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ConA
Level 2

Multi currency

Hello. Multicurrency feature has a long list of warnings. What are the main limitations when using multiple currency feature in QuickBooks Pro 2021? It says the file cannot be copied to work with, no online payments, etc... I would appreciate some feedback from those who use multicurrency option.

Thank you.

3 Comments
AileneA
QuickBooks Team

Multi currency

Hello, ConA. 

 

I'd be more than happy to share some helpful information about the multi-currency feature and its limitations in QuickBooks Desktop Pro 2021. 

 

The Multi-currency feature allows you to assign a specific currency type to the following profiles and accounts:

 

  • Customers
  • Vendors
  • Price levels
  • Bank accounts
  • Credit card accounts
  • Accounts receivable
  • Accounts payable

Note: Before turning on Multi-currency. Once on, you can no longer turn off Multi-currency. Make sure that you backed up your QuickBooks company file before proceeding. Here are other important things to consider:

 

  • QuickBooks Desktop add-ons, such as Fixed Asset Manager and Statement Writer, only use U.S. currency. They won't be affected by activating this feature.
  • You won't be able to use Insights, Income Tracker, and Bill Tracker. In QuickBooks Accountant and Enterprise, you also won't be able to batch enter invoices or batch delete/void transactions. 
  • You won't be able to select multiple customers in the Invoices for Time and Expenses window.
  • You won't be able to select multiple customers in the Invoices for Time and Expenses window.
  • Online payment of invoices doesn't work with multiple currencies.

 

I recommend visiting this website: Multi-currency Overview. This link provides you with steps on how to add foreign-currency customers, vendors, and accounts. Also, it contains more information about updating your exchange rates and creating foreign-currency transactions. 

 

If you encounter the same warning message, let's check your company file for any data-integrity issues. We can do the Verify and Rebuild Data process to fix it. 

  

I'll be here if you need further clarification. Just let me know what you need. Have a great day!

ConA
Level 2

Multi currency

Thank you for your information. I am using QuickBooks Pro. Multicurrency feature use warns me of "not being able to work with a copy of the file". What does this mean? I can use the software on 3 devices. So if I copy the file, I cannot work on it on another device? I am confused. Thank you!

RenjolynC
QuickBooks Team

Multi currency

I appreciate your time getting back here, ConA.

 

When multicurrency is enabled and you're unable to open the company file on a different device, it's possible that the file is read incorrectly or it is damaged.

 

What we can do first is close your QuickBooks Desktop. Then, make sure to log in as the administrator.

 

Here's how:

 

  1. Open the Windows Start menu.
  2. Type “QuickBooks” into the search.
  3. You should see your results listed in the Search window.
  4. Right-click on the QuickBooks version and year you wish to open.
  5. Select Run as administrator.

Once done, update your QuickBooks Desktop to the latest release. When the install finishes, restart your computer.

 

Try to open the file on a different device. If you're getting the same result, you'll want to perform the Verify and Rebuild Data. This process helps resolve common data issues within a company file.

 

Verify data:

 

  1. Go to Window then Close All.
  2. Verify Data. Choose File then Utilities. Select Verify Data.

Rebuild data: 

 

  1. Choose FileUtilities then Rebuild Data.
  2. You will receive a warning message to backup your company file, press OK.

To view the step by step process, you can check this article: Verify and Rebuild Data in QuickBooks Desktop.

 

Please keep me posted on how it goes. I'm here to help you out until a solution is found.

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