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How to add a foreign currency account

SOLVEDby QuickBooksUpdated January 12, 2023

When you use the Multicurrency feature, you can assign a currency to bank accounts and credit card accounts. Income and expense accounts always use your Home currency.

Note:Make sure Multicurrency is turned on to add an exchange rate. The Multicurrency feature and foreign currencies are available in QuickBooks Online Essentials and Plus.

Add a foreign currency account

To add a foreign currency account to your Chart of Accounts, you must have turned Multicurrency turned on in your Advanced settings. (See How to turn on Multicurrency.)

To add a foreign currency account:

  1. Go to Settings ⚙.
  2. Select Chart of Accounts.
  3. Select New.
  4. In the Account dialog, select the appropriate Account Type and Detail Type.
  5. Enter a Name for the new account and an optional Description.
  6. Select the currency to assign to the account from the Currency ▼ dropdown menu.
  7. Select Save and close.

Track account currencies and balances

The Currency column on the Chart of Accounts shows the currency assigned to the account, and account balances are shown in the account's assigned currency.

If no currency is listed in the Currency column, the account is in your company's Home currency.

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