QuickBooks is known to provide the best of the features to the users such as that of multi-currency. For many businesses today, the economy is global. That means an accounting system needs to support multiple currencies, and QuickBooks 2009 meets that need with support for all global currencies. But users seem to report some QuickBooks Multi-Currency Problem.
The best way to fix the QuickBooks Multi-Currency Problem is to follow the complete blog else contact QuickBooks support team for help on (855)-526-5749.
Can QuickBooks handle multiple currencies?
Yes, QuickBooks has the feature to handle multi-currency which has been of a lot of benefit for the businesses dealing in clients from different parts of the world. The QuickBooks multi-currency feature has its own benefits like you don’t have to change the exchange rate each month, we don’t need to check historical rates or keep an eye on specific bank’s exchange rates.
How to enable multi-currency in QuickBooks?
The essential question that comes ahead is how to enable multi-currency in QuickBooks. To help you with the same here are the steps that are involved.
1. Firstly, move to QuickBooks Edit Option and click on Preferences.
2. Select the option of Multiple Currencies on the left side options
3. Click on the Company Preferences dialogue box and check Yes, I use more than one currency.
4. In the prompt, you need to click Yes.
5. Select your Home Currency from the drop-down menu.
What can be done to turn off multi-currency in QuickBooks?
When dealing with the multi-currency feature, one of the common QuickBooks Multi-Currency Problem is unable to turn off the above. Users have asked this question many times. But it is essential to know that the user cannot turn off the multi-currency feature once turned on as they accept the same when turning it on. The only way possible to deal with this QuickBooks Multi-Currency Problem is to contact QuickBooks support team.
How to Reconcile foreign currency bank accounts in QuickBooks?
1. Open QuickBooks and move to the QuickBooks company file.
2. From the top navigation bar, hit on the Companies tab.
3. This will open up a drop-down menu. From the list of options provided, click on the “Journal Entries” tab.
4. You will now see the currencies tab. Choose your home currency U.S. dollar from the predefined list.
5. Enter the date for which you want to pass an entry.
6. Now checkmark the box alongside the “Home currency adjustments” tab. The moment you checkmark the box, you will see a dialogue box appearing. Click ok to the tab and move on. This will now activate your home currency adjustments and you will be ready to reconcile.
7. QuickBooks doesn’t allow you to reconcile in foreign currency. The only currency you can adjust is your home currency.
To pass the journal entry:
First line: Choose the account that needs to be reconciled and enter the amount that shows an unbalanced figure. If the unbalanced figure is positive then enter the amount as debt. But if the differencing figure is negative then enter the same figure as Credit.
Second line: Now enter the exchange gain or loss account and enter the opposite balancing figure.
Your balances should now show a zero figure and your differing account should now be sorted. At this point save your entry and click close to exit the window.
We conclude our blog here to fix QuickBooks Multi-Currency Problem else you can call QuickBooks helpline on (855)-526-5749.
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