Quickbooks Online multi-currency unavailable features

psvirtualbookkeeping · ‎November 10, 2021

In reading the article about multi-currency in QuickBooks Online, it says, "Some product features may not be available once this feature has been turned on." What features specifically? I found an article re: QuickBooks Desktop and it specifically says what you won't be able to do (see below). Needing the same info for QuickBooks Online.

Once on, you can no longer turn off Multicurrency. Make sure that you back up your data 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 exchange information with QuickBooks Desktop for Mac or copy your company file to work with it.

Online payment of invoices doesn't work with multiple currencies.

Kristine Mae · ‎November 10, 2021

Some features are unavailable if the feature is turned on, Psvirtualbookkeeping. Let me share them with you.

The process is irreversible once you turn on the Multicurrency feature. Also, these are the following features that are unavailable when it's set up:

You can download current exchange rates only. If you haven’t downloaded it for some time, you'll have to enter the historical exchange rates manually.
You can set up static foreign prices using the per-item price levels. However, you're unable to do the same to create static foreign unit costs.
You can't enable the online payment of invoices in multiple currencies.
You're unable to auto-memorize the transactions in foreign currency.

I'll share an article that will guide you about the feature: Multi-currency in QuickBooks Online.

Reach out to us again if you have more questions. We'll address them as soon as we can. Keep safe!

psvirtualbookkeeping · ‎November 10, 2021

Thank you but the link provided is for Australia and the Guide link on that page is not valid. Can you please update?

Also, can you please clarify static per-item price levels vs static unit costs?

As to online invoice payments, do you mean that online payments are not available at all or only available in the home currency? Same question for the auto-memorize transactions. Do you mean they are only available in the home currency or not at all?

Fiat Lux - ASIA · ‎November 10, 2021

@psvirtualbookkeeping

Utilize these free apps to deal with multicurrency transactions as a workaround.

https://veem.grsm.io/veems

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

JenoP · ‎November 10, 2021

Joining the conversation to answer your follow-up questions about the multicurrency feature, psvirtualbookkeeping.

For the first one, it means that you can set up foreign prices of an inventory item using the per-item price levels, but not its foreign unit costs.

I also opened the article that you mentioned. Although it was intended for QBO Australia, the content and how the feature works are very similar to the US version of QuickBooks Online.

With regards to receiving online payments, our merchant services is only available for US currency and bank accounts at the moment. Similarly, memorized or recurring transactions can only be done if the currency is in USD.

Let me share this article for more details about this feature: Learn About Multicurrency in QuickBooks Online.

I also want to add more references with you in case you will be needing them in your future tasks:

Don't hesitate to add more replies if you still need more help with this. We'd want to make sure that everything is taken care of.

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Quickbooks Online multi-currency unavailable features