Which 2 statements are true regarding the multicurrency function in quickbooks online?

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25-08-2022
Business

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Which 2 statements are true regarding the multicurrency function in quickbooks online?

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-08-30T18:24:51+02:00

The 2 statements that are true regarding the multicurrency function in QuickBooks online are

Once multicurrency has been enabled, you cannot disable this feature
For most of the commonly used currencies, the rates are updated every 4 hours.

This is further explained below.

What is multicurrency?

Generally, It's a special kind of bank account that lets you transfer, receive, and keep many different currencies at the same time.

A multi-currency account enables you to utilize a single account number for each kind of currency, which eliminates the need to create several bank accounts, each of which would have a unique account number that would need to be kept track of.

In conclusion, The statement are

Once multicurrency has been enabled, you cannot disable this feature
For most of the commonly used currencies, the rates are updated every 4 hours.