QuickBooks Multi-Currency Problem In Desktop and Online

Are you also facing foreign currency issues in your QuickBooks account?

Do you know that there is a feature of multi-currency in our QuickBooks account and it can fix all the issues?

The QuickBooks multi-currency problem in Desktop and Online is not an issue. You just have to check a few things in your QuickBooks account to know the reason behind the error. When you get to know the exact reason then it can be resolved easily with the help of solutions that you are getting in this article.

In this article, you get to know all the reasons behind it and then all the step-by-step solutions. Still, if you have any issues or doubts you can directly connect with the QuickBooks professional team.

You can also assign the specific currency type to the accounts and profile after turning on the multi-currency feature. This specific currency type includes the following:-

  1. Account Receiveable
  2. Accounts Payable
  3. Bank Accounts
  4. Price Levels
  5. Customers
  6. Credit Card Accounts
  7. Vendors.

Why does the QuickBooks Multi-currency Problem happen?

  1. When your multi-currency feature is inactive

You have to check that the QuickBooks multi-currency Problem feature is activated or not in your account. If it’s off then this is the reason you are getting this error.

  1. When you are not able to update the exchange rates or set the home currency

Try to enter the exchange rates manually by downloading it. After that, you are also able to set the home currency as well. This helps in removing the QuickBooks multi-currency Problem.

  1. The company file is damaged

When you get this error then immediately you have to verify and rebuild the company file data tool. This helps in repairing your corrupted company file smoothly.

  1. The bank account is not linked to the foreign or multi-currencies transactions

Link your bank account properly so that you won’t get this error.

  1. Vendors and customers are not available

In this case, you have to add the vendors and customers to show the transactions related to the multi-currency.

  1. Add or delete the currencies as per the requirement

In this, you have to check if it is required to add or delete any currency according to the transactions you have.

  1. Not able to add the foreign currency accounts in the Chart of Accounts

Check for the foreign currency account that is added under the Chart of Accounts that will resolve the error you are facing.

What are the solutions to fix the QuickBooks Multi-currency Problem?

The QuickBooks multi-currency problem arises when you want to deal with foreign currencies or exchange rates. For this, multiple reasons are mentioned above. You have to check the reason and then have to encounter it with the correct solution. 

How do you Enable the QuickBooks Multi-currency Problem Feature in QuickBooks Desktop and Online?

QuickBooks has lots of features and QuickBooks Multi-Currency Problem features are one of them that has its benefits having no change in exchange rate each month, no need to check historical rates or keep an eye on specific bank exchange rates. It also reduces the burden of handling the dates while or before entering transactions. 

The below steps can help you enable the multi-currency feature.

In QuickBooks Desktop

  1. Go to the QuickBooks Edit option 
  2. Click on the preferences
  3. Now from the left side options select Multiple currencies 
  4. Click on the company preferences box and check the option “Yes, I use more than one currency”
  5. When prompted click on Yes.
  6. Now select the home currency from the drop-down menu.

In QuickBooks Online

  1. Go to the Settings option to open the settings
  2. Click on the Account and Settings option
  3. Hit the Advanced tab
  4. In this, go to the currency section and edit it
  5. Now, select the currency from the Home Currency drop-down menu
  6. Tick mark the checkbox that says “multicurrency” 
  7. Click the save button and you are done.

Note- Once you enable the multicurrency option you are not able to undo this option.

How to add Foreign Customers or Vendors?

In QuickBooks Multi-Currency Problem, you can allocate only one currency per customer or vendor profile and you need to make new profiles to allow a new currency. After turning on this feature existing customers and vendors will be allowed in the home currency. Transactions that already have been recorded can’t be changed for the names. The below steps are mentioned for adding foreign customers or vendors.

  1. Go to the Customer /Vendor Center to create foreign customers and vendors. If the name is already present in the list, then you need to assign a little different name to the foreign customer that you have created.
  2. Go to the customer/Vendor menu, select customer center/vendor center
  3. Click on new customer/vendor on the drop-down, select new customer/vendor
  4. Now appoint a Customer/Vendor name and currency
  5. Click on Ok

How to Add Foreign Accounts?

You can allocate only one currency per account and create a new one for the foreign transaction. Once this feature is turned on existing accounts will be allocated in home currency. Currencies assigned to the following accounts for credit cards, Vendors, Bank accounts, customers, accounts receivable, and accounts payable(A/P).

  • Downloading exchange rates  – You can download rates at condition  if your residency lies in USD
  • Automatically download Exchange rates – Go to List>>select currency list
  • After that select the Activities button and select Download new exchange rates.
  • Manually type the exchange rates – Go to list menu>>Double click to select the currency. Afterward, you can update the currency exchange rates for the particular dates in the edit currency window.

Add or remove a foreign currency

Adding a currency

  1. Select the gear icon at the top
  2. Click on currencies
  3. Now search and click on Add currencies
  4. Select the desired currency from the drop-down menu

Remove a currency

  1. The select Gear icon at the top
  2. click on currencies 
  3. Locate Edit currency exchange from the menu
  4. Choose the Delete option to delete the currency
  5. You will be asked for the verification
  6. Click on Yes.

How to include Foreign Accounts in the Chart of Accounts?

All the existing accounts are available in your home currency under the Chart of Accounts- Currency column. Here are the steps to create the account using the foreign currency:

  1. In the Settings, click on Chart of Accounts
  2. Then click on the New option
  3. Under the Account Dialog section
  4. Select the Account Type and the Detail Type
  5. Enter the Name of the new account
  6. Also, add the description additionally
  7. From the Currency drop-down menu, choose the currency for the new account
  8. Click the button Save and Close.
  1. In QuickBooks Online, go to the Bookkeeping and Transactions
  2. Click the Bank Transactions option
  3. After this, open the details of the transaction
  4. From the For Review tab, click the Add button
  5. In the Currency Fields, mention the foreign amount or the exchange rate that your bank offers.
  6. The whale amount is calculated by the QuickBooks Online and the transaction will be visible under the Detail fields or Bank Description.

How to Verify and Rebuild data in case of company file damage?

  1. Initially, select “Windows” and then “Close All”
  2. Next, verify your data
    1. Choose file and then go to the Utilities >> Verify Data
  3. Now, Rebuild your data
    1. Select File and then go to the Utilities >> Rebuild Data
  4. After that, you receive a warning message that prompts you to create a backup of the company file 
  5. Once you create a backup then hit the Ok button 
  6. Choose a location where you wish to save your backup file 
  7. And then hit Ok which you find at the bottom of your QB backup window
    1. In case, no message received then you should replace another backup file then click No
    2. Provide a new name to the File Name field and then save 
    3. If the backup fails then select Cancel at the rebuild prompt and for assistance reach out to Payroll support 
  8. Once the backup is completed then the Rebuild Data Utility begins
  9. Once you get the message Rebuild has completed then click Ok
    1. To check the remaining data damage run the Verify Data 
    2. Then choose the File 
    3. Locate the Utilities then click Verify Data

How to pay your employees using different Currencies?

For this, you have to create a new supplier using the information of your employees. The steps are as follows:-

  1. First of all, copy the information of employees
    1. Go to the Employees menu in QuickBooks Multi-Currency Problem.
    2. Then search for the employee to whom you want to pay with a different currency.
    3. Double-click on the employee’s name to open the profile.
    4. Note down or copy all the details then click on the Cancel button.
  2. Create a supplier with the help of employee’s information
    1. Go to the Get Paid & Pay option.
    2. Then select the Supplier.
    3. Click on the new supplier and provide all the employee information required.
    4. Click on the drop-down menu of From I Pay this supplier.
    5. Choose the currency in which you want to pay.
    6. When done, add this currency to their display name.
    7. Click the Save button and you are done.
  3. Pay to employees with different currency
    1. Firstly, click on the + New button.
    2. Then select the option Expense for new employees.
    3. From the Payee drop-down menu, select the new supplier that you have created using the employee’s information.
    4. Go to the Category option.
    5. Then click on the account that you are using to track payroll expenses.
    6. When done, you have to mention the exchange rate.
    7. Fill in the other fields accordingly.
    8. At the end, click the Save button.

There are some important points that you should keep in mind before using the QuickBooks Multi-Currency feature:

  • You can’t change the QuickBooks Multi-Currency Problem once it is on.
  • you should make the backup file before enabling this feature if they want to return a single currency option.
  • The value of the home currency and the amount of sales and purchase transactions are equivalent to the listed transaction’s total.
  • Once the multiple currency preferences are turned on, choose the currencies on track.
  • Home currency shows all the reports in case of currency used in all of the transactions.
  • You can only use the foreign accounts and names which you added for a new foreign transaction.
  • Don’t use the foreign version for the existing customer to receive the payments if you do have an invoice for the customer for home currency.
  • You can’t appoint currency transactions to sales and purchases because they allow the currency of the vendors and customers entered by you.


So you see, how easy it is to fix the QuickBooks Multi-Currency Problem In Desktop and Online. You have to identify the things that are not done by you so that you know which things are required to be done to fix the QuickBooks multi-currency problem.

For any further queries or issues connect with our QuickBooks Helpdesk team who is available 24/7 hrs. You can also email us at info@adviceventure.com or do a live chat with our experts.

Why am I not able to turn on the multi-currency feature to fix the QuickBooks multi-currency problem in Desktop and Online?

For this, you have to clear the browser cache and cookies. Also, try to log in to your QuickBooks online account using a different browser.

Does the version of affect the QuickBooks multi-currency problem?

Yes, you have to check whether the version you are using has a multi-currency feature or not. If not then upgrade to the version that supports the multi-currency feature to fix QuickBooks multi-currency problem in Desktop and Online.

Is it important to have exchange rates in the QuickBooks account to fix the QuickBooks multi-currency problem in Desktop and Online?

Yes, it’s important to have exchange rates. It helps QuickBooks to get the home currency values of your foreign currency transactions. QuickBooks generally downloads and uses the exchange rates from the market. 

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