QuickBooks HelpQuickBooksHelpIntuit

Learn about Multicurrency in QuickBooks Online

SOLVEDby QuickBooksQuickBooks Online205Updated 2 weeks ago

Learn when and how to turn on Multicurrency in QuickBooks Online Essentials, Plus.

All your transactions must be accounted for in your books. If you have transactions in different currencies, QuickBooks' Multicurrency feature helps you record them easily without worrying about exchange rate conversions.

Note: If you use EasyStart, you can upgrade your QuickBooks Online subscription so you can start tracking your foreign currency transactions.

When to turn on Multicurrency

You can turn on Multicurrency if you have customers, suppliers, or bank accounts that don't use your home currency. Once it's on, you can add transactions in another currency and QuickBooks handles all currency conversions.

Note: You can assign a single currency to most types of accounts, including customers, suppliers, bank and credit card accounts, accounts receivable, and accounts payable. You will have to add a new account for each different currency that you use in transactions.

How to turn on Multicurrency

Step 1: Make sure Multicurrency is for you

Important: 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).

Once Multicurrency is on, you can no longer turn it off.  If you’re not sure, reach out to your accountant.
If you don't have an accountant, we can help you find one.

Step 2: Choose your home currency

Home currency is the currency your business generally uses for its transactions. It can be the currency where your business is located. Income and expense accounts always use your home currency.

When you set up QuickBooks, it automatically sets your home currency. If you need to, you can change your home currency.

  1. Go to Settings ⚙, then select Account and settings.
  2. Select Advanced.
  3. In the Currency section, select Edit ✎.
  4. From the Home Currency ▼ dropdown, select your currency.
  5. Select Save.

What happens after you turn on Multicurrency

More information about Multicurrency

Was this helpful?

You must sign in to vote, reply, or post
QuickBooks Online AdvancedQuickBooks Online EssentialsQuickBooks Online Plus

Sign in for the best experience

Ask questions, get answers, and join our large community of QuickBooks users.

More like this