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paypr-mdnorman
October 8, 2022
Question

Creating new currencies with multicurrency

  • October 8, 2022
  • 1 reply
  • 0 views

Hi! I've been using multicurrency to track ETH for some time. When I turned on multicurrency support, I was able to add ETH - Ethereum as a custom currency. But now when I want to go in and add a new currency for another token, I'm unable to do so. I can add currencies already known to Quickbooks, but I can't find a way to create a custom currency. I was wondering if this functionality was lost or if I just don't know which rock to look under to find it.

1 reply

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LeizylM
October 8, 2022

Good day, paypr-mdnorman. 

 

Let me provide some information about adding a new currency in QuickBooks Online.

 

The option to create a custom currency isn't available in QuickBooks Online (QB0). QuickBooks sets the currency name as default in the software, and there's no way to modify the name.

 

However, if you mean entering exchange rates, you can follow these steps to get this thing done. Here's how:

 

  1. Go to Settings ⚙ and select Currencies under Lists.
  2. Click the Add currency button. Then, choose a currency name.
  3. Select Add.
  4. Once done, you can modify the currency rate by clicking the Edit currency exchange under the Action column.
  5. Enter rate. Then, Save. 

Additionally, I recommend reading these articles to help manage your foreign currency transactions in QuickBooks Online:
 

 

I'll be around to help if you have any other questions about managing entries with multi-currency in QBO. Just let me know by leaving a comment below. Have a nice day ahead.

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paypr-mdnormanAuthor
October 8, 2022

So, are you saying that this is no longer possible in Quickbooks Online? I can assure you I've done this before because I have a custom currency in my account. I just can't seem to do it again.

A
Archie_B
October 8, 2022

Thank you for getting back to us, paypr-mdnorman.

 

Allow me to clear up any confusion by adding some information about multicurrency in QuickBooks Online.

 

Yes. In QuickBooks Online, you can add a cryptocurrency like ETH or Ethereum as a custom currency. However, not all digital currencies are supported. You can use this article as a reference for a list of supported currencies in QuickBooks Online: List of supported currencies.

 

I'm adding this link if you need more info in managing multicurrency: Set up and use multicurrency in QuickBooks Online.

 

If you have any further questions, please leave a comment below. I'll be there to assist. Take care and enjoy your day.

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