No Currency Assigned to Accounts Created in an Accountants Copy

Legacy KB ID: 3727

Question

I have imported my Accountant’s Changes successfully, but the new Account the Accountant created in US Dollars does not have US Dollars assigned.  I cannot select a currency, not even Australian Dollars.  Why?

Answer

QuickBooks cannot handle the creation of Accounts, or changes to Accounts, linked to a foreign currency.  QuickBooks gives the user and the accountant many warnings in information screens when Accountant’s Copy is made and converted.

 

Solution

The new foreign currency accounts must be created directly in your company file. 

You can have your Accountant make the necessary changes or the User can do them.

 

For your Accountant to make the changes

You will need to arrange a time for your accountant to create these accounts directly in your company file.  When the Accountant has your company file you will not be able to work on the file until he returns it. 

If you need to work on the file before your Accountant can make the changes, then you should restore the backup that was created by the Import Accountant’s Changes process and continue with your daily work.  That is, return to your file before the Accountant’s Changes were imported.  Your file will show Accountant’s Copy Exists.

When you are ready for the Accountant to work on your file, create a new backup of your company file (.QBB) and send it to your Accountant (you will need to give him the admin username and password).

Your Accountant will need to;

1.    Open his Accountant’s Copy Working File (.QBA) for your company file;

2.    Delete the new foreign currency accounts (and associated transactions);

3.    Create a new Accountant’s Transfer File (.QBY);

4.    Restore the backup you sent him;

5.    Import the Accountant’s Changes into your company file;

6.    Create the new foreign currency accounts (and reinput any transactions);

7.    Create a backup of the updated file and return to you.

When you receive the file, for security reasons change the admin username and password.

 

For the User to make the changes

  • Get the details of the new accounts from the Accountant’s Changes printout.  You may want to talk with the Accountant to clarify any uncertainties;
  • Delete these accounts (and associated transactions) from your company file;
  • Re-create these accounts and assign them to their foreign currencies.  Reinput any associated transactions.

 

How did we do?

Understanding Net Worth Reports in a Multi-currency Reckon Accounts file

Why is the item price incorrect when I change to a different currency customer?

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