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M
Marion22
January 12, 2023
Question

ACTIVATE MULTICURRENCY ON EXITING DATABASE

  • January 12, 2023
  • 1 reply
  • 0 views

Hello,


I have a Quickbook database in Euro, with suppliers and customers in GBP and Euro without having activated the multi-currency function.

So far I have been converting from GBP to EURO manually before my entry in Euro.


I would like to activate the multi-currency function for the financial year 2023 but I have questions about :

- Will it have an impact on my GBP customer balances?

- If my customer account was set up without currency, and it will be in GBP in the future, but the transactions generated up to now were in Euro, won't this make a mess and convert everything?

- I don't see the field with the conversion rate for importing with a rate that you choose


Is there any other risk to activate this function with an already existing and running database?


Thank you for your help.

Marion

 

    1 reply

    G
    GeorgiaC
    January 12, 2023

    Hi Marion, thanks for your post - activating multicurrency won't have any impact on your existing accounts or customer balances. Only one currency can be assigned per customer, meaning you would need to create a new customer account for those who will be entered in GBP going forward (you can enter the same customer information, however the 'display name' of the customer must be different - the display name is for internal purposes only, and so won't show on any sales forms such as invoices that are sent to the customer). You can see more on multicurrency in QuickBooks here - please note once enabled this cannot be turned back off. Get back to us below if you have any further Q's. 🙂

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