Multicurrency is a company-wide setting and cannot be enabled for specific account types like the Undeposited Funds account, cartenandsonsplumbing.
If you're receiving payments in USD and using multicurrency, you can create a bank or credit card account tied to foriegn currencies. Before doing so, you'll have to turn on the multicurrency feature, here's how:
- Go to Gear icon at the top and select Account and settings.
- In the left menu, choose Advanced.
- Go to the Currency section and select Edit ✎.
- From the Home Currency ▼ dropdown, select your currency.
- Turn on the Multicurrency switch and confirm that you understand that you can't undo this option.
- Select Save, then Done.
Note that once multicurrency is enabled, it cannot be disabled, as the currency conversion information will need to be maintained in the system.
To create a foreign currency bank account, do the following:
- Go to the Gear icon at the top and choose Chart of accounts.
- Click the New button.
- Enter the Account name.
- Choose Bank as the Account type and select the specific Detail type.
- Go to the Currency section and choose USD.
- Enter the other necessary information, then click Save.
When you receive a payment from a client, deposit it directly into your USD bank account instead of using the Undeposited Funds account. This will help you manage US currency transactions effectively.
If you want to link your bank account for automatic transaction downloads, check out this article: Connect bank and credit card accounts to QuickBooks Online.
If you have any further questions, feel free to respond to this thread.
