Learn how to activate multicurrency in QuickBooks Online.
You may have customers, vendors, or bank accounts that use currencies other than your home currency. Multicurrency lets you track transactions in those foreign currencies. In this article, we'll show you how to turn it on. And also explain what happens with home and foreign currency.
Turn on multicurrency
If you're ready to turn on multicurrency follow these steps.
|Warning: Once you turn on multicurrency, you cannot turn it off or change your home currency. Only turn it off if you have bank accounts, customers, or vendors that don't use your home currency.|
- Select Settings ⚙️.
- Go to Account and Settings. Then go to Advanced.
- Select Edit ✎ to modify your currency settings.
- Choose the Multicurrency checkbox.
- Select Save and close.
Home vs foreign currency
- Your current currency becomes your home currency. (The currency of the country your business is physically located.)
- Until you assign a foreign currency, the default value for all customers, vendors, and accounts is your company's home currency.
- Income and expense accounts always use your home currency.
- You can assign a foreign currency to customers, vendors, banks and credit cards.
- You'll see foreign currencies on the activity screens for customers, vendors, transactions, accounts and companies.
- You can pay and receive payments in a vendor's or customer's currency.
- Foreign currency is automatically updated every four hours in QuickBooks from Wall Street On Demand.