How to change vendor currency in transaction?

I have an alternative method you can perform to change your vendor currency in a transaction, @Accounting345. 

When you create a transaction for a foreign vendor, we're unable to edit its currency directly. I'd first suggest making that vendor inactive. Then, re-add them again so you can assign their correct currency. View the screenshot below for your visual reference. That way, you'll be able to enter a transaction for them. It helps you ensure their balances are accurate in QuickBooks Online (QBO).

Furthermore, I recommend visiting this website: Multicurrency Overview. It has in-depth details about the effects of using the Multicurrency feature on your company's accounts and balances. It also provides you links to learn more about this functionality in QBO. 

I'm just a comment away if you need anything else. Enjoy the rest of your day, @Accounting345. 

@Accounting345 

As additional option, utilize this payment service for muti currency transactions. You may release an invoice and get paid in USD, and your customers pay in their local currency.

https:// veem.grsm.io/veems

What if a bill for a vendor was entered in a wrong currency and it was already paid. How should it be corrected?

Hello Sapphire1903!

Thanks for joining this thread. Please note that we're unable to change the currency of a transaction. However, let me share the steps on how we can fix this.

You'll want to delete and recreate both the transaction and the vendor profile. We need to make sure first that we selected the right currency.

1. Open the bill and the bill payment. Click More at the footer section, select Delete, then Yes to confirm.
2. Go to the Expenses menu and select Vendors.
3. Find the vendor. Click the arrow under the Action column and select Make inactive.
4. Tap Yes.

Once done, click the New vendor button to recreate it. This time, make sure to select the correct currency from the I pay this vendor with dropdown.

If there's an overpayment or underpayment, you'll want to make an internal agreement with your vendor on how to handle it. You can either create a refund or credit.

I added this link if you need more help in managing your foreign currency: About Multicurrency. This includes details about exchange rates, home currency adjustment, and more.

Add more info to this post if you have other questions. We'll respond as soon as we can.