changing home currency

Hi there gedgar360,

Making sure your transactions are entered properly is an important step to your bookkeeping. I can give you some insight.

Your home currency can't be switched after transactions are entered into the account. If you'd like this to be a feature that could possibly be added to future updates to QuickBooks Desktop, you can leave feedback by clicking the Help button, and select Send Feedback Online. Comments left in this section are taken into consideration when designing new features for QuickBooks Desktop.

If you have any more questions, feel free to reach out here.

The home currency couldn't be changed BEFORE we started entering transactions.

That is why the frustration, and hopes someone knows someone who can crack the code and fix this bug.

Appears I am also unable to change the "opening balance" of a bank account.  One that was not entered as a journal entry, but put in on the setup.  "Editing" the bank account, does not give me access to changing the opening balace button (shaded out).  Another bug.

Can Quickbooks do this for us?

@gedgar360 

Just to clarify your issue. You are using QBD CA version and your Windows OS is using AUD as the default currency. When you open a new company file, it was using AUD as the home currency. If your business is located in the US now, why don't you consider using QBD US version instead? Then you set the USD as the default currency on your Windows setting. You don't need to enable the multi currency feature.

Hi Gedgar

This is not a bug.  I have worked in multiple other pieces of accounting software and simply lifting and shifting a base/ledger currency is not an option available in any of them due to the complex nature of currencies.

1. When changing the base currency of the ledger, is it a mistake in the setup; e.g. should the current values be shifted 1:1 or using a rate; if using a rate, what is the source of that rate

2. When changing any foreign currency entries on the ledger, should it assume the original exchange rate, or a new one based on #1 above.

If you have several years of transactions to process this would be a very processing intensive operation.

Recommend you follow the provided advise and start again.

Thanks for sharing your insight LeithG. Using multicurrency in your QuickBooks Program adds some specific programing, due to the nature of multicurrency and exchange. In regards to editing your opening balance I can provide you with direction for making this change.

When trying to edit an opening balance just follow these steps:

1. Double click on Chart of Accounts.
2. Double click on the Account you wish to adjust the opening balance in. This will open the account register.
3. Find the opening balance transaction. You can make the change directly in the register or you can double click the entry for editing.
4. Click Record.

If you're unable to edit the entry this way I suggest you contact QuickBooks Desktop support. They'll be able to work with you directly to resolve the issue. The contact information for Desktop support is included in this Intuit QuickBooks Desktop software support policies link.

If you have any other questions, please reach back out. I'm here to help. Have a good day!