With QuickBooks Online (QBO) multi-currency, you can track transactions in more than one currency. Multicurrency affects many accounts and balances in company file and the preference can’t be turned off once it’s been turned on.
Important: Since you cannot really back up company file (with all the features and the settings) in QBO at this time, make sure this is what you want before turning on this multi-currency feature.
The multi-currency menu items are in the Company Settings menu under Currency in the QuickBooks Online.
From the home page screen > company gear (upper right corner) > settings > company settings > currency > ON > Save
Once the multi-currency is enabled, it will do two visible things:
- It will create “Currencies” under lists.
- It will create “Exchange Gain or Loss” account under “Other Expense” type.
Currency exchange rate
Once set, the company’s home currency cannot be changed:
For US QuickBooks Online editions, the home currency is set to USD, by default.
Exchange rates are always recorded as the number of home currency units it takes, to equal one foreign currency unit.
To add new currency > from the home page screen > company gear (upper right corner) > lists > currencies > add new
How to start using the multi-currency feature?
- After you turn on the feature, you will be able to assign a currency to customers, vendors, and other accounts.
- You can assign one currency for each customer or vendor so you will create new customers or vendors to use in your foreign transactions.
- You can assign one currency for each account so you will create new accounts to use for your foreign transactions.
- If you prefer to use your own exchange rates, you can manually enter those as well.
Customer Center > from the home page screen > left navigation bar > customers
Customer Page > from the home page screen > left navigation bar > customers > customer
(All Vendor side transactions and reports also work the same way as Customer transactions).
Mult-currency features not available
Weekly TimeSheet and Single Time Activity entered (either by employee or vendor contractor) do not work with multi-currency at this time. You will get the following error message:
“The following errors have occurred: You must choose a customer that uses local currency when time is billable.”
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