I am running quickbooks in 2 separate currencies. I had to make a security deposit for untilities in a new office we are leasing. The payment was made in a foreign currency but I do not know how to make the entry in quickbooks. All the other asset accounts are in US dollars and I need to make the entry in JA dollars. When I try to setup another account, I don't have an option to tie the account to the foreign currency. Does anyone know what I need to do?
You'll need to turn on the Multiple Currencies feature so you can create a foreign account. Before that, I'd recommend backing up your company file. This is because we won't be able to turn off this feature.
Here's how to turn on Multicurrency:
Now, you can already create a foreign currency account:
You can also use this article for reference: Set Up and Use Multi-Currency.
I'd also recommend contacting your accountant on how you can create the entries. They know what's best for you and your books.
Let me know if you need anything else.