With QuickBooks Desktop, you can keep track of transactions in foreign currency. The Multicurrency feature allows you to assign a specific currency type to the following profiles and accounts:
Before turning on Multicurrency
Once on, you can no longer turn off Multicurrency. Make sure that you backed up your QuickBooks company file before proceeding. Here are other important things to consider:
Step 1: Turn on Multicurrency
Step 2: Add foreign-currency customers and vendors
You can only assign one currency per customer or vendor profile. You need to create new profiles to assign a new currency.
To add foreign-currency Vendors or Customers:
Step 3: Add foreign-currency accounts
You can only assign one currency for each account. You need to create new accounts for your foreign-currency transactions.
To add foreign-currency accounts:
Step 4: Update your exchange rates
QuickBooks Desktop downloads rates for active currencies only. In addition, you can only download rates if your home currency is the US dollar.
To download exchange rates:
To manually enter exchange rates:
Step 5: Create foreign-currency transactions
Note: Only use the foreign-currency names or accounts you added for new foreign-currency transactions.
If you have an open invoice for an existing customer that has your home currency, do not use the new foreign-currency version of that customer to receive payment against that invoice. Instead, continue to use the home currency version of the customer to complete the transaction.