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Set up and use Multicurrency

by Intuit Updated 3 weeks ago

Learn how to set up and use multicurrency in QuickBooks Desktop.

With Multicurrency, you can track sales and purchases in different currencies. 

Once you turn on multicurrency:

  • You can’t turn it off.
  • You can’t use Insights, Income Tracker, Bill Tracker, or Advanced Track Mileage.
  • You can’t batch enter invoices or batch delete/void transactions (Enterprise and Accountant only).
  • You can’t select multiple customers in Invoices for Time and Expenses.
  • You can’t exchange information with QuickBooks Desktop for Mac or copy your company file to work with it.
  • You can’t receive online payments for invoices in foreign currencies.
  • All existing customers, suppliers, and accounts are assigned your home currency. 
  • You can assign foreign currencies to customers, suppliers, price levels, and accounts (bank, credit card, accounts receivable, and accounts payable).

Step 1: Turn on Multicurrency

  1. Make sure you back up your QuickBookes company file before you continue.
  2. Go to the Edit menu, then select Preferences.
  3. Select Multiple Currencies.
  4. Go to Company Preferences, then select Yes, I use more than one currency.
  5. Select your home currency, then select Ok.

Step 2: Add foreign-currency customers and suppliers

You can only assign one currency per customer or supplier profile. You need to create new profiles to assign a new currency.

Add foreign-currency suppliers or customers:

  1. Go to Customers (or Suppliers), then select Customer Centre (or Supplier Centre).
  2. In the Customer Centre (or Supplier Centre), select New Customer:job (or New Supplier), then select New Customer (or New Supplier).
  3. Enter a Customer (or Supplier) Name, then select a Currency.
  4. Select OK.

Step 3: Add foreign-currency accounts

You’ll need to create new accounts for your foreign-currency transactions. Each account can only have one currency. 

Note: You can assign currencies to the following account types: Bank, Credit Card, Accounts Receivable (A/R), and Accounts Payable (A/P). QuickBooks will create other account types (income, expense, liability, and cost of goods sold) for each currency as you create transactions.

Add foreign-currency accounts:

  1. Go to Lists, then select Chart of Accounts.
  2. In the Chart of Accounts, right-click anywhere and select New.
  3. Select the account Type and assign a name.
  4. Select a Currency then select Save & Close.

Step 4: Update your exchange rates

You can only download rates for active currencies if your home currency is the US dollar.

Download exchange rates:

  1. Go to Lists, then select Currency List.
  2. Select Activities, then select Download Latest Exchange Rates.

Manually enter exchange rates:

  1. Go to Lists, then select Currency List.
  2. Double-click a currency.
  3. In the Edit Currency window, update the currency exchange rate for specific date/s.

Step 5: Create foreign-currency transactions

You're ready to make transactions with different currencies. Any transaction that has a name (like invoices, estimates, sales orders, bills, and checks) uses the currency assigned to the selected name. On transactions that don’t need a name, like general journal entries, you can select the currency.

Here are some things to remember when you create transactions:

  • Exchange rates are part of each transaction and determine the home currency value of the transaction.
  • Amounts on sales and purchase transactions are in the customer's or supplier's currency and the home currency equivalent is listed for the transaction total.
  • Reports will always show the home currency regardless of the currency used in transactions.
  • The currency on payments you receive or send must match the currency on the invoice or bill being paid.

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