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A
arkvalleyinfo
October 16, 2018
Solved

How to change currencies within my chart of accounts? Multi currency option turned on after creating chart of accounts!

  • October 16, 2018
  • 3 replies
  • 0 views

I need to edit my chart of accounts to reflect our multi currency status.  How do I do this?

Example:  3300 Projects Revenue Account is in USD right now but need to make it Euros or RSD.

Best answer by arkvalleyinfo

Hello mdtriller,

Thanks for reaching out to us.

You can't edit the account that was set up to USD. You'll have to create a new account and use the Euros or RSD currency. Here's how:

  1. On your left pane, click Transactions.
  2. Go to Chart of Accounts.
  3. Click New.
  4. Select the Category Type and enter Name of the account.
  5. Enter Description. (Optional)
  6. Choose the Currency.
  7. Click Save and Close.

Note: The only accounts that can used multicurrency are Bank, Credit Card, Accounts Receivable and Accounts Payable.

Please let me know if you have other questions. 

3 replies

A
arkvalleyinfoAuthorAnswer
October 16, 2018

Hello mdtriller,

Thanks for reaching out to us.

You can't edit the account that was set up to USD. You'll have to create a new account and use the Euros or RSD currency. Here's how:

  1. On your left pane, click Transactions.
  2. Go to Chart of Accounts.
  3. Click New.
  4. Select the Category Type and enter Name of the account.
  5. Enter Description. (Optional)
  6. Choose the Currency.
  7. Click Save and Close.

Note: The only accounts that can used multicurrency are Bank, Credit Card, Accounts Receivable and Accounts Payable.

Please let me know if you have other questions. 
A
arkvalleyinfoAuthor
October 16, 2018
There is no way to set currency for account of "Category type" as "Income" & "Detail Type" as "Discounts/Refunds".

Please suggest how that can be done?
A
amcaskill
October 25, 2018

Did this ever work out for you?  I am trying to set up an Income account in US currency but there is no option to select currency

E
Eazi
March 19, 2021

Hie guys,

 

how do i add multiple bank accounts to a company in quickbooks. 

AlexV
AlexV
March 19, 2021

Hello Eazi!

 

Let me show you how to add multiple bank accounts.

 

Follow these steps if you're referring to bank accounts on your Chart of Accounts.

  1. Select Chart of Accounts from the Accounting menu.
  2. Click the New button. Choose Bank as the account type, select a Detail Type and enter a Name.
  3. Enter other details needed, then tap Save and Close.

Please check this article for the detailed steps if you need to connect your bank account to QuickBooks Online: Connect bank and credit card accounts to QuickBooks Online.

 

Also, here's how to review and categorizing downloaded transactions.

 

Comment again here if you need more help. Wishing you all the best!

T
The Carbon Offset Company
March 8, 2023

There aren't any options for me when selecting A/R, but I do have the option if it's a bank account. What's going on here?

 

R
ReymondO
March 8, 2023

Thanks for joining the thread, @The Carbon Offset Company.

 

Let me share insights about creating an Accounts Receivable (A/R) account with a different currency in QuickBooks Online.

 

QuickBooks only allows you to associate different currencies when creating Banks, Other Current Assets, Fixed Assets, Other Assets, Credit Cards, Other Current Liabilities, and Long-Term Liabilities accounts. 

 

The program will automatically create an A/R account depending on the currency associated with your customer. For example, when you create an invoice for a customer with GBP currency, an A/R account will show on your Chart of Accounts with the same currency.

 

You might want to group your Accounts Receivable account types. This article will guide you through the steps: How to group Accounts Receivable or Accounts Payable account types.

 

For additional reference about multicurrency, you can check out these articles:

 

I'm still open to your replies if you have additional questions about multicurrency. Have a good one.

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