Multicurrency is a feature available within QuickBooks Online Plus and QuickBooks Online Essentials. This feature tracks your foreign currency transactions including any exchange gains or losses you might incur.
Quick-Tip: Once you add a supplier and record transactions with them, you can't change the currency in their profile.
How do I enter a home currency adjustment for my foreign balances?
If you have accounts payable or accounts receivable in a foreign currency, QuickBooks Online can help you enter a home currency adjustment to keep track of the changes in exchange rates on your foreign balances.
Quick-Tip: The effect of a home currency adjustment can be seen in accounts payable or accounts receivable as an unrealised gain or loss. Home currency adjustments can also be seen in other account types, like bank accounts, as a realised gain or loss.
What do I do when I get the error message: “Something’s not quite right: You can only use home currency balance sheet accounts with home currency A/R and A/P accounts”
When you encounter the error message “Something’s not quite right: You can only use home currency balance sheet accounts with home currency A/R and A/P accounts” it means that when creating a journal entry that includes accounts receivable (A/R) or accounts payable (A/P), the currency of the transactions, the A/R and A/P accounts, and the customers/suppliers must all match. We have some options to help you fix this.
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