Brandon, MB––September 21, 2019: The Multiple Currency feature was introduced to QuickBooks US Editions in 2009 and International Editions in 2010. Using the multi-currency feature in QuickBooks does not always end up pretty. Because exchange rates are constantly changing, linked transactions are more than likely to have different rates.
A common example of this is seeing one rate on an invoice and a different rate when payment is received against the invoice. When you enable multicurrency, QuickBooks Online creates an account called Exchange Gain or Loss which maintains the difference on ever-changing exchange rates.
With the multi-currency feature, it is very important to remember that once the feature is enabled, it cannot be turned off and once the home currency is set, it cannot be changed. Enabling this feature causes a hoard of other issues that can prove quite damning such as hindering the migration of data from QuickBooks Desktop to Online and being unable to select multiple customers in invoices for Time and Expense windows – among other. Because of this, it is strongly recommended that a backup copy of the QuickBooks company file be made before turning on the multicurrency feature.
As an alternative to using the feature, experts recommend converting amounts to Microsoft Excel and then pasting your calculations into QuickBooks records.
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