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George Fischer
June 18, 2024
Question

Why are prepayments unavailable with multiple currencies%0D%0A

  • June 18, 2024
  • 1 reply
  • 0 views

I want to use prepayments from sales orders and Quickbooks 2024 Desktop Enterprise says, "Prepayment is unavailable as you're using multiple currencies".

 

the only reason we upgraded to 2024 was to get the prepayments enhancements. 

1 reply

JenoP
JenoP
June 18, 2024

Prepayment is a new feature that's introduced in the latest version of QuickBooks Enterprise, George. Allow me to share information about this functionality with you.

 

Please note that this is currently unsupported if the Multicurrency feature is enabled in your company file.

 

QuickBooks is continuously working to enhance its products and services to meet the needs of small businesses. If you'd like to be able to use it even when Multicurrency is turned on, I'd suggest providing feedback or submitting a feature request to our engineers.

 

This will help them understand the needs of users and improve existing features. Here's how you can do that inside your company file:

 

  1. Go to the Help menu and click Send Feedback Online.
  2. Select the Product Suggestion option.
  3. Enter your feedback or product suggestions.
  4. Click the Send Feedback button.

 

In the meantime, you can use upfront deposits or retainers to record prepayments. Here's an article as a guide: Manage Upfront Deposits Or Retainers.

 

Let me also share these articles for more information about the newly added features in the most recent version of QuickBooks:

 

 

Don't hesitate to come back and ask any questions you have as you get to know QuickBooks 2024. We're always here to help you make the most of it for your business.

G
George FischerAuthor
June 19, 2024

1. The only reason we upgraded to 2024 was to use the enhanced pre-payment features.  It was never disclosed, "oh, hey, not with multiple currencies".

2. Manufacturing / Wholesale desktop - a flagship product - gets shipped with this "unsupported feature". 

3. Who in the manufacturing / wholesale world does not use 1) multi-currency for purchasing overseas, and (2) take pre-payments from customers for work to be delivered.

4. Is there a work-around?  Do we have to make journal entries?

5. This failure should be fixed quickly, please.

R
RogelioL
June 19, 2024

Thank you for coming back into this thread, George. Allow me to guide you in recording your sales orders through another method.

 

Since you can't use the Prepayment due to multiple currencies, I suggest using Upfront Deposits or Retainers. The deposit or retainer is recorded as a liability to indicate that although your business has the money, it does not belong to you until used for services. With this, we can record your sales orders or invoices with multi-currencies.

 

For further and detailed guidance, please refer to this article: Manage upfront deposits or retainers.

 

Please note that the amount may change due to the exchange rate of each currency.

 

Moreover, I recommend consulting your accountant if you prefer to record it through Journal Entry or General Ledger, for they have the necessary tools and expertise to guide you properly and ensure accuracy.

 

Additionally, this article can help you personalize your sales report: Customize customer, job, and sales reports in QuickBooks Desktop.

 

I'll be around if you have further concerns about taking a prepayment from your customer. Keep safe.

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