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Deep Dive: QuickBooks Online Multi-Currency
When using QuickBooks Online Multi-Currency, there are a few limitations based on your export options.
Vendor bills and Checks:
We recommend making sure the vendor currency and the A/P/Bank account currencies match.
While we are able to export your report, the currency conversion rates in QuickBooks Online are not used. Everything will export with a currency conversion rate of 1:1.
In this example, you see a vendor currency of CAD with a home currency of USD.
In order to correct this, you will need to manually update the conversion rate after the report has been exported to QuickBooks Online.
Journal Entries, Credit Card, and Debit Card:
Multi-currency exports will fail as the account currency has to match both the vendor currency and the home currency.