QuickBooks Multiple Currency Removal
QuickBooks Online uses the company’s home currency for all records, including sales, purchases, and the chart of accounts. If your company uses more than one currency, it may be convenient to reflect this in your account settings by enabling the multicurrency feature.
Multi-currency adds extra features and form fields related to converting amounts to sterling based on customisable conversion rates. Currency options become available for expenses, invoices, customers, suppliers, accounts, and more.
What does Multi-currency do?
The changes on your account that happen when you enable multi-currency are irreversible:
- You can’t disable multi-currency once you enable it
- It disables the option to change your home currency
When you turn multi-currency on, you get an extra link to “Currencies” available in the Settings menu which you can access by clicking the gear icon. It allows you to view active currencies, view or change exchange rates, as well as add more currencies. You can also access this option by going to: Gear menu >> Account and Settings >> Advanced >> Currency.
When you add suppliers, QBO will allow you to set their default currency including an exchange rate for each bill or expense related to this supplier, so that you have it under control.
How to enable multi-currency in QBO
To enable multi-currency in QuickBooks Online go to:
- Gear menu in the top right corner
- Select Account and Settings
- Select Advanced from the left-hand side menu
- Scroll down to the “Currency” section
- Click the “Edit” icon to make changes
In the section that opens you can tick the box and click Save. QBO will ask you to confirm that you understand what multi-currency alters in your account.
Can you cancel multicurrency in QuickBooks Online?
You cannot turn Multi-Currency off.
The major downside of using multi-currency is that you’ll get extra options for foreign currencies which only clutter the interface unless you need them.
The Multi-Currency feature in QuickBooks enables you to assign a specific currency to lists and accounts:
- Price levels
- Bank accounts
- Credit card accounts
- Accounts Receivable
- Accounts Payable
Did you start using the QuickBooks Multi-currency feature but now need it removed? Do you need to convert your QB file to QuickBooks Online or QuickBooks Mac? Do you want to transfer your file with multicurrency to QuickBooks online?
E-Tech offers a service to remove the multi-currency feature from QuickBooks so your data file can be converted to QuickBooks Mac or QuickBooks Online. We can even convert your QuickBooks file with the multi-currency feature turned on to QuickBooks Online or QuickBooks Mac. This service works with US, Canadian, UK, and Australian (Reckon) QuickBooks data files. We offer a full money-back guarantee for this service.