Do anyone have a work around to change the home currency on QB?

Thanks for posting here today, @janlabuschagne68.

I have some information about changing the home currency. Once you've already turned on multicurrency and selected a home currency, you're unable to change it. The system does this so it won't mess up your books. 

However, I have several options for you. You can either purge your company or cancel and subscribe. Let me guide you how.

If your QuickBooks account is less than 60 days, you can purge your company so you can change the home currency. Below are the steps.

1. Go to the homepage: https://c34.qbo.intuit.com/app/homepage.
2. Replace /homepage with /purgecompany. See the image below.
3. It will take you to the next screen. When asked, type Yes, then click OK. 
4. Proceed with the data purge. 

For an old subscription, you have the option to cancel it and subscribe to a new one with a different home currency. Here's how: 

1. Go to Gear, then choose Account and settings.
2. Select the Billing & Subscription tab. 
3. In the QuickBooks section, click Cancel subscription.

After canceling, sign up for a new one. Then, change the home currency and turn on your Multicurrency. For details about Multicurrency, check out this article: Turn on and use multicurrency.

Additionally, here's a link that covers all the tasks you can do when using QuickBooks Online. Just look for a topic that'll fit your concern.

• View all articles for QuickBooks Online.

If you still have questions or concerns with your home currency, please drop them anytime below and I'll be happy to assist you. Take care and have a great day ahead.

@janlabuschagne68 

Just to clarify your query. Are you using QBO South Africa version? If your company is located in South Africa, why do you need to change your home currency (i.e Rand) ?

Hello! I want to change my home currency. I have the multi currency mode on.

You say that the only option is to cancel the old subscription and make a new subscription.

Is it so? The old data will be lost then? 

@Janna Safo 

Let me guess. You were using QB Desktop UK version and have converted your data to QBO UK version with GBP as the home currency, correct? Cmiiw.

I'm here to assist you with changing your home currency in QuickBooks Online (QBO), Janna. 

If you haven't set your home currency after enabling Multicurrency, you can change it from the Account and Settings in the Advanced section. 

You can change your home currency by following these steps: 

1. Go to the Gear icon (⚙) and select Account and Settings.
2. Click on Advanced and then proceed to the Currency section and select Edit ✎. 
3. From the Home Currency dropdown, select your currency.
4. Turn on the Multicurrency switch and confirm that you understand that you can't undo this option.
5. Click on Save and then Done.

Refer to these articles for more information about multicurrency in QBO:

• Set up and use multicurrency in QuickBooks Online
• Multi-currency FAQ

If you have already set your home currency in QuickBooks Online and need to change it, you might need to delete your data in QuickBooks Online and start over with new books. Alternatively, you can consider cancelling your current subscription, exporting your data from your current QBO account, and then importing it back to the newly created account. 

Here's how you can export reports, lists, and other data from your current QBO and then import the data once you sign up for a new account. 

Check out the following article on how to cancel your subscription: Update billing, payment, and subscription info in QuickBooks Online. You can sign up for a new account through this link: Pricing and Plans. 

Keep in mind that cancelling your subscription will delete all your data. However, exporting your data before cancelling it will allow you to import it back to your new account.

I'm always here to help you with any questions or concerns you may have about multicurrency. Just let me know by leaving a reply below. Have a great day ahead!

Thank you for your response. I still cannot change the home currency. In my plan no such an option in Advanced Settings. Is there an email address of QB technical support? 

Let me provide some overview of why you're unable to change your home currency, Janna.

Home currency is the currency your business uses for its transactions based on where your business is located. Once you've set them up, you're unable to change to a different currency. 

You'll want to purge your data so you can start fresh. Please know, that doing so deletes the data in your QuickBooks Online (QBO) account. To delete your company data, follow the steps outlined below:
 

1. Sign in to your QuickBooks Online account.
2. Important: You'll need to sign in as an admin. If you're already signed in, make sure it's the company you want to purge.
3. Once you're signed in, open this link. Alternatively, you can go to the following web address:
   • https://app.qbo.intuit.com/app/purgecompany
4. To confirm you want to delete your company data, enter Yes, then select OK.
5. Select your industry from the ▼ dropdown.
6. Select Create accounts based on my industry. This helps QuickBooks set up your chart of accounts after your data is wiped. Don't select Create an empty chart of accounts unless you've checked with your accountant first.
7. Select Wipe data.

The above steps are only applicable if your books are less than 60 days old. After purging your data, ensure to select the correct currency before enabling multicurrency. 

However, if your books are more than 60 days old, check out this article for more details: Delete Your Data And Start Over In QuickBooks Online.

Furthermore, learn how QuickBooks uses exchange rates to get the home currency value of your foreign currency transactions. I've added this article for reference: Learn About Exchange Rates in QuickBooks Online.

Reach out to us if you need furthermore assistance with currencies. I'd be glad to help.

Thank you, Maria! IF I would like my home currency to be USD, should the company be registered in USA? Am I to use the American version of QB?

@Janna Safo 

If your company is located in South Africa, you can use QBO South Africa version, enable the multi cuurency feature and change the home currency to USD if required.

I'll share additional details about changing a home currency within the program, Janna.

You don't need to register a QuickBooks for the USA region to have a USD home currency because you can set it up in a QuickBooks Online (QBO) South Africa account. Simply enable the multicurrency feature, then change the home currency to USD. 

However, if you still want to use QuickBooks US instead, visit this link for the plans and pricing: https://quickbooks.intuit.com/pricing/.

 You'll want to learn how to track the changes in exchange rates on foreign balances within the program. Check out this article: Enter home currency adjustments for your foreign balances.

Let me know if you require any further clarification about QuickBooks currency. I'll get back to you quickly.

Thats the point, I cannot simply change the home currency, the multi currency mode is on and QB wont let me do that. I have attached the screenshot

Thats the point, I cannot change the home currency, the multi currency feature is on

Hello there, Janna. I understand that you're seeking clarification regarding the home currency and multi-currency settings. Allow me to provide you with the necessary information.

The response provided by SirielJeaB is intended for situations wherein the user has already purged or deleted their data in QuickBooks Online (QBO) and desires to start anew to have the Multicurrency option back.

If the Multicurrency feature is enabled for your existing account, you won't be able to change the home currency. In such cases, it is recommended that you delete your data and start afresh in QBO. Doing so will restore the Multicurrency button, allowing you to select USD as the home currency. The process may differ depending on how long you've been using QuickBooks.

If you have books that are less than 60 days old, you can purge your data by following the instructions given by MariaSoledadG. However, if your account is older than 60 days, you will have to cancel your current QBO company and start a new one. Here are the steps you need to follow:

Step 1: Cancel your current company

1. Open a web browser on your computer.
2. Sign in to QuickBooks Online as the primary or company admin.
3. Click on the Gear icon and select Subscriptions and Billing.
4. In the QuickBooks section, select Cancel.
5. Follow the on-screen steps.

Step 2: Start a new company

1. Sign up for QuickBooks Online.
2. Enter your user ID and password, which can be the same as before.

After setting up the new company, you will have the option to select the home currency. It is crucial to choose the appropriate currency since it cannot be changed once set.

You may want to take a look at these write-ups to learn more about multi-currency in QuickBooks Online:

• About Multicurrency
• Turn on and use multicurrency

Should you still have any queries or qualms about your home currency, please mention them below. I'll be delighted to assist you further. 

@Janna Safo 

You are only allowed to change the home currency before registering any transaction. You will need to cancel your current account and signup for a new account to start from scratch. Alternatively, purchase a third-party service to migrate data from your old account to a new account with the new home currency.