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Marianne11_2
May 22, 2020
Question

Turning on Multicurrency

  • May 22, 2020
  • 2 replies
  • 1 view

I have a client who is increasing in multi-currency activity and wondering what the impact is on suddenly turning on the multi-currency feature with years of data in QBO?

2 replies

AddieC
AddieC
Level 5
May 22, 2020

Hi there, 

 

As our world becomes more connected, small businesses are beginning to open their services up to different countries and currencies. It's so important for your bookkeeping software to be able to support that option, which is what's so great about QuickBooks Online. The Multicurrency feature is available in QBO Essentials and Plus. I'd be happy to explain what happens when you turn this feature on.

 

Once Multicurrency is activated, new fields will appear on some screens:

  • Chart of Accounts: A Currency column appears on the Chart of Accounts, identifying each account's currency. Once an account has had a transaction posted to it, you can no longer change the account's currency,
  • Bank and Credit card registers: A currency notation appears in the headings of the Payment, Deposit, Sales tax, and Balance Due columns on Bank and Credit card registers (or account histories).

Don't worry, enabling Multicurrency won't have an impact on previously entered transactions.

 

Keep in mind that once turned on, the Multicurrency tool can't be turned off. 

For more information about Multicurrency and how it works, check out this awesome Community article: About Multicurrency. There's a few additional articles linked at the bottom of the page that will help you with any additional questions. 

 

If you'd like any further assistance with this, please don't hesitate to reach out to our tech support team. Our agents are standing by to help.


Cheers. 

M
Marianne11_2Author
May 26, 2020

Thanks for the reply AddieC.  So turning on the feature does not change previously entered transactions, but does it convert the opening account balances?

 

Also, if I turn on this feature, do I need to create new client and supplier profiles with the USD option selected?

AddieC
AddieC
Level 5
May 26, 2020

Hi Marianne. That's correct. Turning on Multicurrency won't alter anything that's already existent in QBO. That includes opening account balances. 

As for creating new client and supplier profiles, you're right on track. You'll have to set up new clients/suppliers and specify that they work with USD. You'll do this the same way as you would add any other client or supplier, but then you'll select USD as their currency preference. 

If you need a hand with anything else, our tech support team is always here for you. 

Fiat Lux - ASIA
Fiat Lux - ASIA
Level 14
May 23, 2020

@Marianne11_2 

If your client still reluctant to turn the multi currency feature on, explore this 3rd party payment service. You may release any invoice and ge paid in CAD, and clients pay in their local currency.

https://veem.grsm.io/veems

 

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