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I've upgraded from Multicurrency Edition to QuickBooks 2010. What's changed in the multicurrency feature?

For the most part, Multicurrency works the same as it did in Multicurrency 2008 and QuickBooks 2007 (or earlier). The list below goes over new features you'll see and what things in multicurrency are now different than your previous version of QuickBooks.

Watch this video describing the new Multicurrency feature.

New Features
  • New Exchange rate history calander
  • Download exchange rates. You can now download your exchange rates.
  • Foreign sales prices for items are now part of the Price Level feature. Price level is a feature only available in the Premier Edition (click here for more details)
  • Home currency adjustments are automatic (click here for more details)
  • New Modify Reports option to show foreign amounts in your reports
  • QuickBooks 2010 contains over 140 'default' currencies
Features that now work differently
  • Foreign sales prices only available in the Premier Edition (click here for more details)
  • Home currency adjustments are much easier to make (click here for more details)
  • You can now show reports in foreign amounts through a new Modify Reports option
  • Currency symbol is now called currency code
  • Reports: small rounding amounts from foreign transactions were accounted for in the exchange gain/loss account but didn't appear in the realized gain/loss report. These amounts now show up in this report.
What happens when I convert my company file
  • During conversion, QuickBooks resets the exchange rate of your currencies to 1:1. This does not affect your existing transactions.  When you first start working in your new file, you must download the exchange rates to update your currency exchange rates. To do this, go to the Currency List, click Activities and click Download Latest Exchange Rates.
  • QuickBooks 2010 contains over 140 'default' currencies. During conversion, QuickBooks sets five of the most common currencies as 'active' and sets the rest to 'inactive'. To see your other currencies, you have to go and reset them to 'active'.
  • Default currencies CANNOT be edited.
  • Currencies that were added to QuickBooks that do not use the standard 3-letter international currency code, do not map properly to the 'default' currencies in QuickBooks 2010. If you added 'custom' currencies to your previous company file, you must fix these currencies (in your previous company file) so they use the correct 3-letter international currency code, then convert your company file.



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