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finance-kalantar
Level 1
posted
‎July 10, 2024 10:09 PM
last updated ‎July 10, 2024 10:09 PM

Can we change the base currency? We need to show both dollars and AED on our invoices, with the tax breakdown in AED for VAT compliance. How can we achieve this?

I have a question about the base currency. Is it possible to change it? Our requirement is to display two currencies on our invoices. Currently, only dollars are shown, but we also need AED displayed with the tax breakdown in AED for VAT compliance. Could you please advise on how we can achieve this?
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1 Comment 1
Bryan_M
QuickBooks Team
QuickBooks Team
‎July 10, 2024 10:59 PM

Can we change the base currency? We need to show both dollars and AED on our invoices, with the tax breakdown in AED for VAT compliance. How can we achieve this?

Welcome to the Community forum, @finance-kalantar.

 

Allow me to share info about how changing currencies works in QuickBooks Online (QBO) so you can comply with the tax requirements of your state.

 

If you turn on the Multi-currency feature in QBO, you can't change the based currency. However, if still off you can change it by going to Account and Settings. Here's how:

 

  1. Select Account and Settings from the Gear icon.
  2. Pick Advanced. After that, go to the Currency column and select the Edit button.
  3. At the Home currency space, choose the currency you want to change to from the dropdown icon.
  4. Once done, click Save, then Done.

 

For more info, check out this article: Can I change my home currency?

 

Also, displaying two currencies on your invoices isn't possible. Yet to achieve this, you can run the Transaction Detail report. Then, customise it to show important data. Check out this for detailed steps: Customise reports in QuickBooks Online.

 

Another way around this is adding the second currency in the Message to Customer field by customising the invoice template manually.

 

Moreover, you can read this article to help you manage exchange rates: Learn about exchange rates in QuickBooks Online.

 

If you want to create memorised reports in QBO, feel free to read this article: Create memorised accounts receivable reports with email reminders in QuickBooks Online.

 

For additional questions about managing your currencies in QBO, leave a comment below. We'll reply as soon as possible. Keep safe, and have a good one.

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