Learn when and how to turn on Multicurrency in QuickBooks Online Essentials, Plus, and Advanced.
All your transactions must be accounted for in your books. If you have transactions in different currencies, QuickBooks’ Multicurrency feature helps you record them easily without worrying about exchange rate conversions.
Note: If you use Simple Start, you can upgrade your QuickBooks Online subscription so you can start tracking your foreign currency transactions.
When to turn on Multicurrency #
You can turn on Multicurrency if you have customers, vendors, or bank accounts that don’t use your home currency. Once it’s on, you can add transactions in another currency and QuickBooks handles all currency conversions.
Note: You can assign a single currency to most types of accounts, including customers, vendors, bank and credit card accounts, accounts receivable, and accounts payable. You will have to add a new account for each different currency that you use in transactions.
How to turn on Multicurrency #
Step 1: Make sure Multicurrency is for you #
Once Multicurrency is on, you can no longer turn it off. If you’re not sure, reach out to your accountant.
If you don’t have an accountant, we can help you find one.
Step 2: Choose your home currency #
Home currency is the currency your business generally uses for its transactions. It can be the currency where your business is located. Income and expense accounts always use your home currency.
When you set up QuickBooks, it automatically sets your home currency. If you need to, you can change your home currency.
- Go to Settings ⚙, then select Account and settings.
- Select Advanced.
- In the Currency section, select Edit ✎.
- From the Home Currency ▼ dropdown, select your currency.
- Select Save.
Step 3: Turn on Multicurrency #
When you’re ready, learn how to turn on and use Multicurrency.
What happens after you turn on Multicurrency #
- You can add, edit, and delete currencies.
- You can assign currencies to your customers, vendors, and accounts in the chart of accounts.
- You can use exchange rates from IHS Markit, or enter and use your own rates for transactions. Learn about how QuickBooks uses exchange rates for foreign currency transactions.
- You can manually enter in your own exchange rates for foreign currency transactions.
- Your chart of accounts shows account balances in their assigned currency along with a currency column identifying each account’s currency.
- Your bank and credit card will have the currency used next to the name along with the registries.
- Instead of separate reports for different currencies, QuickBooks uses your home currency for financial reports. They include exchange gains or losses based on rate changes.
- Once an account has had a transaction posted to it, you can no longer change the account’s currency.
- Some product features may not be available once this feature has been turned on.
More information about Multicurrency #
- How to add transactions in a foreign currency
- Understanding Home currency adjustment
