How to change currencies within my chart of accounts? Multi currency option turned on after creating chart of accounts!

Did this ever work out for you?  I am trying to set up an Income account in US currency but there is no option to select currency

Hi, @manoj_l, @jen-belder and @amcaskill.

Thanks for dropping by the Community space. I want to share some information as to why you’re unable to set up currency for the Income and COGS account even if Multi-currency is turned on.

By default, QuickBooks is designed to set the home currency as the currency for the Income, COGS, Accounts receivable, Accounts payable, Equity, Other income, Expenses, and Other Expense accounts. The option to choose a currency is only available for the Other Current Assets, Bank, Fixed Assets, Other Assets, Credit Card, Other Current Liabilities, and Long-Term Liabilities accounts.

If this is something you need, you can provide us with your insight and opinion by clicking on the Gear icon and selecting Feedback. By doing so, our product team would know what you liked and what we can improve to make it better.

Please let me know if there’s anything else you need. I’ll be here to help. Enjoy your day!

Hello,

The bank , and all options, do not have a currency field, please see the attached photo. There is no clear way to make a USD account. Please advise how this can be done.

Thanks,

Dave

How have you been doing, dk123?

Before you can create an account with a specific currency, you'll want to turn on the Multicurrency function first. Here's how to do it:

1. In the upper-right corner, click the Gear icon and select Account and Settings.
2. Select the Advanced tab and go to the Currency section.
3. Put a check mark in the Multicurrency box. We won't be able to turn off this function once we turn it on.
4. Put a check mark in the I understand I can't undo Multicurrency box.
5. Click Save and Done.

After that, the Currency field should be available. Then, you'll be able to create a new account with a specific currency.

Let me know if you need any help with this.

Unfortunately this is a big limitation. Essentially Quickbooks is only allowing me to have 1 Accounts Payable account in USD. In my company, we have around 7 Payables accounts, in CAD, USD, and EUR. So I will be forced to merge all of them into just 1 account? 

This especially doesn't make sense because I have my vendors set up in multi-currency as well. I am trying to enter a journal entry to post a vendor bill against a payable account, but due to the different currencies, its preventing me from doing so. Again this is a serious limitation. 

Hello @Bassoum,

Welcome to the Community.

There isn't an option to create a journal entry to post a vendor bill using different currencies. 

Your ideas about the product are more important to us. This would help our Product Development Team know what are the things the needs improves to suit your needs. I'll let them know about these options so they can put it into consideration for future product updates.

Also, please visit our blog site to stay current on all the QuickBooks news and updates

Just in case, you can visit this article for future reference about adding a foreign-currency to your customers and vendors: Set-up and Use Multicurrency.

You can always drop by here in the Community for any questions you need help with. We're always happy to serve you. 

Hello,

I have QB Desktop Premier 2020 Ver. I have to create Interco. transactions in multi currencies other asset / other liability. I do not see an option to select currencies e.g. USD.  

QB is turned into multi currency options. I was able to create AR / AP customer / Vendors in multi currency but not under other asset / other liability.

Please let me know, how do I create chart of account in multi currency 

Thanks 

Hirani

Good evening, @Hirani.

I'm glad to provide some insight into your multi-currency issue.

The multi-currency feature in QuickBooks Online only allows you to assign specific currency types to the following:

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

The feature isn't available for other assets and other liabilities because it's a system limitation. You may find this article on using multi-currency helpful.

I'm only a post away if you need more information. Have a great weekend!

Hi,

I wanted to open Fixed asset GL in USD, but my currency isnt showing in the "new account" window to select USD

Thanks

I'm here to guide you in showing the currency option when adding a new account in QuickBooks Online (QBO), @anusoma. This way, you can open your Fixed Asset account in USD and keep it updated.

You'll have to turn on the multicurrency feature so you're able to select the currency (USD) for your fixed asset account. Please note that once you turn on the said feature, you're unable to turn it off or change your home currency. Once ready, here's how:

1. Go to the Gear icon.
2. Select Account and settings.
3. Go to the Advanced menu.
4. Click anywhere in the Currency section to view its content.
5. Turn on the Multicurrency feature.
6. Click the I understand I can't undo Multicurrency box to acknowledge its terms and conditions.
7. Select Save.

I've attached a screenshot below that shows the last five steps.

After activating, the Currency field is added to the new account window. With this, you're able to create a fixed asset in the USD currency. Here's how:

1. Go to the Gear icon.
2. Select Chart of Accounts.
3. Click the New button.
4. Choose and enter all the necessary details of the fixed asset account.
5. In the Currency field, select USD United States Dollar.
6. Click Save and Close.

I've attached a screenshot below that shows the last three steps.

In case you've already activated the multicurrency feature but still unable to view the Currency field in the new account window, you can perform some troubleshooting steps to isolate the issue. There are times that the browser is full of frequently accessed pages, thus causing some unusual responses. You can log in to 

QuickBooks Online (QBO) account using a private browser (incognito). Here's how:

• Press Ctrl + Shift + N (Google Chrome)
• Ctrl + Shift + P (Firefox)
• Control + Option + P (Safari)

Once signed in, go to the new account window to create the fixed asset account. If you're able to view the Currency field, return to your default browser and clear its cache and cookies. This will refresh the system and remove the older data which causes viewing and performance issues. However, if the issue persists, I'd recommend using other supported browsers.

Once everything is all set and you've already recorded all the needed asset transactions, you can pull the General Ledger report. This way, you'll be able to view the beginning balance, transactions, and total for your fixed asset account. Just go to the For my accountant section in the Report menu's Standard tab.

Please let me know if you have other concerns. I'm just around to help. Take care always.

i cant see the option to save while creating my account. What could be the problem 

Good morning, @Eazi. 

Thanks for joining in on this thread. Let's try a few basic troubleshooting steps to help resolve this problem so that you're able to see the "Save and Close" option when creating a chart of account. 

Using a private browser or incognito window can help eliminate any errors or glitches that may be occurring in your account. My colleague did provide those steps above to help you out. If this works, then go back to your regular session and clear your browser's history. 

If this doesn't work, then I recommend contacting our Customer Support Team. They'll be able to use their screen share tool to walk you through some additional steps. 

Let me know if this helps. I want to make sure that all of your concerns are addressed. I'm only a post away if you need me. Have a wonderful day! 

Hie guys,

how do i add multiple bank accounts to a company in quickbooks. 

Hello Eazi!

Let me show you how to add multiple bank accounts.

Follow these steps if you're referring to bank accounts on your Chart of Accounts.

1. Select Chart of Accounts from the Accounting menu.
2. Click the New button. Choose Bank as the account type, select a Detail Type and enter a Name.
3. Enter other details needed, then tap Save and Close.

Please check this article for the detailed steps if you need to connect your bank account to QuickBooks Online: Connect bank and credit card accounts to QuickBooks Online.

Also, here's how to review and categorizing downloaded transactions.

Comment again here if you need more help. Wishing you all the best!

and how do i merge it with my old account after?

Hi there, link3.

Thank you for visiting the QuickBooks Community. I'll ensure to share steps so you're able to merge the newly added account with the old one.

You can merge two account register into one as long as they are of the same level and have no sub-accounts. Please note that this action is permanent and irreversible.

If you're merging bank accounts that have reconciliation reports, these will be deleted from the account that has been merged, but the reconcile status (R) will remain on the merged transactions. I suggest saving reconciled reports before merging the accounts.

Here's how to merge accounts:

1. Click the Gear icon at the upper right corner.

2. Choose Charts of Accounts.

3. Select the account you want to keep and select Edit from the drop-down from the Action column.

4. Take note of the Name and Detail Type, and check if the Is subaccount option is marked. If it is marked, remember the parent account associated.

5. Click Cancel to return to the Chart of Accounts.

6. Choose the account which you don't want to use, and select Edit from the drop-down in the Action column.

7. Make changes in the Name and Detail Type field. Mark Is subaccount as appropriate.

8. Click the Save button. Then select Yes to confirm that you want to merge the two accounts.

Additionally, there are default accounts generated automatically when you create a company in QuickBooks Online that can't be merged. You can click this article to see further details: Manage default and special accounts in your chart of accounts.

Please refer to this article to see steps on how you can temporarily or completely eliminate deleted accounts from reports: Remove deleted accounts from reports.

Please let me know if you have other questions related to your accounts in QuickBooks. I'm always here to help you. Have a good one!

Thanks for joining the thread, @Anonymous.

Upon checking, it seems that you've posted a similar concern to other threads. My colleague JasroV has already provided answers to queries. You can check this out by clicking this link here: https://quickbooks.intuit.com/learn-support/en-us/other-questions/re-multicurrency-expenses/01/1102519#M105377.

For additional reference about multicurrency, you can check out these articles:
 

• How to add transactions in a foreign currency
• Understanding Home currency adjustment

I'm still open to your replies if you have additional questions about multicurrency. Have a good one.