The Multicurrency feature is used by small business owners who have customers, suppliers, or bank accounts that use foreign currencies, or currencies that differ from their home currency.
Do you need the Multicurrency feature?
If you don't yet have foreign customers, suppliers, or currencies in your bank accounts, don't turn on Multicurrency. Wait until you truly have a need for it.
If you do have reason to turn Multicurrency on, it can be a powerful feature for your business. Once on, QuickBooks Online downloads exchange rates nightly from WSoD (Wall Street on Demand). You can also manually enter exchange rates and revalue them if needed.
If you are unsure whether you need multicurrency, or whether you should turn it on, consult an accounting professional for advice.
|Note: If you use QuickBooks Online Simple Start or Easy Start, you will need to upgrade to see this feature.|
Before turning Multicurrency on
Before you turn on multicurrency, you can adjust your home currency as much as necessary.
Adjusting your home currency automatically changes the currency symbol on your transactions, but does not change the amounts associated with a transaction.
After turning Multicurrency on
Once you turn the Multicurrency feature on you cannot turn it off again, so be absolutely sure you want to turn it on. Additionally, when the feature is turned on, you can no longer change your home currency.
The Multicurrency feature adds a number of additional fields, labels, columns, and lists related to currencies:
- The Currencies list, where you can manage your currencies, is added as an option under Lists.
- You can specify a currency when you add a customer or supplier.
- A currency column appears in the Chart of Accounts, identifying each account's assigned currency. Once an account has had a transaction posted to it, you can no longer change the account's currency,
- A currency notation appears in the Payment, Deposit, Tax, and Balance Due columns on Bank and Credit card registries (or account histories).
- The currency is noted in the Amount column on sales and purchase forms.
- Reports convert all foreign currency to Home currency amounts, and automatically reflect exchange rate changes.