I'm doing books for a CDN owned company that only does business in the USA, so all expenses are USD, and the COA I am setting up is based on US Tax files. Home currency?

Hi there,

It's good to have you post in the Community again. Managing different currencies has never been easier with QuickBooks. 

QBO has a multicurrency feature which gives you the ability to record transactions in foreign currencies. If you have customers, suppliers, or bank accounts that use a currency other than your local currency, you can turn on the multicurrency feature to properly track these transactions, as well as exchange rate gains and losses. Once you turn the multicurrency feature on you cannot turn it off again, so be absolutely sure you want to turn it on.

The multicurrency feature and foreign currencies are available in QuickBooks Online Essentials and Plus.

Note: Once you turn multicurrency on, your Home currency is set and cannot be changed.

Here's how to turn on multicurrency:

1.     Select Settings ⚙️.
2.     Select Account and Settings.
3.     Select Advanced.
4.     Select Edit ✎ in the Currency section and choose your Home Currency.
5.     Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
6.     Select Save.

The Manage Currencies link that appears takes you to the Currencies page, where you can manage the currencies you use.

Add currencies

Here's how you can add to the currencies you use.

1. Select Settings ⚙️.
2. Select Currencies. Note: This option is available after you turn on multicurrency.
3. Select Add currency.
4. Select the new currency from the Add Currency ▼ drop-down menu.
5. Select Add.

It's completely up to you to choose which currency you'd like to use. For more info on multicurrency, check out this helpful article: Turn on and use multicurrency.

Let me know if you have other questions. I'll be here to help. :)