My company uses double currencies, USD and GHS. When income is earned and invoiced in USD for say $100, it shows in the P/L account as GHS 100. it does not translate!

Hi there, joeanka. Let me help you convert your currencies efficiently so it will reflect in your P/L report correctly.

When generating the P/L report, it will display in GHS if that's your home currency. You can click on the amount in the report to verify the transactions.

Also, you can review the exchange rates in your company settings to ensure accuracy.

Here's how:

1. Go to  the Gear icon and select Account and Settings.
2. Click on the Advanced tab.
3. In the Currency section, click on Manage Currencies.
4. Hit the Edit currencies exchange dropdown under the Action column.
5. Select Your Rate. Check if the rate is correct. If so, click Save.

If you haven't set up your Multicurrency, follow steps 1-3, and then enable it. Note that once you turn on this feature, you won't be able to turn it off.

However, consider creating a new customer and assigning the accurate currency if everything's correct. This way, when you invoice that customer, it will automatically convert into USD.

I'll be adding this article for your reference and learn how to use multicurrency in QBO: Set up and use Multicurrency in QBO.

In addition, you can refer to this article to learn how to record paid invoices in QBO: Record invoice payments in QBO.

Don't hesitate to comment on this post if you need further assistance with multicurrency and exchange rates in QBO. I'm always here to help.