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

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.

eBetterBooks: Quick Fixes

Error Causes	Error Solutions
Inactive Multi-currency Feature	You are recommended to turn your Multi-currency feature on in both QuickBooks Desktop and Online.
Unavailability of Vendors and Customers	You have to include Vendors and Customers in foreign currency.
Not able to update Exchange Rates or set Home Currency for your Company	To avoid Multi-currency issues in QuickBooks, you have to download exchange rates or enter exchange rates manually.
Currencies are required to be added or deleted	If you notice any currency that needs to be added or deleted, it is important to do it as soon as possible.
Inability to add foreign currency accounts in the Charts of Accounts	You’ll have to add foreign currency accounts in the Charts of Accounts to tackle multi-currency issues in QuickBooks.
The Bank Account is not linked to the foreign currency transactions	Linking a Bank Account for foreign currency transactions is also one of the best solutions to encounter QuickBooks multi-currency Problem in Desktop and Online.
Damaged Company File	Verify and Rebuild company file data tool helps to determine and repair corruption in the existing company file.

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.

FAQs:

How to turn off multi currency in quickBooks online?

Once the multicurrency feature is activated in QuickBooks Online, it cannot be turned off. This is because the system needs to maintain accurate currency conversion data for your records. If you no longer want to use it, you’ll need to manage your existing transactions or create a new company file without enabling multicurrency.

How to change Home currency in quickBooks desktop?

If you haven’t already enabled the Multicurrency feature, you can change your home currency by following these steps:

1. Click the Gear icon.
2. Select Accounts and Settings.
3. Go to the Advanced tab.
4. Find the Currency section.
5. Change your Home Currency.
6. Click Save, then Done.

Note: Once Multicurrency is enabled, you cannot change your home currency. You may need to create a new company and re-enter your data.

Can Adding a Foreign Currency Account Resolve QuickBooks Multi-Currency Problem in Desktop and Online?

Yes, of course, while trying to add a foreign currency account to your Charts of Accounts, you must ensure that the multi-currency feature is enabled in your advanced options.

Below are the steps to include a foreign currency account in QuickBooks:

1. In the beginning, head to the Settings and then choose the Chart of Accounts.
2. Now, click on the New button.
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. Finally, press Save and Close.

Is There Any Way to Deactivate the Multi-currency Feature in QuickBooks Online?

No, there’s no way to deactivate your multi-currency feature in QuickBooks Online, but you have the option to delete your currencies only if no translation is attached to it. For this, navigate to the Settings and choose Currencies. After this, hit the small arrow icon under the Action column and press the Delete button. At last, hit the Yes tab to confirm the deletion.

How to Resolve QuickBooks Multi-Currency Problem in Desktop and Online?

To manage your currency rates and foreign currencies, turning on Multi-currency in QuickBooks is the simplest way to keep such multi-currency issues aside. All you need to do is navigate to the Edit menu and choose Preferences. Select Multiple Currencies and hit the Company Preferences tab. After this, press Yes, I use more than one currency. Then, choose your home currency from the drop-down menu.