QuickBooks Online enables users to work with the multi-currency. However, you can get QuickBooks multi-currency problem if all the customer or supplier transactions are not recorded in the currency assigned to the customer or supplier. The error message reads, “Something’s not quite right: You can only use home currency balance sheet accounts with home currency A/R and A/P accounts.” There are various other instances of the multi-currency problems you might experience in the QuickBooks application. In this post, we will discuss some common QuickBooks multi-currency problems and troubleshoot them using handy solutions.
Receiving QuickBooks multi-currency journal entry error message on your screen? Give us a call on our helpline number 1.800.579.9430 to get help from qualified experts
Profit & Loss Reporting Issue in Multi-Currency
This multi-currency problem in QuickBooks occurs when a customer overseas, makes payment in their own currency, and wire transfer to US bank account is adjusted accordingly with the exchange rate. The problem arises while running the P&L report. The report adds the amount in a different currency and other payments in USD together without converting it. To fix this profit and loss reporting issues in the multi-currency, follow the below-given solutions:
Things You Need to Consider When Creating Foreign-Currency Transactions
Before discussing the possible reasons and troubleshooting, let’s see some essential points to create foreign-currency transactions:
- You don’t need to assign a currency to sales and purchase transactions because they are already assigned the currency of the customer or vendor you entered on the form.
- Exchange rates are an integral part of each transaction and denote the home currency value of the transaction.
- When you run the reports, it will show the home currency irrespective of the currency used in the transactions.
- During multi-currency transactions, the amounts on sales and purchase transactions are in the customer’s or vendor’s currency, and the home currency equivalent is mentioned for the transaction total.
How to Troubleshoot QuickBooks Multi-Currency Problem While Running P&L Reports?
Now that we have seen some essential points that need to be considered while making multi-currency transactions, let’s take a look at some effective troubleshooting solutions to resolve the problem:
Solution 1: Ensure That You Have Correctly Deposited Customer Payment to Your Bank
To ensure, follow the below-given steps:
- Go to Banking and then hit Make Deposits.
- Now you need to enter the correct exchange rate.
- Click Save and Close to finish.
If the multi-currency problem in QuickBooks persists, try the next troubleshooting procedure:
Solution 2: Run Verify & Rebuild Data Utility
Damaged QuickBooks company file can also evoke the discrepancies in QuickBooks P&L reports. To resolve the error, you can utilize QuickBooks Rebuild & Data utility.
- Go to the File menu and then select Utilities.
- Select Verify Data and then click OK to close all windows.
- If it gives a message “Your data has failed the integrity check” it denotes that your data is damaged.
- To fix, you need to select Rebuild Data from File >> Utilities.
- Click OK when QuickBooks asks you to keep a backup of your company file to prevent permanent data loss.
- Now, wait for the rebuild process to finish and then hit OK.
If QuickBooks multi-currency problem continues, jump to the next troubleshooting procedure.
Solution 3: Uninstall & Reinstall QuickBooks Application
The damaged functions of the QuickBooks application can also give rise to the multi-currency problem in QuickBooks; then you need to reinstall the QuickBooks application to ensure the optimal performance of the program.
Need to Talk to a QB Expert?
The troubleshooting technique described in this post can help you in the error resolution when performing multi-currency transactions. If you feel the requirement for talking to an expert, give us a call on our helpline number 1.800.579.9430. Discuss the error scenario and get QuickBooks multi-currency problem resolved speedily.