How to change the home currency in QuickBooks online essentials while using the multi currency setup?

How long have you been using your current QBO account? Is it a new blank QBO account?

Hello there, @zahid3. 

Let me share insights about changing home currency in QuickBooks Online (QBO).

With QBO, you can now record foreign transactions easily to expand your business overseas. However, once you have turned on the Multicurrency feature, you can no longer change your home currency to prevent messing up the account.

In your case, you can purge your data and start over if you're a new customer. Otherwise, you need to create a new company. Before you get started, please be reminded of the following: 

• Make sure to sign in to QBO as an admin.
• These processes help you delete the data for one QBO company. You can discover more about managing data or check out our privacy center if you need to delete all or some of your Intuit data.
• You need to move your list to a new company to reuse your current data after starting over.

Depending on your subscription level, you can utilize this article to guide you with the steps: Delete your data and start over in QuickBooks Online.

Moreover, consider scanning this resource to learn more about the Multicurrency feature: Set up and use multicurrency in QuickBooks Online.

Feel free to inform us here in the Community if you have additional questions regarding your home currency and other related concerns with QuickBooks Online.

We are using for more than one month and entered plenty of transactions for the whole year of 2023

Since your company is less than 2 months old, deleting your company files is possible, @zahid3.

Before proceeding, you can download all your lists, reports, and other 2023 data so you can access and move them anytime when your desired home currency is set up.

This guide contains complete instructions about downloading your data from the system: Export documents from QuickBooks Online.

Then, refer to the outlined steps below to remove your company files:

1. Sign in to your QuickBooks Online account.
2. Paste this URL in the Web address field: https://app.qbo.intuit.com/app/purgecompany.
   
3. Enter Yes to confirm, then select OK.
4. Select your industry from the dropdown.
5. Follow the remaining instructions, then click Wipe data.

When done, you can start setting up your company. Make sure to select the right currency. Then, import all transactions you downloaded.

If you need more insights about uploading data, you can access this reference: Common questions about importing data.

Don’t hold back to drop comments below if you need more help operating your account and entries. We’ll always be here to help, @zahid3.

@zahid3 

You cannot change the home currency after registering transactions. You have to signup for a new QBO account and you can use the migration tool.

https://get.transactionpro.com/qbo

Another option, purchase a 3rd party migration service.