When you use the Multicurrency feature, you can assign a currency to bank accounts and credit card accounts. Income and expense accounts always use your Home currency.

Note The Multicurrency feature and foreign currencies are available in QuickBooks Online Essentials and QuickBooks Online Plus.

Add a foreign currency account

To add a foreign currency account to your Chart of Accounts, you must have turned Multicurrency on in your Advanced settings. (See How to turn on Multicurrency.)

To add a foreign currency account:

  1. Select the Gear icon on the Toolbar.
  2. Under Your Company, select Chart of Accounts.
  3. Select New.
  4. In the Account dialog, select the appropriate Account Type and Detail Type.
  5. Enter a Name for the new account, and an optional Description.
  6. Select the currency to assign to the account from the Currency drop-down list.
  7. Select Save and send.

Track account currencies and balances

The Currency column on the Chart of Accounts shows the currency assigned to the account, and account balances are shown in the account's assigned currency.

If no currency is listed in the Currency column, the account is in your company's Home currency.