cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Have a question you would like to ask our community of experts and fellow QuickBooks Accountants and SMB's? Post a question here
kudosleb
Level 1

My home currency was USD for 2019. For 2020, I'd like to change my home currency from USD to another country. Is that possible without affecting 2019.

 
8 Comments 8
MariaSoledadG
QuickBooks Team

My home currency was USD for 2019. For 2020, I'd like to change my home currency from USD to another country. Is that possible without affecting 2019.

I'm here to share with you a few information and help you with your home currency, kudosleb.

 

You can only change your home currency once you have not activated the Multicurrency feature in QuickBooks Online. To do this, you can follow the steps below.

  1. Click the Gear icon, then Account and Settings.
  2. Select Advanced. Then at the Currency column, select the edit button.
  3. At the Home currency column, select the currency you wish to change to from the drop-down menu.
  4. Click Save, then Done.

If you have already activated the Multicurrency feature, you can only change the home currency by deleting all your data and starting over from scratch

 

Changing home currencies may affect previous reports or transactions since this needs to recalculated and adjusted based on a new rate. For your reference, you can read this article for additional information: Enter A Home Currency Adjustments For Your Foreign Balances.

 

Reach out to us if there's anything else you need about home currency. We'll always be around to help you at any time. 

Fiat Lux - ASIA
Level 15

My home currency was USD for 2019. For 2020, I'd like to change my home currency from USD to another country. Is that possible without affecting 2019.

@kudosleb 

Where is your company located and which currency do you need switching to?

mannysamuel
Level 1

My home currency was USD for 2019. For 2020, I'd like to change my home currency from USD to another country. Is that possible without affecting 2019.

any one know singapore intuit support number ?

 

mannysamuel
Level 1

My home currency was USD for 2019. For 2020, I'd like to change my home currency from USD to another country. Is that possible without affecting 2019.

I have turned on my multicurrency by mistake and now I am not able to change my home currency. Am a new user. I am not able to get to intuit support line to ask if there is a possibility

Fiat Lux - ASIA
Level 15

My home currency was USD for 2019. For 2020, I'd like to change my home currency from USD to another country. Is that possible without affecting 2019.


@mannysamuel wrote:

I have turned on my multicurrency by mistake and now I am not able to change my home currency. Am a new user. I am not able to get to intuit support line to ask if there is a possibility


 

@mannysamuel 

Where is your company located? In Singapore or else? Why do you need to change your home currency? 

mannysamuel
Level 1

My home currency was USD for 2019. For 2020, I'd like to change my home currency from USD to another country. Is that possible without affecting 2019.

we are located in singapore and most of our businesses are done outside singapore and in USD. in 2019 we reported in USD and then converted to SGD for tax purposes. Hence, my accountant wants us to change the home currency to USD. If there any other way or advise to manage this ? 

Fiat Lux - ASIA
Level 15

My home currency was USD for 2019. For 2020, I'd like to change my home currency from USD to another country. Is that possible without affecting 2019.

@mannysamuel 

You should open a new blank QBO Singapore version, enable the multi currency feature, change the home currency to USD, and start from scratch for a new fiscal year. You are only allowed to change the home currency prior to registering any transactions.

https://quickbooks.grsm.io/Singapore

 

If you need to migrate data from your old QBO account, you may have 2 ways:

1. Utilize a migration tool

https://transactionpro.grsm.io/qbo

 

2. Purchase a 3rd party migration service.

Contact us in private for assistance.

mannysamuel
Level 1

My home currency was USD for 2019. For 2020, I'd like to change my home currency from USD to another country. Is that possible without affecting 2019.

Thanks for the great advice. I will be in touch if I have issues. Cheers for now.