Hi there, @Meghna Sreenivasan.
I'll share some information about the Multicurrency feature in QuickBooks Online (QBO).
Multicurrency allows you to pay and get paid in the foreign currencies of customers, vendors, or bank accounts that don't use your home currency. Once it's on, you can add transactions in another currency and QuickBooks handles all currency conversions.
Also, you'll want to take note of the following before turning on the feature:
- Once Multicurrency is on, you can no longer turn it off. This is because the currency conversion information will have to be accounted in the system moving forward. If you’re not sure, we recommend talking to an accountant.
- Multicurrency is not available for Simple Start users. Here’s how to upgrade your QuickBooks Online subscription so you can start tracking your foreign currency transactions.
- If you connect QuickBooks Commerce with QuickBooks Online, multicurrency won’t work.
- Turning on multicurrency will inactivate the cash flow planner in QuickBooks Online.
- Seeing the “Something’s not quite right” error during multicurrency setup? Clear cache and cookies to fix issues.
I'm adding this article to learn more about the Multicurrency feature: Set up and use multicurrency in QuickBooks Online.
You may need to make home currency adjustments when using the multicurrency feature. This article will guide you through the process: Frequently Asked Questions about Home Currency Adjustments.
Our Community forum is always open to help you again if you need more information about multicurrency. Wishing you continued success!
