No Multi currency drop down

There's no need to wait to utilize the multicurrency feature after upgrading your subscription and activating it, Blaine. I'll show you how to create a new account that uses a foreign currency in the Chart of accounts to keep your financial data organized.

While adding an account, you need to input the Account name and select the Account type first so the Currency drop-down will appear. Please see the attached video below for your reference.

Moreover, it's important to note that once a transaction has been recorded in a multicurrency account, the currency cannot be altered. For more details, refer to this article: Set up and use Multicurrency in QuickBooks Online.

When everything is set up and all associated transactions are assigned to the appropriate currency accounts, you can generate the Realized Exchange Gains & Losses report to get a detailed presentation of your foreign balances and adjustments. 

You can always let me know in the comments if you have any other multicurrency concerns or questions about managing your chart of accounts. We in the Community will get you covered.

HI Rea,

Thanks for the information. I have created the following account based on your suggestion...

The part I don't understand about creating the account above is... I use the following account to record the transaction so it appears in the Income portion of my P&L report...

Here is a snapshot of the "Profit and Loss by Month Report" and the current way I like to report... its pretty simple but effective for my needs.

Just so you know their is a US Income (0001) and Expense (0003) side to each Trade.

Please let me know if you have any questions.

Thank you so much for helping me out, I really appreciate it.

KInd Regards,

Blaine

To clarify, the currency dropdown is only available for balance sheet accounts, and isn't visible in profit and loss accounts like income and expense, Blaine. Let me guide you through generating a report that displays the currency information.

You can generate a Profit and Loss Detail report and customize it to include the Currency. Additionally, you can add fields for the Exchange Rate, Foreign Tax Amount, Foreign Net Amount, and Foreign Amount. Let's walk through the steps together:

1. In the left panel, click Reports. 
2. Search Profit and Loss Detail in the Find report by name. 
3. Select the Customize button. 
4. From the change column, tick the Currency, Exchange rate, Foreign tax amount, Foreign net amount and the Foreign amount boxes. 
5. If done, hit Run report.

Additionally, you have the option to save your customized reports, allowing you to easily access them with all your changes intact the next time you generate the report.

Now that you've customized your report, you should be able to see the currency and any other foreign data crucial for tracking your business. Remember, our Community Forum is available to support you at any time.

Good morning KayPe,

Thank you very much for the information, greatly appreciated!

When I look at your screen shots and I go to customize I don't have those fields... FYI, I currently use QB Essentials Online, do I need to upgrade to Advanced so that I can install the Desktop application?

Can I also kindly ask... will I be able to adjust certain accounts in my P&L report for USD and others in CAD?

Income

• 0001 - Imported from my Bank account as USD... needs to report in CAD

Expenses

• 0003 - Imported from my Bank account as USD... needs to report in CAD
• 8710 - Imported as CAD (Working as expected and reporting correctly)
• 8810 - Imported as CAD (Working as expected and reporting correctly)

Thanks again and have a fantastic day!

Regards,

Blaine

Hello there, @BT74.

I appreciate your quick response, @BT74. Let me provide you information and steps in managing multi-currency reports in QBO.

When customizing the Profit and Loss Detail report, you may not see the Foreign Net Amount and Foreign Tax Amount, as these depend on the setup of your currencies' state tax. The exchange rate, currency, and foreign amount are the most important column to use to display your desired outcome.

You'd be glad to hear that the QuickBooks Online Desktop app is available for all versions. There's no need for an upgrade when you can download it directly here: Download and use the desktop app in QuickBooks Online (all versions) and Accountant.

Moreover, displaying multiple currencies in a Profit and Loss report is currently unavailable in QBO. All amounts are converted to your home currency. However, you can export the report to Excel and modify the Foreign Amount. Here's how:

1. Open the Profit and Loss report.
2. Click the Export to Excel button.

After customizing a report, you can also consider memorizing it so you can access it easily in the future.

Feel free to leave a reply if you have additional concerns besides customizing a report to match your multi-currency setup. I'll be here to assist you at any time.