The Multicurrency feature gives you the ability to deal in foreign currencies. If you have customers, suppliers (or suppliers), or bank accounts that use a currency other than your local currency, you can turn on the Multicurrency feature to properly track these transactions, as well as exchange rate gains and losses. Once you turn the Multi-currency feature on, you cannot turn it off again, so be absolutely sure you want to turn it on.

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

Turn on Multicurrency

Warning Once you turn Multicurrency on, your Home currency is set and cannot be changed.
  1. Select the Gear icon on the Toolbar.
  2. Under Your Company, choose Account and Settings (or Company Settings).
  3. From the left menu, select Advanced.

  4. Select the edit (pencil) icon in the Currency section and choose your Home Currency.
  5. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  6. Select Save.

The Manage Currencies link that appears takes you to the Currencies page, where you can manage the currencies you use.

Add currencies

You can add a currency to the list of currencies you use.

  1. Select the Gear icon on the Toolbar.
  2. Under Lists, select Currencies.
    Note: This option is available after you turn on Multi-currency.
  3. Select Add Currency.
  4. Select the new currency from the Add Currency drop-down list.
  5. Select Add.

The currency you selected is added to your list of currencies.

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.

  1. Select the Gear icon on the Toolbar.
  2. Under Lists, select Currencies.
  3. From the Edit currency exchange drop-down menu in the Action column, select Delete.
  4. Select Yes to confirm the deletion.

The currency is removed from your list of currencies.

Add an account that uses a foreign currency

The Currency column in 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.

To create an account that uses foreign currency:

  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 foreign currency to assign to the account from the Currency drop-down list,
  7. Select Save and send.

The account is created, and the assigned currency is listed in the Currency column on the Chart of Accounts.