How do I create Expense accounts in other currencies?

Hi there, @ben149. I know why the option to assign a foreign currency to create an expense account is unavailable in QuickBooks Online (QBO).

QuickBooks only allows you to associate different currencies when creating the Banks, Assets, Credit Cards, Liabilities, and Equity account. Although we create expense transactions in different currencies, the amounts will be automatically converted into your default home currency. 

On the other hand, you can utilize various financial reports to get a snapshot of your business's financial growth. I also added a resource where you can refer to the complete guidelines for customizing it:

• Run reports in QuickBooks Online
• Customize reports in QuickBooks Online

You’re always welcome to post your queries here for assistance. Just don’t hesitate to click the Reply button to post them here. Take care!

Hi @RoseJillB ,

Thank you for the quick reply. I guess i'm a bit confused. While I know in the end for reporting etc, everything has a USD value, i thought that at least within the constraints of the foreign accounts, you could track things in the local currency. I also have been able to create expense accounts for some of the foreign currency transactions, so it seems mixed. I have attached a screen shot of my chart of accounts. You can see that I was able to make expense and income accounts for some of the currencies. It seems that I was able to do this for transactions that were automatically downloaded from my bank when I went to book them. But I have accounts that are not synced online so I have to enter transactions manually. I feel like either I'm missing something obvious, or there is a bug somewhere that let me make those expense accounts that are in local currency. 

Thanks for any insight you an provide

-Ben

I appreciate you for getting back to the thread, @ben149. Let me chime in and share my thoughts regarding this matter.

If bank transactions are added to the Transaction menu, you can add the expense transactions with their corresponding currency since they came from the bank. However, in the Chart of Accounts, you can manually add transactions and only use no other than the home currency.

To learn more about using Multicurrency in QBO, please see this article: Set up and use multicurrency in QuickBooks Online.

Please feel free to leave a comment below if you have other concerns about managing foreign currency transactions in QBO. I'm always ready to help. Have a great day!