How to disable multi-currency?

Thanks for reaching in the QuickBooks Community page, @Vel5.

The multicurrency feature gives you the ability to record transactions in foreign currencies. Once turned on, it can't be turned off. This is because the currency conversion information will have to be accounted for in the system moving forward.

To get more details, you can check out this article: Learn about Multicurrency in QuickBooks Online.

The Community always has your back, so please let me know if you have any other questions. I'll be more than happy to help. Keep safe.

@Vel5 

You may need to open a new blank QBO account and have 2 ways to migrate your data.

This still isnt an option? Do i need to create a new account and export/inport everything? 

Hello there, @automationjackson. Welcome to the Community.

I'll gladly share some insights about the Multicurrency feature and guide you on how you can manage your company data in QuickBooks Online (QBO).

Yes, once the Multicurrency feature is on, turning it off isn't still an option in QBO. You can reset your file so the feature will automatically be disabled. For the complete details about this info, please see this article: Set up and use multicurrency in QuickBooks Online.

When you need to create or start fresh with a new QBO company, you'll have to consider how long you've been using QuickBooks.

If your account is new (less than 60 days old), you can start over or reset your data. However, please note that this option is only applicable to QBO Plus or Essentials users. If you're using QBO Simple Start, you need to cancel your current account and start a new one.

Whenever you're ready to reset your company data, follow these steps:

1. Sign in to your QuickBooks Online Company as the Primary admin.
2. Change the URL to include /purgecompany
3. Example: Change https://app.qbo.intuit.com/app/homepage to https://app.qbo.intuit.com/app/purgecompany
4. The next screen will provide a summary of the items to delete. Type YES to delete the data, then select OK.

If your account has been active for more than 90 days, you'll have to cancel your subscription and start a new one. Before doing so, please make sure to export your data from QBO. Then, import everything to the new company file.

You can read this article to answer the most commonly asked questions about deleting your data in QBO: Delete your data and start over in QuickBooks Online.

Once everything is all set, you may also want to check out one of our Help pages as your reference to guide you in managing your business growth and transactions in QBO: QuickBooks Learn and Support. It includes topics about account management, import and export data, and banking, to name a few.

Please feel free to leave a comment below if you have other multicurrency concerns or questions about managing company files in QBO. I'm always ready to help. Take care, @automationjackson.

@automationjackson 

Is your company located in India or another country?

Seems like a big work around for disabling multi currency.... 

Will the export, export all my reconciliations and all the info my accountant has added? 

And it looks like i have to export the chart of accounts as well?  

Thanks

Ryan

I'm glad you chimed in the thread, @automationjackson.

I'm happy to share with you how to export your chart of accounts in QuickBooks Online.

There are reasons why we need to export a chart of accounts in QuickBooks. It can be because you want to conduct deep analysis, build custom dashboards, and blend your QuickBooks data with information from other sources. Another reason is creating and maintaining a backup copy.

Here's how to export the Chart of Accounts in QuickBooks. 

1. Log in to your QuickBooks account.
2. Select Accounting -> Chart of Accounts.
3. In the upper right corner, press the Run Report button.
4. Click the Export icon in the top right corner.
5. Select Export to Excel or Export to PDF.
6. The exported file will download on your computer.

If you opt for the PDF format, you will see a preview where you can adjust the orientation and other settings. You can also email your chart of accounts data from here.

Furthermore, here’s how the exported data looks in Excel:

In addition, there are two ways to view your account in QuickBooks Online: Accountant view and business view. At any time, you can change between them without impacting your data.

Do you need to update company information in your account? Here's how to handle subscription, payment, and billing details: Update billing and subscription info in QuickBooks Online. It also contains information about upgrading and downgrading a QuickBooks account. 

Let me know in the comment section if you need help with other tasks on your account. I'd be delighted to give you more insights. Take care.

So if i go to the gear and export account it does not export everything? 

Ill need to manually go through each report and export to import to a new instance of quickbooks online? 

craziness... 

In my Export is has a .xlsx file called General ledger, I don't see that wording when importing... 

or balance sheets

or profit and loss

Might be time to look at other software...

All im looking todo is cancel multi currency to save me half of the monthly expenses....

Hello there, @automationjackson. 

I appreciate your input from every angle. And I can see the importance of you being able to cancel or turn off multi-currency. As mentioned by my colleagues above, once the multi-currency is on, you can't turn it off.

If you want to export more of your QuickBooks data, you have some options to select:

• Looking to export data for anything including audit purposes to sharing it out to stakeholders? We have a new streamlined feature to simply download some of the most needed lists and reports to make this even easier.
• Looking for a continuous backup of your data? There are apps in the QuickBooks App store that provide this continuous backup.

For more details about exporting your data from QuickBooks, see this article: Export data, reports, lists, and more from QuickBooks Online.

You may also consider following the suggestion provided by my colleague @Rea_M if your QuickBooks Online account is less than 60 days.

If you have further questions in QBO, let me know in the comments below. I'll be around to help you. Have a great day.

So if i go to the gear and export account it does not export everything? 

You can utilize an exporter tool

https://get.transactionpro.com/qbo

Otherwise, purchase a 3rd party service to migrate your data to a new QBO account or convert it to another accounting app.

Can't turn off Multi-currency once it is turned on in your QBO plan??? How hard is it to convert historical postings from one rate to another at a historical average rate with an adjustment for any FX difference?? Not very hard. Intuit would rather keep you an expensive plan and not provide a simple option. 

Money gauging on part of Intuit when the nature of your business changes. Time to find better products from an organization that is not focused solely on their own bottom line.

Thanks for sharing your thoughts in this thread, @LOFT Design Co. I understand how you want to disable the multicurrency feature in your QuickBooks company. 

As one of my colleagues mentioned, once you enable this feature, the currency conversion details will be accounted for in the system. 

You'll want to share your comments and suggestions directly with our product developers by visiting this link: QuickBooks Feedback online form.

Your inputs are very important to us. Please feel free to raise your concerns again and we're always around to guide you more.

Ya it boggles my mind as well... 

Started through the process of creating a new account and trying to export everything. Which was much harder than it seemed... And still looks like you cant export everyhting 1:1. Pretty upset as well. Chatted with my accountant and he said quickbooks is still the best of the worst and wanted an obsene amount to do the transfer. So pretty much each the expense till they try and fix it. 

Ryan

Did you ended up doing it?

@tomtomx12 

You can purchase a 3rd party service to migrate your data to a new QBO account or convert it to another accounting app as mentioned by another poster.

Can you provide such app then ?

@tomtomx12 

What app for what purpose? If you want to migrate your data to a new QBO account, you can use a migration tool.

https://get.transactionpro.com/qbo