Exchange Gain or Loss

Hello, Alex_St. 

Thanks for considering using the Multicurrency tool in managing your foreign currency. Allow me to provide some information on how this option works. 

The feature mentioned above is only available in QuickBooks Online Essentials, Plus, and Advanced. Once you turn it on, the following fields and labels are added to your company.

• Chart of Accounts: A Currency column appears on the Chart of Accounts, identifying each account's currency. Once an account has had a transaction posted to it, you can no longer change the account's currency,
• Bank and Credit card registers: A currency notation appears in the headings of the Payment, Deposit, Sales tax, and Balance Due columns on Bank and Credit card registers (or account histories). 

After activating the Multicurrency option, you’ll no longer be able to turn it off and change the home currency. If you wish to turn it on, let me share the steps on how to accomplish this task in QBO.

1. Go to the Gear icon at the top and pick Account and settings under Your Company.
2. Choose the Advanced menu on the left panel and click the Pencil icon for Currency.
3. Toggle the slider for Multicurrency to the right to turn it on.
4. Click Save and Close.

Let me share this article for additional information. It provides an overview on how to add or delete currencies, enter the exchange rate, add foreign customers or suppliers to name a few: About Multicurrency. 

In regard to your second question, Exchange gain or loss expense happens if the current exchange rate is higher or lower than the previous rate. For more details about exchange rates, see the Learn about exchange rates in QuickBooks Online article.  

Feel free to get back to me if you have additional questions about Exchange Gain Or Loss in QuickBooks Online. Have a good one. Stay safe!