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Theboxofcheese
September 3, 2021
Solved

switch on multicurrency

  • September 3, 2021
  • 1 reply
  • 0 views

Hi,

I have just signed up with QB Self employed (UK) and my first payment won't be sent.  I have had the warning message - "1 Transaction was not sent to QuickBooks Online because it is using a currency that is not supported by your QuickBooks Online."

I have followed the instructions but keep going round in circles.

Can someone help please?

Thanks,

Andy

Best answer by Fiat Lux - ASIA

@Theboxofcheese 

If you open a QBSE account and can only find USD as the home currency, you are using the US version of QBSE. You must purchase QBSE UK version to use GBP as the home currency cancel your QBSE US account.

https://quickbooks.grsm.io/UK-SE

 

Hope it clarifies.

1 reply

Fiat Lux - ASIA
Fiat Lux - ASIA
Level 14
September 3, 2021

QBSE UK version only supports the single currency (i.e GBP). Consider having a Wise business account to deal with multi currency transactions as a workaround.

https://wise.prf.hn/l/64dl92k

 

Otherwise, you should switching to QBO Essential or Plus to enable the multi currency features.

https://quickbooks.grsm.io/UK

 

R
RCVQuickBooks Team
QuickBooks Team
September 3, 2021

Thanks for checking in with us, Theboxofcheese. 

 

The option to turn on Multicurrency in QuickBooks Self-Employed (QBSE) is unavailable. This is the reason why encounter the error message when sending the payment. As a workaround, you'll have to manually convert those amounts from your home currency to GBP. See the Categorize and edit transactions in QuickBooks Self-Employed article on how to review your transactions in QBSE. 

 

You may consider using QuickBooks Online to be able to use the multi-currency feature. This will track your foreign currency transactions including any exchange gains or losses. To know more about this, you can refer to the About Multicurrency article. Once you already downloaded all the data you need, you can proceed with signing up for QuickBooks Online. I recommend canceling QBSE after transferring your data over.

 

For more information, as well as how to start moving your transactions to QBO, I recommend the following article: Switch from QuickBooks Self-Employed to QuickBooks Online.

 

Drop me a comment below if you have any other questions about the migration process. I'll be happy to help you some more. You have a good one. 

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