I have switched multi-currency on, but am not able to change one account from US$ to one of the currencies in my currency list. How can I correct that?

Thanks for sharing your multi-currencies concern in the Community, @EdSanderson.

As an insight, the Multi-currency feature in QBO only allows you to assign specific account types for the following:

• Customers and Vendors
• Price levels
• Bank/Credit Card accounts
• Accounts receivable and Accounts payable

When it's turned on, all income and expense accounts will base on the home currency. You'll want to create a customer using that currency.

Here's how:

1. Go to the Sales menu, and then choose the Customers tab.
2. Click the New Customer button.
3. On the Customer Information window, select the Payment and billing section.
4. Set the currency to the currency under the This customer pays me with drop-down.
5. Click Save to confirm the actions made.

You can now create a sales account in QBO using other currencies. Simply select the customer associated with it.

Here's an article to get more insights on how multi-currency works in QBO.

Visit us and post again if you have additional questions. I'll be here to guide you more. 

It was a Bank account and I realise that maybe I downloaded the bank transactions BEFORE I made that a different currency.

In which case I assume I need to 1) DISCONNECT that account; 2) discard the 53 transactions - non of which has yet been CATEGORIZED, 3) set up the nonUS$ bank account with a slightly different name; 4) set the currency correctly; 5) re-connect the account to the bank yo download the transactions in other currency.

Does that seem to be the correct way to proceed?

Hello there, @EdSanderson. Appreciate you for getting back to us.

Setting up the bank account to a foreign currency only helps you to deposit in different currencies. It makes transactions and finance operations easier with reduced currency exchange fees in QuickBooks Online.

The procedure you've shared is not a 100% assurance to automatically bring bank transactions with a different currency to what you have manually set up in the system. This is because QuickBooks only depends on the data shared from your bank or your Financial Institution.

If you want to match your actual transactions and the downloaded ones, you can follow these steps:

1. Go to the Banking menu.
2. Choose the Banking tab.
3. Locate your bank account and search for payments from the For Review tab.
4. Double-click on the transaction to expand it.
5. Select the Find Match option. From the Match Transactions page, mark the Foreign currency button.
6. Set the Date Range of the transactions.
7. Choose the manually added transaction that matches your downloaded bank transaction. Then, Save.

Here's an article to learn more about categorizing and matching your uploaded transactions:

• Review Downloaded BankTransactions and put them in the Correct Accounts
• Reconcile your Accounts

Please let me know if you have more questions about QuickBooks. I'll be right here together with my colleague to help you further. Take care and stay safe, EdSanderson.