Find out how to record financial transactions in a different currency in QuickBooks Online.
QuickBooks Online lets you use recent exchange rates for your foreign transactions, saving you that extra time. There are two ways of doing this: from the currency centre and while you enter your transactions. We’ll show you how.
|Note: Make sure Multicurrency is turned on to add an exchange rate. The Multicurrency feature and foreign currencies are available in QuickBooks Online Essentials and Plus.|
From the Currency Centre
You should not change exchange rates from the Currency Centre unless the rate is to be used for an entire day.
- Go to Settings ⚙ and select Currencies.
- Locate the currency to change.
- In the Action column, select Edit currency exchange rate.
- In the Edit currency exchange rate dialog, select Your rate.
- Enter the new rate in the field provided.
- Select Save.
When entering a transaction
When you add a new currency with a new customer or supplier and then add a transaction (such as an invoice or bill) at the same time, no exchange rate is immediately available. Manually add an exchange rate to complete the transaction.
To change the currency when you add a new transaction:
- Create the invoice or bill as usual.
- Under Customer or Supplier name field, select the Currency field.
- Enter the exchange rate to use for the new currency.
- Select Use for this transaction only or Use for all new transactions in (currency) for (date).
- Complete the transaction and select Save.
When you save the transaction, the Currency & Exchange Rates list is updated to display the new currency with the most recent rate from Markit.
Learn more about the exchange rate and how it's calculated.