About multicurrency

• QuickBooks creates a Currencies list, which you can see when you click Gear > Currencies (under Lists).
• You can choose currencies when you add a customer or vendor.
• A Currency column appears in the Chart of Accounts. Note that once an account has had a transaction posted to it, you can't change the currency.
• The currency appears in the Payment, Deposit, Sales tax, and Balance Due columns on bank and credit registers.
• The currency appears in the Amount column on sales and purchase forms.
• QuickBooks reports convert all foreign currency to home currency amounts, and automatically reflect exchange rate changes.

1. Click the Gear icon > Company Settings (or Account and Settings depending on what you see).
2. Select Advanced.
3. Scroll down to Currency, and click the pencil icon (Edit).
4. Select the Multicurrency checkbox.
5. Select the I understand I can’t undo Multicurrency checkbox.
6. Click Save.

Until you assign a foreign currency, the default value for all customers, vendors, and accounts is your company's home currency.

1. Click the Gear icon > Currencies.

   QuickBooks displays the Currencies list after you turn on multicurrency for the company.

2. Click Add currency.

3. Select a foreign currency from the Add Currency drop-down list and click Add.

Accounts can have only one currency. All existing accounts are assigned your home currency when you turn on multicurrency.

You can't change the account's currency after a transaction is recorded to an account.

Create a separate account, as necessary, for each currency that your company uses.

You may want to create a separate account that you use for foreign transactions in a particular currency.

1. Click the Gear icon > Chart of Accounts.
2. Click New.

3. Fill in the Account page. Give the account a meaningful name and description to prevent confusion with a similar home currency account.

4. Select the foreign currency for this account from the Currency list.
5. When you are finished, click Save and Close.

The currency column in the chart of accounts shows the currency assigned to an account. Account balances are shown in the account's assigned currency.

If there is no currency shown in the Currency column, the account is in your company's home currency. Your home currency is the currency of the country where your business is physically located.

You cannot add a foreign currency accounts receivable or accounts payable account. These accounts are created automatically the first time that you enter a foreign currency sales or purchase transaction.