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Annie159
Level 1

Opening a new QB account in a new currency

Hi there, good evening!

 

Currently my home currency is EUR but I need to change it to USD home currency because I have moved to another country. I am working with multiple currencies so that means I need to set up a new Quickbook account. 

 

No problem and for the current assets its easy to do. But what with the ledger Owners Equity for example? Now it is in EURO, but it would be in the new home currency USD setting up the begining balance within the Quickbook new account.  Which exchange rate (EUR - USD) shall I use as the beginning balance? Or how does that work?

 

Any suggestions?

 

Kind regards,

Anita 

 

 

2 Comments 2
RCV
QuickBooks Team
QuickBooks Team

Opening a new QB account in a new currency

Thanks for checking in with us. Let me provide some information about the Multicurrency feature, Annie159.

 

I appreciate you for opening a new QuickBooks Online (QBO) account. When turning on the Multicurrency feature, your current currency becomes your home currency. This is based on the currency of the country your business is physically located.

 

Then, the default value for all customers, suppliers, and accounts ( income and expense ) is your company's home currency.

 

For the exchange rate (EUR - USD) that you'll need to use, I'd suggest consulting your accountant about this one. They'll provide you detailed information on what's the exchange rate you need to apply in the beginning balance. 

 

If your customer uses a currency that's different from yours, just assign a foreign currency to them. For the steps and details, check out this article: Assign a foreign currency to a customer in QuickBooks Online.

 

To learn more about Multicurrency, see the Multi-currency FAQ article. From there, you'll get answers to frequently asked questions about using this feature. 

 

Visit our QBO Help Articles page for more insights about managing your business in your account.

 

That should do it. I'm just one click away if you need a hand to run your financial reports or any QBO related. I'm always here to ensure your success. You have a good one. 

Fiat Lux - ASIA
Level 15

Opening a new QB account in a new currency


@Annie159 wrote:

Hi there, good evening!

 

Currently my home currency is EUR but I need to change it to USD home currency because I have moved to another country.

 


@Annie159 

To which country do you plan to relocate?