QuickBooks Multi-Currency

You are about to turn on the multi currency feature in QuickBooks. But before you do that, these are important considerations:

1. Once you turn on multiple currencies, you can't turn it off.
2. If you haven't backed up your company file recently, we recommend that you ckick No and create a backup before turning on multiple currencies.
3. You won't be able to use Insights, Income Tracker, Bill Tracker, Create Batch Invoices or Batch Delete / Void Transactions.
4. You won't be able to select multiple customers in the Invoices for Time and Expenses window.
5. You won't be able to exchange information with QuickBooks Mac or copy your company file to work with it.
6. Online payment of invoices doesn't work with multiple currencies.

Problem with Multi-Currency

I had a client with 3 companies in different countries but the same line of business so they used the same chart of accounts and items list. I was thinking of setting up one file then just copy and rename the next two so that it will be faster. For the first company based in the Philippines, I turned on the multi currency feature and Philippine peso as the home currency. After completely setting up the first file, I'm now ready to copy and rename the file for the next two companies based in Australia and New Zealand. But when I tried to change the home currency, it wouldn't let me. Now I know that once a home currency is set, it is irreversible. So I ended up creating the other two companies from scratch and just imported the chart of accounts and items list thru IIF.