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February 28, 2022
Question

Does anyone know how I can properly enter an expense that was purchased in a different country? Just don’t know how to do the different currency.

  • February 28, 2022
  • 1 reply
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1 reply

March 1, 2022

I've got your back on recording expenses purchased from a different country, @beaumarkfit-gmai.

 

You can utilize the Multicurrency feature in QuickBooks Online (QBO) to enter expenses with a different currency. Please know that this feature is only available in the Essentials, Plus, and Advanced versions of QBO.

 

Once you're ready to use the feature, you can follow the steps below to turn it on:

 

  1. Sign in to your QBO account.
  2. Click the Gear icon, then select Account and Settings.
  3. Select Advanced from the left menu.
  4. Go to the Currency section, then choose your Home Currency.
  5. Put a checkmark on the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  6. Click Save, then Done.

 

After turning on the feature, you'll need to add a supplier with the foreign currency. This way, QuickBooks will use the supplier currency every time you create expense transactions. Here's how:

 

  1. Click Expenses from the left menu, then select Supplier.
  2. Select New supplier.
  3. Enter the supplier's name and other info.
  4. From the I pay this supplier with drop-down, select the currency you use to pay this supplier.
  5. Click Save.

 

I'm adding this article to learn more about multicurrency: Multi-currency FAQ.

 

Just in case you want to create home currency adjustments for your foreign balances, you can check out this article: Enter home currency adjustments. This helps change the home currency value of your foreign balances, recalculating them based on a new rate.

 

Visit our Community forums again if you have other questions about recording expenses with different currencies. I'm still open to your replies, @beaumarkfit-gmai.