Kington, UK -- (SBWire) -- 05/18/2021 --The multi-currency feature is useful when more than one currency is being used.
QuickBooks Online uses the home currency for all records, including sales, purchases, and the chart of accounts. Enabling Multicurrency, however, does make changes on the system irreversible. Also, once multi-currency is enabled, it cannot be disabled. Multicurrency also disables the option to change the home currency.
Multi-currency can be enabled by clicking on the "Extra" link to "Currencies" available in the Settings menu and then by clicking the gear icon. Enabling multiple currencies provides the ability to send and receive funds in different currencies while avoiding an exchange between them. By accepting the foreign currencies, the risk of losing out on the exchange rate spread with each transaction to and from an account is reduced.
The Multi-Currency feature in QuickBooks enables you to assign a specific currency to lists and accounts.
On the flipside of the coin, if a file has global customers that need to be invoiced in their local currency, a customer would have to be set up for each currency. With multi-currency, only current exchange rates can be downloaded and historical rates would have to be downloaded manually. 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. Online payment of invoices cannot be used with multiple currencies and automatic memorized transactions cannot be set up in foreign currency.
If the Multi-currency feature was set and now needs to be removed, this exclusive service offered by E-Tech will remove the multi-currency feature from QuickBooks, so as to also allow for the easy conversion of a file to QuickBooks Mac or QuickBooks Online. E-Tech will even convert a QuickBooks file with the multi-currency feature turned on to QuickBooks Online or QuickBooks Mac, and works with US, Canadian, UK, and Australian (Reckon) QuickBooks data files.
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.
To learn more about the company, visit: https://quickbooksrecovery.co.uk/
Media Contact
Melanie Ann
E-Tech
61 Bridge St.
Kington HR5 3DJ
Melanie@e-tech.ca
www.quickbooksrecovery.co.uk
Reversing the Irreversible: Find out How the QuickBooks Multiple Currency Feature Can Be Inversed with No Snags