Foreign Entity Setup

Hi, dvateva. 

Let me add some info about multi-currencies in QuickBooks Online (QBO).

The Multi-currency feature in QBO allows you to assign specific account types for the following. Note that this is an irreversible process and cannot be changed.

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

Once turned on, all income and expense accounts will base on the home currency.

If we want to set up currency for each company to record the transactions and report in the respective currencies. We need to create an account for a specific country. Here's how: 

1. Open this link: https://quickbooks.intuit.com/choose-country/.
2. Select your country and you'll be directed to your region's website.
3. Choose the version of QuickBooks Online that you need.
4. Select to Buy Now or start a Free Trial.
5. Fill in the necessary information on the Create an Intuit account or Sign up page.
6. Click Sign In or Add another account if you have an existing QBO account and want to use the same credentials. If not, click on Choose a different user ID to create a new one.
7. Follow the on-screen instructions to continue the process.

If we want to add transactions in a foreign currency, here's how: 

1. Open the transaction details and then select Add.
2. In the currency fields, enter the Foreign amount or the Exchange rate your bank provides.

Please check these articles on how multi-currency gives you the ability to record transactions in foreign currencies and to see different information about Home currency adjustments that can help you when using the Multi-currency feature in QBO: 

• About Multicurrency.
• Frequently Asked Questions about Home Currency Adjustments.
• Add transactions in a foreign currency.

Let me know how this goes and leave a reply below if you need further assistance managing currency. I'm always here to help.