Thanks for checking this with us, @zac-zenzyc-io.
I'm here to share insights about changing currencies in QuickBooks Online (QBO). QuickBooks uses exchange rates to get the home currency values of your foreign currency transactions. In case you want to use your own rate for multiple foreign currency transactions, you can update the rate in your currencies list.
Once you save the changes, the currencies list shows the new exchange rate, the date and time it was updated, and who made the update. For more information, see this article: Enter an exchange rate. This article also provides more details on how the system calculates the exchange rate.
Here are the lists of articles you can read more about how multicurrency works:
If there's anything else that I can help you with managing multicurrency, just let me know in the comment section down below. Have a nice day.
Hi DebSheenD,
if you could help wth the question I asked, that would be appreciated. I'll post it again here for you:
"have multi-currency QBO account. home currency is EUR. Entered transactions in GBP. error message that there is no home currency."
Hi zac-zenzyc-io Do you have the 'close the books' function activated and a specific date entered in that setting? Please navigate to the cog/gear icon > account and settings > accounting > close the books.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.