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QuickBooks Multicurrency in QuickBooks Online US

With QuickBooks Online (QBO) multi-currency, you can track transactions in more than one currency. Multicurrency affects many accounts and balances in company file and the preference can’t be turned off once it’s been turned on.

Important: Since you cannot really back up company file (with all the features and the settings) in QBO at this time, make sure this is what you want before turning on this multi-currency feature.

The multi-currency menu items are in the Company Settings menu under Currency in the QuickBooks Online.

From the home page screen > company gear (upper right corner) > settings > company settings > currency > ON > Save

Click on the screenshots below to enlarge them
1enable currency feature

Multicurrency once enabled from the QuickBooks Online, one cannot UNDO it. See screenshot below, there is no edit pencil icon for currency, once the currency feature is ON.
2currency feature enabled

Once the multi-currency is enabled, it will do two visible things:

  • It will create “Currencies” under lists.
  • It will create “Exchange Gain or Loss” account under “Other Expense” type.

lists currencies

exchange gain or loss account

Currency exchange rate

Once set, the company’s home currency cannot be changed:
For US QuickBooks Online editions, the home currency is set to USD, by default.
Exchange rates are always recorded as the number of home currency units it takes, to equal one foreign currency unit.

To add new currency > from the home page screen > company gear (upper right corner) > lists > currencies > add new

home currency table

How to start using the multi-currency feature?

  • After you turn on the feature, you will be able to assign a currency to customers, vendors, and other accounts.
  • You can assign one currency for each customer or vendor so you will create new customers or vendors to use in your foreign transactions.
  • You can assign one currency for each account so you will create new accounts to use for your foreign transactions.
  • If you prefer to use your own exchange rates, you can manually enter those as well.

The following image shows how these currencies attributes in an Invoice transaction relate to the representation of the invoice.
invoice in gbp

Customer Center > from the home page screen > left navigation bar > customers

customer center

Customer Page > from the home page screen > left navigation bar > customers > customer

customer page

It also automatically creates separate Accounts Receivable accounts (not sub-accounts) by currencies in addition to main home currency A/R.
ar accounts by currencies

A/R Aging Summary Report in home currency
ar aging in home currency

Balance Sheet Report
Since A/R (and A/P) not sub-items type, it cannot be collapsed even if wanted.
balance sheet

(All Vendor side transactions and reports also work the same way as Customer transactions).

Mult-currency features not available

Weekly TimeSheet and Single Time Activity entered (either by employee or vendor contractor) do not work with multi-currency at this time. You will get the following error message:

“The following errors have occurred: You must choose a customer that uses local currency when time is billable.”

multicurrency single time not working

multicurrency timesheet not working

 

Weekly Price Check US CA UK AU (Plus Plan)

USACanadaUKAustralia
us120x90ca120x90uk120x90au120x90
USD 23.97 per monthCAD 14.50 per monthGBP 15.00 per monthAUD 21.00 per month
USD 23.97 per monthUSD 12.01 per month
(Conversion)
USD 23.30 per month
(Conversion)
USD 16.60 per month
(Conversion)
LOWEST PRICE!

RELATED ARICLES:

Where does QBO get its currency exchange rates from

Which versions of QBO support the multi-currency feature