Multi Currency account

Hi Valerie,

I'm glad that you're interested in adding your Wise account, which I believe is in a different currency, that's why QuickBooks prompts you to turn on the Multicurrency feature. I'll guide you through the setup.

To answer your question, yes, your Balance Sheet, Profit and Loss, and other reports will be presented based on the chosen home currency in your settings. Therefore, you'll want to make sure it's set up correctly as you turn on the Multicurrency feature because you cannot change it afterward.

In addition, it is assumed that all your existing transactions, customers, vendors, and accounts are on the same currently. Therefore, they will adapt your chosen home currency as you turn on the Multicurrency feature. You can only add transactions, customers, vendors, and accounts in a different currency after the said feature is turned on. Please check out this article before following the steps below: Set up and use multicurrency in QuickBooks Online.

The article pretty much provide the necessary processes related to multicurrency, like adding transactions in a different currency, editing the exchange rates, assigning currency to suppliers and customers, etc.

To turn on the Multicurrency feature:

1. Go to Settings ⚙ and then Account and settings.
2. Click Advanced bar.
3. Select Edit ✎ in the Currency section and choose your Home Currency.
4. Tick the Multicurrency checkbox and confirm that you understand that you can't undo this option.
5. Select Save and close.

After turning the feature on, please don't forget to first create a bank account in your Chart of Accounts in a currency similar to your Wise account because that's where you connect your account to.

1. Click the Gear icon and choose Chart of Accounts.
2. Click the New button.
3. Choose an Account Type and Detail Type.
4. Name the account as Wise or anything you want.
5. Select a Currency.
6. Choose a tax code of leave it as blank for now.
7. Add an opening balance and set the as of date.

On the other hand, if you want to run ports with a foreign amount, you can add the following columns to your reports: Currency, Foreign Amount, Foreign, Net, and Exchange Rate.

I'm only a comment away should you need more help with the feature. Take care and have a good one!