We currently pay overseas suppliers and in the Chart of Accounts have a normal Accounts Payable account in the home currency (AUD) and an AP - EUR account.
However when trying to add a new AP account in USD there is no option to change the currency in the setup screen.
Does anyone know why this would be?
Thanks for reaching out in the Community! You won't be able to manually set up an A/P account with foreign currency; instead you firstly need to create the supplier with the currency and then create a bill, expense or so on. This then automatically creates the account for you:
If you now navigate to your Chart of Accounts, you will see an A/P account has now been created for you with the relevant currency.
As additional option to deal with multi currency transactions. Explore and open a multi currency business account at TW as the virtual bank and utilize the bank feeds. You may get a lower fee and a better xchange rate.
Hope it helps.
Welcome to the Community. Let me help provide some information about the Multi-currency feature in QuickBooks Online.
If you're trying to view vendors with foreign currencies, you can add an extra column. You can do it by clicking the cogwheel icon within the Suppliers/Vendors section and adding a checkmark to Currency.
In case you want to add a vendor with a foreign currency:
To view the currency of an existing vendor, please follow these steps:
Lastly, to view all currencies, click the cogwheel icon in the upper-right corner, then select Currencies (see screenshot below).
For additional reference, you can use the following article to learn more about how exchange rates work in QuickBooks: About exchange rates.
Please know that I'm just a post away if you have any other questions. Take care.