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Best answer January 30, 2020
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Hello there, Krisjl21.
Yes, you need to enable the Multicurrency feature so you can track your transactions in foreign currency. This will also allow you to assign a specific currency type on your customer or vendor profiles. Let me guide you how.
However, let me remind you that you can no longer turn off the feature once turned on. It's recommended to create a backed up your QuickBooks company file before proceeding.
To turn Multicurrency, here are the steps:
- Go to the Edit menu.
- Select Preferences.
- Click the Multiple Currencies menu.
- Select the Company Preferences tab.
- Click the Yes, I use more than one currency radio button.
- Read the things to consider before turning on the feature, then select Yes.
- From the drop-down, select your home currency.
- Click OK.
I've attached screenshots below for your reference.
Once done, you can now create transactions that require you to use foreign currency. You can assign it per customer or vendor profile. However, you can only set one, so you need to create new profiles for them.
If you wish to add foreign currency customers, vendors, and accounts, as well as updating your exchange rates, you can check out the Set up and use Multicurrency. This contains complete details about the said feature and steps you can take after activation.
Let me know if you have other concerns about QuickBooks features, I'm always ready to help.
Hello there, Krisjl21.
Yes, you need to enable the Multicurrency feature so you can track your transactions in foreign currency. This will also allow you to assign a specific currency type on your customer or vendor profiles. Let me guide you how.
However, let me remind you that you can no longer turn off the feature once turned on. It's recommended to create a backed up your QuickBooks company file before proceeding.
To turn Multicurrency, here are the steps:
- Go to the Edit menu.
- Select Preferences.
- Click the Multiple Currencies menu.
- Select the Company Preferences tab.
- Click the Yes, I use more than one currency radio button.
- Read the things to consider before turning on the feature, then select Yes.
- From the drop-down, select your home currency.
- Click OK.
I've attached screenshots below for your reference.
Once done, you can now create transactions that require you to use foreign currency. You can assign it per customer or vendor profile. However, you can only set one, so you need to create new profiles for them.
If you wish to add foreign currency customers, vendors, and accounts, as well as updating your exchange rates, you can check out the Set up and use Multicurrency. This contains complete details about the said feature and steps you can take after activation.
Let me know if you have other concerns about QuickBooks features, I'm always ready to help.
