How to setup multicurrency

1 - Does Quickbooks Online Support Multicurrency?

You can setup multicurrency if you have customers or suppliers using foreign currencies.

How to change home currency in QuickBooks Online:

Click the Gear icon next to your company name.

Under Settings, choose Company Settings.

Choose Advanced.

Click the Pencil icon under Currency.

Select the correct Home Currency from the drop down.

Click Save.

*Note: Once you have turned on multicurrency, your home currency will be fixed and you will not be able to change it.

How to turn on multicurrency in QuickBooks Online:

• Click the Gear icon next to your company name.
• Under Settings, choose Company Settings.
• Choose Advanced.
• Click the Pencil icon under Currency.
• First, make sure your Home Currency is correct and change it if needed.  You will not be able to change it after turning on multicurrency.
• Check the box next to Multicurrency.
• Read the important notes about turning on Multicurrency. Once you turn on Multicurrency:
• You can’t turn it off
• You can’t change your home currency
• Extra fields, columns and more are added to QuickBooks
• Check the box to indicate that you understand you can't undo Multicurrency.
• Click Save.

2 - What Is A Home Currency Adjustment?

Home currency adjustments change the home currency value of your foreign balances. These adjustments affect your balance sheet accounts. We recommend that you work with an accounting professional before entering these adjustments.

When to use home currency adjustments

• At the end of a reporting period, when you need your financial reports to show a current home currency value of your foreign balances, enter a home currency adjustment.
• Until the home currency value of your foreign balances is recalculated using current exchange rates, your reports show the home currency value based on the exchange rates used at the time of each transaction.

Note: Home currency adjustments do not affect foreign balance amounts.