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Level 1

Multi Currency Feature Pros Cons?

I would like to start using the multi currency feature, however there are all these warnings from QBOnline that if you turn it on there is no going back you can't turn it off?  Anyone know what the drawbacks are?  I want to continued to operate in US dollars, however I my vendors invoice me and I pay them in GBP or Euros........according to this I could enter their purchase orders and pay them in the correct currency......So what are the downfalls QBooks is projecting? 

The QBOnline tech seems to want me to set up fake bank accounts in the foreign currencies?

How do I set it up so it takes the funds from my US dollar account and pays them out in GBP or Euros?

I would like to then hook the payments up to VEEM.com to have them processsed.....Anyone try this?

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Community Champion

Multi Currency Feature Pros Cons?

I have one client using multi-currency.  He has it set up as US dollar for his home currency and he has his customer's set up in their currency.  Not sure why the qb support tech wanted you to set up fake bank accts.  Maybe to test it in your system?  Once you sign up for multi-currency, you cannot shut it off (same in qb desktop).  Here is a great article (it is 2 years old) on multi-currency.  The author, Greg Lam, pretty much steps you thru the process.  You could also play around with it (I think) in the qbo sample file here.   If that link does not work, just google "test drive qbo".

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