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QuickBooks multicurrency feature tracks and manages multiple currencies

Intuit’s top accounting software program QuickBooks is a boon for various accounting and financial management projects. When it comes to taking your U.S. business to the global level, it helps you handle the most intimidating issues of multiple currencies with a unique feature called multicurrency feature. With it, one can easily handle international business and smartly deal with financial transactions in more than one currency. It helps you not only control your business in the U.S. through USD but also in other countries with their respective currencies. When you enable the QuickBooks multicurrency feature, you can handily control the following tasks:

  • Allot a currency to business customers, affiliated banks, frequent vendors, and credit cards.
  • Revalue a currency.
  • Track and direct currency exchange rate fluctuations with the help of regular downloads of exchange rates from WOSD (Wall Street on Demand).
  • Pay and receive payments in a vendor’s or customer’s currency.
  • Enter exchange rates manually and revalue them, when needed.

When it comes to getting benefited from the feature without uninterruptedly, QB users can go in for the QuickBooks technical support from QuickBooks support center, QuickBooks communities, independent tech support providing companies, and QuickBooks forums. QB multicurrency feature has the ability to offer you a specific currency type to various profiles and accounts, including customers and vendors; price levels; bank accounts and credit card accounts, and accounts receivables and payables.

Quickbooks-multicurrency

Multicurrency feature advantages when it is turned on

QB users can get going with the multicurrency feature with the following steps:

  • Select Preferences from QuickBooks Edit menu.
  • Then, click Multiple Currencies in the Left Preferences list.
  • Then, click the Company Preferences tab to show the preference options.

When multicurrency feature is turned on, it lets your existing currency become your home currency as it represents the country where your existing business is physically located. It also lets you add new currencies to the list and handles updates of all exchange rates. Moreover, it enables you to add new customers or vendors with their relevant currencies.

Some QB users have complained of zeroing out the Opening Balance Equity after they set up bank account. Issue of adjusting foreign account balance to home currency is another big issue that matters the most. Creating an account payable (DOP) currency and importing QB’s multicurrency desktop version of Enterprise to Online are also teething. Sometimes, this feature treats all currencies as USD when the currency option is not shown.

QB users having multicurrency feature turned on can face currency handling issues unexpectedly. But the availability of QuickBooks technical support lets all aggrieved QB users take a sigh of relief.

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