In the Chart of Accounts, the following Account Types don't have the Currency field after turning on the Multicurrency feature in QuickBooks Online, stomazsewski.
- Accounts Receivable (A/R)
- Accounts Payable (A/P)
- Equity
- Cost of Goods Sold
- Income
- Other Income
- Expense
- Other Expense
Meanwhile, these are the Account Types where you can assign individual currencies:
- Other Current Assets
- Bank
- Fixed Assets
- Other Assets
- Credit Card
- Other Current Liabilities
- Long Term Liabilities
Make sure you choose the appropriate Account Types when creating accounts to correctly categorize future transactions. To know more about how multicurrency works, you can check out this article: Set up and use Multicurrency in QuickBooks Online.
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QuickBooks uses exchange rates to convert foreign currency amounts into home currency values for your reports. This ensures all transactions are included, providing a clearer view of you business performance. You can adjust the rates if necessary.
Feel free to reach out if you have any questions or need additional assistance. We're here to help!
