaged company file.
• Exchange Rates: QBD users may need to manually update exchange rates, especially if their home currency is not the US Dollar, by navigating to the Lists menu → Currency List.
• Unsupported Features: Activating the multi-currency function in QBD will disable the Income Tracker and Bill Tracker.
• Subscription Requirement: QBO users must be subscribed to Essentials, Plus, or Advanced plans; the feature is not available in the Simple Start plan.
• Account Assignment: To transact in a foreign currency, the corresponding Bank Accounts, Accounts Receivable, and Accounts Payable accounts must be assigned the specific foreign currency in the Chart of Accounts.

Want to Record Foreign Transactions Without Worrying About Exchange Rates or Conversions?

QuickBooks Multicurrency enhances accounting and banking features by allowing users to use multiple currencies for foreign transactions that don’t use their home currency.

QuickBooks multicurrency exchange rates help you record foreign currency transactions without worrying about the exchange rate conversion. Multi-currency enables you to pay and receive payments in foreign currencies from customers, vendors, or bank accounts that don’t use your home currency. Once you have turned it on, you can add transactions in another currency, and QuickBooks will take care of all currency conversions.

With the help of QuickBooks, you can keep track of transactions in foreign currency.

This multi-currency feature lets you assign a specific currency type to the profiles and accounts, including: 

• Accounts payable
• Accounts receivable
• Bank accounts
• Customers
• Vendors
• Price levels
• Credit card accounts

However, QuickBooks Payments and QuickBooks Bills Pay are not compatible with or supported by multicurrency. If you turn on the multicurrency option in QuickBooks, you can enter transactions of different countries. And QuickBooks will change these transactions in your home currency for you.

But sometimes, the users encounter QuickBooks Multi-Currency Problem in Desktop and Online, ultimately hindering all their ongoing tasks. So, are you one of them? If yes, don’t panic; just stay tuned with this blog until you find the right solution.

What is Multicurrency in QuickBooks?

Multicurrency in QuickBooks Online is a feature that enables businesses to handle transactions, record expenses, and generate reports in multiple currencies. It automatically converts amounts based on current exchange rates, simplifying the management of international transactions with customers, suppliers, and operations across different currencies.

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Why Does the QuickBooks Multi-currency Problem in QuickBooks Desktop and Online Arise?

There are a couple of reasons for QB multi-currency problem in QuickBooks, a few of them are as follows:

• Inactive Multi-currency Feature: If the multi-currency feature is not activated on your system, you may have to deal with the QuickBooks multi-currency error.
• Unavailability of Vendors and Customers: When the Vendors and Customers are not added for making transactions in foreign currency, you are most likely to get into the same problem.
• Not able to update Exchange Rates or set Home Currency for your Company: The issue can also occur if you didn’t set Home Currency for your company or failed to update exchange rates. 
• Currencies are required to be Added or Deleted: If some currencies need to be added or deleted, causing the Multi-currency issue in QuickBooks.
• Inability to add foreign currency accounts in the Charts of Accounts: Finding issues while including foreign currency accounts under the Charts of Accounts is another reason for this error.
• Bank Account is not linked for the foreign currency transactions: If your Bank Account is not linked for foreign currency transactions, you may end up with the QB Multi-currency problem. 
• Damaged Company File: If the users are using a corrupted company file, it may create multi-currency issues in QuickBooks.

Finding issues while managing foreign currencies or exchange rates? No need to worry about it; our QB experts are here to make things easier. So, just give a call at 1-802-778-9005 to start the smooth functioning of your business.

Things to Remember Before Turning on the QuickBooks Multi-Currency Feature!

Once you turn on the multiple currency feature, you can’t turn it off. So, it is important to be familiar with all the terms and conditions before enabling this functionality.

Also, ensure that you have created the company file backup when you go through the pointers listed below:

• You are not allowed to select multiple customers in the invoices for the Time and Expenses window.
• The information won’t be exchanged with QuickBooks Desktop for Mac, or the user cannot copy the company file.
• After turning on this feature, you won’t be able to use the income tracker, insights and bill tracker. 
• In QuickBooks Accountant, you won’t be able to batch enter invoices or batch delete/void transactions.
• Online payments will stop working for multiple currencies in invoices.
• Multi-currency is not available for Simple Start users.
• QuickBooks Desktop add-ons such as Fixed Asset Manager and Statement Writer only use U.S. Currency and activating the multi-currency function won’t affect them.

Effective Troubleshooting Methods to Fix QuickBooks Multi-Currency Problem In Desktop and Online!

Unable to deal with exchange rates or foreign currencies due to QuickBooks Multi-Currency Problem In Desktop and Online? Alright, we are here to come up with solutions that will help you add transactions in another currency and handle all currency conversions.

Let’s see how:

Case 1: If the Multi-currency Feature Is Not Activated on Your System

In this case, you must turn on your Multi-currency feature in QuickBooks Desktop and Online.

Below are the steps you need to carry out:

Turn on Multi-Currency in QuickBooks Online

1. Firstly, navigate to Settings, then choose the Account and Settings option
2. Select the Advanced tab.
3. After this, click Edit under the Currency section.
4. From the Home Currency drop-down list, choose your currency.
5. Now, tick mark the Multi-currency checkbox and ensure you understand you can’t undo this option.
6. At last, press Save.

The Manage Currencies window will take you to the Currencies page, where you can manage all the currencies you use.

Turn on Multi-Currency in QuickBooks Desktop

1. Head to the Edit menu and then choose Preferences.
2. Now, select Multiple Currencies.
3. Hit the Company Preferences tab, then click on Yes, I use more than one currency.
4. From the drop-down, choose your home currency.

Case 2: If the Vendors and Customers Not Added for Making Transactions in Foreign Currency

You can only allot one currency per customer or vendor profile. Hence, you have to create new profiles to assign a new currency.

Here’s how to add Foreign-currency Customers and Vendors:

1. To begin, hover over the Customers/ Vendors menu and select the Customer Center/ Vendor Center.
2. Now, choose the New Customer job or New Vendor drop-down from the Customer/Vendor Center.
3. After this, you must assign a Customer/ Vendor Name and Currency.
4. Once done, hit the OK tab.

Case 3: If You Didn’t Set Home Currency for Your Company or Not Updated Exchange Rates Yet

QuickBooks Desktop downloads rates for active currencies. Also, you can only download rates if your home currency is the US dollar. Below are instructions on updating exchange rates or setting Home Currency for your company. 

 To Download Exchange Rates

1. Initially, head to the Lists menu and select Currency List.
2. Now, press the Activities button and click Download Latest Exchange Rates.

To Enter Exchange Rates Manually

1. Navigate to the Lists menu, then hit the Currency List.
2. Click twice on the currency.
3. Under the Edit Currency window, select Update the currency exchange rates for specific date/s.

Case 4: If the Currencies Are Required to Be Added or Deleted

Below are the steps you need to perform for adding or deleting the foreign currencies: 

Add currencies

1. Navigate to Settings and then choose Currencies.

Note: This option is only available once you enable the Multi-Currency feature.

2. Now, click on Add currency.
3. From the Add Currency drop-down menu, select the new currency.
4. Finally, select the Add option.

Delete Currencies

You can only delete a currency when no transactions are attached to it.

1. Move to Settings and then select Currencies.
2. Click on the small arrow icon under the Action column, then hit the Delete tab.
3. Press Yes to confirm the deletion.

Case 5: If the Foreign Currency Accounts Are Not Included in the Charts of Accounts

By default, existing accounts are available in your home currency in the Currency column under the Chart of Accounts.

To create the account using a foreign currency, adhere to the steps described below:

1. Head to the Settings and then choose the Chart of Accounts.
2. Now, click on New. 
3. Choose the appropriate Account Type and Detail Type under the Account Dialog section. 
4. After this, type a Name for the new account and an optional Description. 
5. Choose the currency from the Currency drop-down menu to assign to the account. 
6. Press Save and Close. 

Case 6: If the Bank Account Is Not Linked to the Foreign Currency Transactions

Linking a Bank Account that uses foreign currencies is the best way to add transactions in those currencies to QuickBooks Online.

Here’s how:

1. For this, navigate to Bookkeeping and Transactions, then choose Bank Transactions.
2. Now, open the transaction details and click Add from the For Review tab.
3. Under the currency fields, enter the foreign amount or the exchange rate your bank offers. 

The total amount is calculated by QuickBooks Online, and the transaction is shown under the Bank Description or Detail fields as your bank displayed it on your statement using the amount and currency.

Case 7: If the Company File You Are Using is Damaged 

Using the Verify and Rebuild Data Tool, you can determine and troubleshoot the issue in one go.

Below are the steps to do so:

Verify your Company File Data

1. To begin with, navigate to Window and then click on Close All.
2. Now, hover over File and select Utilities.
3. Choose the Verify Data tab. If you see:

• QuickBooks detected no problems with your data—your data is clean, and you are not required to do anything else.
• An error prompt—look for it on our QuickBooks Desktop customer site for how to deal with it.
• Your data has lost integrity—Data damage was found in the file. Rebuild your data to resolve it. 

Rebuild Your Company File Data

1. Navigate to File, Utilities, and then choose Rebuild Data.
2. You’re prompted to create a backup before it recovers your company file. Press OK. A backup is required when you rebuild.
3. Select where you’d like to save your backup, then hit the OK tab. Avoid replacing another backup file.
4. After this, type a new name in the File name and click Save.
5. Choose OK once you get the message Rebuild has completed.
6. Moving ahead, go to File, select Utilities, then click Verify Data again to check for additional damage.

7. If the verification finds more damage, you must fix it manually. Look for the error(s) in the qbwin.log on the QuickBooks Desktop Customer Helpdesk to fix it.
8. You need to restore a recent backup if the error can’t be noticed. For this, hover over the File and choose Open or Restore Company.

Always remember that you don’t replace your existing company file. You must enter the info into your company file again since the backup was created.

How to Pay Employees Using Different Currency?

To pay your employees with a different currency, you need to create a new supplier using your employee’s information.

Here’s how:

Step 1: Copy Your Employee’s Info

1. Navigate to the Employees menu and search for the Employee you wish to pay with a different currency.
2. Now, click twice on the employee’s name to open their profile.
3. To finish, note all their details and then click Cancel.

Step 2: Make a Supplier Using Your Employee’s Info

1. Hover over Get Paid & pay and then choose Suppliers.
2. Now, choose New Supplier and fill out the fields with the employee info you noted.
3. From I pay this supplier with a drop-down, select a currency.
4. Once done, add a currency to their display name and press the Save button.

Step 3: Pay your Employee

1. Click + New.
2. Choose Expense for the New Employee.
3. Select the supplier you created using your employee’s information from the Payee drop-down menu.
4. Under Category, click on the account you use to track your payroll expenses.
5. After this, make sure to enter an exchange rate and then fill out the other fields accordingly.
6. Hit the Save tab to save all the changes.

Ending-up!

Thus, you can now understand how to deal with the QuickBooks Multi-Currency Problem in Desktop and Online after performing the steps explained here.

However, if you still face any trouble in the meantime and fail to proceed, then share your concern at our customer helpdesk to make payments in your own currency.

How to fix multi-currency sync issues in QuickBooks Online?

Experiencing multi-currency synchronization issues in QuickBooks Online can disrupt your financial management. Here’s a concise guide to help you identify and resolve these problems:

1. Verify Multi-Currency Settings:

• Activation: Ensure the multi-currency feature is enabled in your QuickBooks Online account.
• Currency Assignment: Confirm that each account, customer, or vendor is assigned the correct currency.

2. Address Common Sync Errors:

• Exchange Rate Issues: If you encounter errors related to missing exchange rates during data synchronization, manually add the exchange rate column to your spreadsheet or template to ensure accurate data import.
   
• Duplicate Transactions: To prevent duplicate entries, review and delete any redundant transactions in QuickBooks before re-syncing.
   

3. Manage Foreign Currency Transactions:

• Proper Account Usage: When recording foreign currency transactions, use bank accounts that match the transaction’s currency. For transactions involving different currencies, consider creating a clearing account in your home currency to facilitate accurate tracking.
   

4. Seek Professional Assistance:

• If synchronization issues persist, it’s advisable to contact QuickBooks Online support or consult with a financial professional experienced in multi-currency accounting.

By following these steps, you can effectively troubleshoot and resolve multi-currency sync issues in QuickBooks Online, ensuring accurate and efficient financial management.

QuickBooks multi-currency not working after update

If you’re experiencing issues with QuickBooks’ multi-currency feature after a recent update, follow these steps to troubleshoot and resolve the problem:

1. Verify Multi-Currency Activation

Ensure that the multi-currency feature is enabled in your QuickBooks Online or Desktop version:

• QuickBooks Online:
  • Navigate to Settings > Account and Settings > Advanced.
  • In the Currency section, confirm that multi-currency is turned on.
• QuickBooks Desktop:
  • Go to the Edit menu > Preferences > Multiple Currencies.
  • Under the Company Preferences tab, verify that “Yes, I use more than one currency” is selected.

2. Clear Browser Cache and Cookies

For QuickBooks Online users, outdated cache and cookies can cause functionality issues:

• Clear your browser’s cache and cookies.
• Try accessing QuickBooks Online using a different browser or an incognito/private window.

3. Verify Subscription Plan

Multi-currency is available only in specific QuickBooks Online plans:

• Ensure you’re subscribed to Essentials, Plus, or a higher plan, as multi-currency isn’t supported in the Simple Start version.

4. Update Exchange Rates

If exchange rates aren’t updating correctly:

• Manually update the exchange rates in QuickBooks to reflect current values.

5. Check for Software Updates

Ensure your QuickBooks software is up-to-date:

• For QuickBooks Desktop, go to Help > Update QuickBooks Desktop and install any available updates.

6. Verify Company File Integrity

Corrupted company files can lead to multi-currency issues:

• Use the Verify and Rebuild Data utility in QuickBooks Desktop to identify and fix data problems.

7. Review Customer and Vendor Profiles

Ensure that customers and vendors are assigned the correct currencies:

• If a profile was set up with the wrong currency, make it inactive and create a new one with the correct currency.

How to Generate Reports in Multiple Currencies in QuickBooks?

Generating reports in multiple currencies within QuickBooks is essential for businesses engaged in international transactions. Here’s a concise guide to help you navigate this process:

1. Enabling Multicurrency in QuickBooks Online:

• Navigate to the Gear icon > Account and settings.
• Select Advanced, then locate the Currency section.
• Click Edit, choose your Home Currency, and enable Multicurrency.
• Confirm your selection by clicking Save.

Note: Once activated, the multicurrency feature cannot be turned off.

2. Adding Foreign Currencies:

• Click on the Gear icon > Currencies.
• Select Add currency, choose the desired currency from the dropdown, and click Add.

This addition allows you to manage transactions in the selected foreign currency.

3. Generating Multicurrency Reports:

• Go to the Reports menu and select the desired report (e.g., Balance Sheet Detail).
• Click the small Gear icon on the report page, then select Show more.
• Check the boxes for Currency and Foreign amount to display amounts in both home and foreign currencies.
• Click Run Report to view the updated report.

How to Enable Multi-Currency in QuickBooks Desktop and Online?

Enabling the multi-currency feature in QuickBooks allows you to manage transactions in various currencies, which is essential for businesses dealing internationally. Here’s how to activate this feature in both QuickBooks Desktop and QuickBooks Online:

QuickBooks Online:

1. Access Account and Settings:
   • Click on the Settings (gear) icon in the upper right corner.
   • Select Account and settings.
2. Enable Multicurrency:
   • Navigate to the Advanced tab.
   • In the Currency section, click Edit.
   • Choose your Home Currency from the dropdown menu.
   • Check the Multicurrency box and confirm that you understand this feature cannot be turned off once activated.
   • Click Save and then Done.

After enabling multicurrency, you can add and manage different currencies by going to Settings > Currencies. This allows you to assign specific currencies to customers, vendors, or accounts as needed.

QuickBooks Desktop:

1. Open Preferences:
   • Go to the Edit menu.
   • Select Preferences.
2. Activate Multiple Currencies:
   • In the left pane, choose Multiple Currencies.
   • Click on the Company Preferences tab.
   • Select the option Yes, I use more than one currency.
   • From the dropdown menu, select your Home Currency.
   • Click OK to save your changes.

Once activated, you can assign specific currencies to your customers, vendors, and accounts, facilitating accurate tracking of foreign transactions.

FAQs!