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You have the exact path right there. Turning on multicurrency only activates the feature, but it leaves your dropdown menus empty.
Opening up your master list through settings is the exact step that fixes the problem.
Here is the exact order to get this working:
Just keep in mind that you have to create a completely new account or profile from scratch, because the system will not let you change the currency on an existing one.
Let me know if you need anything else. I'm here to help.
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