QuickBooks: The Currency of the Account Must Be Either in Home Currency or the Transaction History

The following error may appear when transferring records from OnTime to a QuickBooks company file with multicurrency turned on.

This error is generated by QuickBooks and indicates that there is a mismatch between the currency assigned to a Service Item and it's associated Account. To resolve this issue, check that each Service Item and it's associated Account share the same currency within QuickBooks. QuickBooks will not allow a transaction to be posted with a Service Item where the Service Item's currency does not precisely match the Account assigned to that Service Item.

For additional information, refer to the article: Set up and use Multicurrency.

QuickBooks does not allow third-party programs, such as OnTime, to specify the currency when transferring records. Only the amounts, as numbers, are transferred. QuickBooks will assign those records to the appropriate currency based on the configuration account and service item a record is associated with. This makes it essential that the proper currency is assigned to the QuickBooks Service Items.

While OnTime does not create Accounts within QuickBooks, it does create Service Items. These are generated based on the names of OnTime Price Sets and Price Modifiers. When creating these Service Items within QuickBooks, they will always be associated with the Other Income account (a default account available in all QuickBooks company files). These newly created Service Items will use the currency of the Other Income account.

The error above may appear when someone changes the following within QuickBooks:

If any of these changes result in a mismatch of currency between the Service Item and it's associated Account, the above error may appear.