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erichhergert91-g
April 8, 2021
Question

Am I able to add another currency so that when I am adding an expense it's in the right currency? Its set to CAD right now and most of my bills are in USD.

  • April 8, 2021
  • 3 replies
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3 replies

LauraAB
April 8, 2021

Hi there erichhergert91-g,

 

I know how important accuracy is in bookkeeping anyway, and when it comes to using multiple currencies, it's even more so. QuickBooks Online knows that business might have customers and suppliers that use a variety of currencies, and with that in mind, the program has a feature to help you manage this. Allow me to introduce you to the multicurrency feature.

 

When you have a QuickBooks Online Essentials or Plus subscription package, you have access to the multicurrency feature. This can be turned on in the account settings, where you choose your home currency, and then you'll be able to add and manage other currencies as needed. Once turned on, you can set up suppliers, customers, and certain accounts in foreign currencies to make sure the figures track accurately. Here are a couple of articles to get you started.

Please note that any accounts, suppliers, customers, or otherwise created before turning on multicurrency will default to using Canadian currency and that once a currency is assigned to one of those items, it cannot be changed. This would mean setting up your suppliers and accounts that use USD after turning on multicurrency because then you'll have the option in a drop-down menu to choose the currency they use. The About Multicurrency article I linked above has additional links to walk you through those setups.

 

If your plan is currently an EasyStart subscription, you can upgrade to access the multicurrency feature. In case you need it, here's our article about changing your subscription: Upgrade or downgrade your QuickBooks Online subscription

 

That should get you on your way, but don't hesitate if you have further questions. I'm here to help however I can. :)

Fiat Lux - ASIA
Fiat Lux - ASIA
April 8, 2021

@erichhergert91-g 

Keep in mind, the discounted rate is not applicable when upgrading your plan. If you just purchased QBO Easy Start, consider opening a new QBO Essentials/Plus account to get the discounted rate.

https://quickbooks.grsm.io/Canada

 

As another option, you may utilize these apps to deal with multi currency transactions. You don't need to enable the multi currency feature.

https://veem.grsm.io/veems

https://wise.prf.hn/l/64dl92k

 

LauraAB
April 8, 2021

I'd like to take a moment to elaborate on what Fiat Lux has just mentioned to make sure that you have all the information for deciding how to handle this situation. If you decide to create a new subscription to take advantage of a discount, your data will not be transferred from the old subscription to the new, and it would mean exporting and importing from one account to the other. To see the built-in options and limitations with that process, I encourage you to read our Export reports, lists, and other data from QuickBooks Online and Common questions about importing data to QuickBooks Online articles.

 

You may be able to find third party services, such as partner apps through the Apps tab, that can transfer your data between books, but this will not organically happen when you create a new account. It's also useful to note that if you do decide to create a new account, you can use the same login credentials as your original account. Once you've selected a plan from our website, you can choose Already have an Intuit account? Sign In. When you have multiple accounts that use the same login details, you'll be able to use the Switch company option through the program's Gear icon to access them. You may also want to cancel any accounts you don't need to avoid being charged when you're not using them.

 

I hope this helps with your decision. :)

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