I'd be happy to go over this with you so you can ensure you have the currencies you need set up in your QuickBooks Online account. I know how important it is for transactions to be in the right currency in order to properly balance your books, so I want to make sure you have a sense of how the program works.
As Fiat Lux mentioned, before turning on any multicurrency feature, QuickBooks Online Canada will default your home currency to Canadian dollars. If you need to choose a different home currency for whatever reason or set up other currencies, you can absolutely do so when you're using QuickBooks Online Essentials or Plus by turning on the multicurrency feature. If you're using the EasyStart package, an subscription upgrade is in order to be able to use this feature.
There are two important things to note with the multicurrency features:
If you've accidentally set up your QuickBooks Online with the incorrect home currency, that'll mean starting a new QuickBooks Online subscription. Make sure to cancel the subscription with the incorrect currency when you're ready so you're not paying for a subscription you're no longer using.
Likewise, if you've set up a customer, vendor, or account register with the wrong currency, you'll need to make it inactive.
Here are some articles about QuickBooks Online's currency feature. Give them a read and let me know if you have more questions.
Have a great day.
Thanks for following up shiva-ippakayala. I want to make sure you're able to work through these options to make sure you have the solution you need for your books. While I'm unable to call you, I can let you know the options for getting in touch to have a one-on-one conversation with an agent who can help. Choose from one of the following options.
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i found it quite easy to find and manage currencies, but what is lacking is the ability to change the position of the currency symbol - USD is usually on the left but for me, its on the right and I dont quite like this and cant find where to change it
Thanks for joining us here. In QuickBooks Online, the currency symbols are set as default so there's no option to make any changes at this time. If you'd like to submit a suggestion to our Development Team for feature updates, you can do so by going to > Settings ⚙ and select > Feedback. In addition, you can view new features and product updates here.
If you have any other questions, we'd be happy to help!
I am chiming in to add to the discussion: the currency symbol placement is not standard around the world.
Here, in the province of Quebec, the $ is placed at the RIGHT of the amount, whereas elsewhere it may be placed to the left.
"Symbol Placement For example, countries in the European Union place the euro symbol to the right of the dollar amount. But to make things interesting, Canada does it both ways. In English Canada, the dollar symbol goes to the left of the amount, while in French Canada, the dollar sign goes to the right."
The big corporations place it at the right (Bell Canada, Purolator, Hydro Québec, Telus, VISA, Rogers....
I am adding to my previous post:
Maybe a way would be to add a text field via the form customization, either the dollar sign, USD, EUR, or the Euro sign, but for the form to work, the amount would need to show just the digits, without the currency symbol.
As it is, I am using QBD 2020, and the invoices generated have the currency symbol only in the sub-total, total taxes and Total, but not in the columns for price and the amounts next to it.