This provides a brief description of the effects on the accounts and balances on your company file when turning on the Multicurrency feature.
Multicurrency is available in the following QuickBooks online versions:
- QuickBooks Essentials
- QuickBooks Plus
- QuickBooks Advanced
If you need this feature but your version doesn't support it and you're considering an upgrade, proceed to How do I upgrade my QuickBooks Online subscription or visit our website.
- Once multicurrency is on, you can no longer turn it off. If you’re not sure, reach out to your accountant.
- If you use the Cash Flow Planner, do not turn on Multicurrency. The Cash Flow Planner currently does not support companies with Multicurrency enabled, therefore you will lose access to the Cash Flow Planner and not be able to regain access (as you cannot disable Multicurrency once it's switched on).
Multicurrency and accounts
You can assign a currency to most types of accounts, including customers, suppliers, bank and credit card accounts, accounts receivable, and accounts payable.
Income and expense accounts always use your Home currency. Your Home currency is the currency of the country where your business is physically located.
You can only assign one currency to each account or contact name, and you have to add a new account for each different currency that you will use in transactions.
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).
More information about Multicurrency
See the following articles for more information about the Multicurrency feature:
- How Multicurrency works
- How to turn on Multicurrency and add or delete currencies
- About exchange rates
- How to manually enter an exchange rate
- How to add a foreign currency account
- How to add transactions in a foreign currency
- How do I add foreign customers?
- How do I add foreign suppliers?
- Understanding Home currency adjustment