How to Turn on Multicurrency in QuickBooks

  • November 20, 2019

The multicurrency feature allows you to record transactions in foreign currencies. If you have customers, suppliers, or bank accounts that use a currency other than your local currency, you can track these transactions properly, as well as exchange rate gains and losses in multicurrency. Once you turn on Multicurrency you cannot turn it off again, so make sure you want to turn it on. If you want to support just dial our toll-free QuickBooks online Support Number to get connected to our expert for instant QuickBooks support.

About Multicurrency

You can assign a currency to most types of accounts, including customers, suppliers, bank and credit card accounts, accounts receivable and accounts payable.

The income and expenditure account always uses your home currency. Your home currency is the currency of the country where your occupation is physically located.

You can specify only one currency for each account or contact name, and you must add a new account for each different currency that you will use in the transaction.

Multicurrency field

After multicurrency is activated, new fields will appear on some screens:

  • Charts of Accounts: A currency column appears on the accounts chart, which identifies the currency of each account. Once an account is transacted, you cannot change the currency of the account,
  • Banks and Credit Card Register: A currency notation appears in the headings of the Payment, Deposit, Sales Tax, and Balance Payable columns on the Bank and Credit Card Register (or Account History).

How to Turn on Multicurrency in QuickBooks

  • Select Settings in QuickBooks Accounts.
  • Then choose Account and Settings.
  • In this section, you can select the Advanced option.
  • Then select the Edit in the Currency section and select your Home Currency.
  • Choose the Multicurrency checkbox and confirm that you understand that you can’t undo this option.
  • Then click on the Save option to save your changes.

How to Add currencies

Here’s how you can see how to add the currencies.

  • Go to the Settings in QuickBooks Accounts settings.
  • Select the Currencies option. Note: This option is available after you turn on multicurrency.
  • Then Choose Add currency to add your add currency.
  • Choose the new currency from the Add Currency drop-down menu.
  • Choose Add.
  • The currency you chose is added to your list of currencies.

How to Delete currencies

You can delete currencies that you do not use from your list of currencies, but you can only delete a currency if there are no transactions attached to it.

  • First, go to the Settings.
  • Select Currencies.
  • Select the small arrow icon in the Action column and then select Delete.
  • Choose the Yes option to confirm the deletion.

Conclusion

In this blog, you can find how to turn on Multicurrency in QuickBooks and also I explain in this blog, how to add and delete currencies in QuickBooks. I hope my all steps are helpful for all QuickBooks users. If any problem with understanding the steps you can dial our QuickBooks Online Support phone number.