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About Multicurrency

SOLVEDby QuickBooksQuickBooks Online4Updated 3 weeks ago

This provides a brief description of the effects on the accounts and balances on your company file when turning on the Multicurrency feature.

Multicurrency is available in the following QuickBooks Online versions:

  • QuickBooks Essentials
  • QuickBooks Plus

If you need this feature but your version doesn't support it and you're considering an upgrade, proceed to How do I upgrade my QuickBooks Online subscription or available pricing plans.

Multicurrency and accounts

You can assign a currency to most types of accounts, including customers, suppliers, bank and credit card accounts, accounts receivable, and accounts payable.

Income and expense accounts always use your Home currency. Your Home currency is the currency of the country where your business is physically located.

You can only assign one currency to each account or contact name, and you have to add a new account for each different currency that you will use in transactions.

Multicurrency fields

Once Multicurrency is activated, new fields will appear on some screens:

  • 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, VAT, and Balance Due columns on Bank and Credit card registers (or account histories).
  • 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 histories: A currency notation appears in the headings of the Payment, Deposit, VAT, and Balance Due columns on Bank and Credit card histories.

More information about Multicurrency

See the following articles for more information about the Multicurrency feature:

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