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chabaebaerocks-g
December 25, 2022
Question

How to set up multi currency on quick book online?

  • December 25, 2022
  • 2 replies
  • 0 views
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2 replies

F
FateCandylaneT
December 25, 2022

I've got your back, @chabaebaerocks. Let's have your multicurrency turned on in QuickBooks Online (QBO).

 

In QuickBooks Online, multicurrency allows you to record transactions in those foreign currencies even without worrying about exchange rate adjustments. Once this feature is on, we can no longer turn it off since QuickBooks handles all the currency conversions.

 

To enable this feature, here's how:

 

  1. Go to Settings and select Account and settings.
  2. Click Advanced on the left menu bar.
  3. In the Currency section, select Edit.
  4. From the Home Currency dropdown, choose your currency.
  5. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  6. Click Save.

 

For more detailed information about this feature, you can refer to this article: Set up and use multicurrency in QuickBooks Online.

 

You can check out these links to help you how to handle and enter your exchange rates in QuickBooks:

 

 

Let me know if you have any additional questions about setting up multicurrency. I'm looking forward to how I can assist you further. Keep safe!

J
JMilam1
November 30, 2023

Can I ask what services do we lose if we turn on Multi Currencies?

S
ShyMae
November 30, 2023

Hello there, @JMilam1. I'll be happy to provide more information about multicurrency feature. 

 

This feature enables you to receive and make payments in currencies other than your home currency. Once turned on, QuickBooks automatically handles all currency conversions for transactions in a different currency.

 

The multicurrency is only available in the Essentials, Plus, and Advanced versions. Once this is on, you cannot turn it off. 

Meanwhile, this will inactivate the cash flow planner in QuickBooks.

 

When using foreign currency, you can still split deposit and expense transactions based on different accounts and taxes, but splitting a transaction with different currencies is unavailable. 

 

Furthermore, I'll add an article to help you adjust your home currency regularly to stay up-to-date with current foreign exchange rates: Enter home currency adjustments for your foreign balances. 

 

You can reply below if you need further information and clarification regarding multicurrency. I'm always here to back you up. Best wishes!

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