How To Resolve QuickBooks Multi Currency Problem?
QuickBooks Online essential and QuickBooks Online Plus have come up with a significant Multi-currency feature. This advanced feature will help users to keep track of historical exchange rates without much hassle. Besides, if you talk about foreign currency transactions, it wouldn’t be wrong to say that they are comparatively more reliable than other accounting software. But, just like other errors that come uninvited, QuickBooks Multi Currency problem can appear anytime. Well, you don’t need to worry about it as you can fix it by following the resolution methods discussed in this blog. So, to get rid of the problem with multi currency, stay along!
Wondering How to Import Multi Currency Transactions into QuickBooks? Get in touch with our technical experts by dialling our Toll-Free Number (800)-563-6160. Professionals will assist in resolving the error in no time.
What Must You Know Before Using New Multi Currency Features In QuickBooks?
- You won’t be able to reverse the QuickBooks multi currency turn on the option.
- In case you do not want to return to a single currency option, then you must make a Backup file before you begin to use multi currency in QuickBooks feature.
- Once you have turned on the multiple currency preferences, you have to select the other currencies to track.
- If you want to make a new foreign transaction, then you can only use the foreign accounts and names that you added.
- We do not suggest you use the foreign version for the existing customer to receive payments if you have an invoice for the customer appointed for home currency.
- You wouldn’t be allowed to appoint currency transactions to sales and purchase.
- The amounts of sales and purchase transactions are already listed in the customers and vendors currency and the value of home currency equivalent to the listed transactions totals.
Now, that you know what factors you must consider before resolving the QuickBooks multi currency problem, let’s move ahead and discuss the troubleshooting methods.
How To Record Payments With QuickBooks Multi Currency Application Error In QuickBooks?
Journal Entry Error Message is displayed as: Something’s not quite right: You can only use home currency balance sheet accounts with home currency A/R and A/P accounts. Due to the mixing up of the currencies, QuickBooks Online blocks journal entries, which might later result in incorrect opening balances or false exchange gains or losses. If you want to record payments with QuickBooks Multi Currency problem, follow the options mentioned below:
Option 1: Sync the Currencies
Before you begin, you must be sure that the transition currency, A/R or A/P currencies, and customer or vendor currencies are all the same. If not, you can manually convert one currency to another.
Option 2: Recreate the Transactions using the Second Currency
- To follow this, you need to create a duplicate of the customer or vendor and assign the second currency to it from the original journal entry. Also, it would be best if you use a different Display Name for the Duplicate.
- Void any open transaction for the original customer or vendors that are present in the first currency, but it must be in the second one.
- You can recreate these transactions with the duplicate customer or vendor.
How To Verify & Rebuild Company Data In QuickBooks Desktop?
Have you encountered the QuickBooks desktop multi currency problem? Don’t fret! Follow the below steps to fix your issue:
- Firstly, click on Window and select Close All.
- Then, to Verify the Data of your company file, choose File.
- Open Utilities and select Verify Data. Afterwards, you need to take the necessary action depending on the message that appears:
- “QuickBooks detected no problems with your data,” you do not need to perform any further action.
- The message “Your Data has lost integrity” indicates that the company file is damaged and you need to continue with steps to Rebuild the Company File Data.
Follow The Steps Mentioned Below To Rebuild Data And Enable Multi Currency In QuickBooks Issue:
- In the first place, you need to click on File.
- Then, click on Rebuild Data from Utilities.
- Afterwards, a message appears on your screen asking for the company file, click OK and choose your backup location.
Either Of The Messages Can Pop Up On The Screen:
- If you come across the option that asks to replace the file, select NO and Save it with a new File Name.
- If due to any reason the backup fails, click on Cancel and contact QuickBooks Payroll Support team.
- On the other hand, if your backup finishes, the Rebuild Data will start soon.
- Click OK when “Rebuild has completed” message displays on your screen.
CLEAN INSTALL THE QUICKBOOKS DESKTOP APPLICATION
Before you start using the Clean Install tool to resolve QuickBooks multi currency problem, you must gather certain information and back up of your accountant data.
- To begin, you must install the new file of your QuickBooks version that ensures that you have the updated one.
- We suggest you keep the License number handy. It is mentioned on the original packaging or in the purchase confirmation email for QuickBooks Online version.
- After that, you need to note down the product year and version.
- The user needs to keep a backup their company file to avoid data damage or corruption.
- Now, navigate to the Start menu and open Control Panel. Followed by that choose Programs and Features.
- In later versions of Windows, select Uninstall a Program.
- Moving ahead, you have to select the version of QuickBooks Desktop with which you’re having problems with from the list of installed programs.
- Lastly, choose Uninstall/Change and follow the instructions displayed on your screen. If you don’t see this option, sign out and sign back into Windows as an admin (or a user with admin rights).
QuickBooks Tools Hub does not work with QuickBooks 2020 version.
Run QB Clean Install Tool
- In the first place, you need to move to Installation Issues in the QuickBooks Tool Hub.
- Then, select Clean Install Tool and click OK.
- To proceed further, you have to select your QuickBooks version and product version. Then click on Continue.
- An error message will flash on your screen that reads “Please install your copy of QuickBooks to the default location.”
- In the end, you must Reinstall QuickBooks once Clean Install Tool finishes its job.
How Does Creating Home Currency Adjustment In The Bank Account Resolve QuickBooks Multi Currency Problem?
- At first, you need to open QuickBooks Online and then, click on the Gear icon.
- Then, from the displayed options, select Currencies.
- Now, you have to find the currency of the bank account that you want to revalue.
- From the drop-down menu, select Revalue Currency.
- After that, you must ensure that you have selected the bank account that you want to revalue and then, click Save.
- At last, run the balance sheet report to see that home currency adjustment fixed the QuickBooks online Multi currency problem.