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Level 1

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

I need to edit my chart of accounts to reflect our multi currency status.  How do I do this?

Example:  3300 Projects Revenue Account is in USD right now but need to make it Euros or RSD.

Solved
Best answer 10-15-2018

Accepted Solutions
Level 2

Hello mdtriller, Thanks for reaching out to us. You can't...

Hello mdtriller,

Thanks for reaching out to us.

You can't edit the account that was set up to USD. You'll have to create a new account and use the Euros or RSD currency. Here's how:

  1. On your left pane, click Transactions.
  2. Go to Chart of Accounts.
  3. Click New.
  4. Select the Category Type and enter Name of the account.
  5. Enter Description. (Optional)
  6. Choose the Currency.
  7. Click Save and Close.

Note: The only accounts that can used multicurrency are Bank, Credit Card, Accounts Receivable and Accounts Payable.

Please let me know if you have other questions. 

View solution in original post

9 Comments
Level 2

Hello mdtriller, Thanks for reaching out to us. You can't...

Hello mdtriller,

Thanks for reaching out to us.

You can't edit the account that was set up to USD. You'll have to create a new account and use the Euros or RSD currency. Here's how:

  1. On your left pane, click Transactions.
  2. Go to Chart of Accounts.
  3. Click New.
  4. Select the Category Type and enter Name of the account.
  5. Enter Description. (Optional)
  6. Choose the Currency.
  7. Click Save and Close.

Note: The only accounts that can used multicurrency are Bank, Credit Card, Accounts Receivable and Accounts Payable.

Please let me know if you have other questions. 

View solution in original post

Level 1

There is no way to set currency for account of "Category...

There is no way to set currency for account of "Category type" as "Income" & "Detail Type" as "Discounts/Refunds".

Please suggest how that can be done?
Level 1

Why can't you have a COGS account in another currency?

Why can't you have a COGS account in another currency?
Level 1

Re: There is no way to set currency for account of "Category...

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

QuickBooks Team

Re: Hello mdtriller, Thanks for reaching out to us. You can't...

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!

Level 1

Re: Hello mdtriller, Thanks for reaching out to us. You can't...

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

 

Moderator

Re: Hello mdtriller, Thanks for reaching out to us. You can't...

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.

Level 1

Re: Hello mdtriller, Thanks for reaching out to us. You can't...

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. 

QuickBooks Team

Re: Hello mdtriller, Thanks for reaching out to us. You can't...

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. 

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