Here you will get to know about how you can activate multicurrency in QuickBooks Online. It might be possible that you may have various vendors, customers, or bank accounts that utilize multiple currencies other than the most typical home currency. Multicurrency allows you to manage transactions in those different foreign currencies. In this blog, we will tell how you can turn it on. And also explain how to add, delete, and what happens with these home and foreign currencies.
The multicurrency mode provides users the ability to track transactions in foreign currencies. In case you have vendors, customers, or bank accounts that use a different currency from your home currency, you have the option to turn on the multicurrency mode to effectively manage those transactions, as well as exchange rate profits and losses.
Keep remember that once you turn the multicurrency mode on you do not have the option to turn it off again, so be absolutely sure before turning it on. You can make use of multicurrency mode and foreign currencies in QuickBooks Online Essentials, Plus, and Advanced.
The MultiCurrency mode in QuickBooks online allows you to assign a specific currency to lists and accounts:
- Vendors.
- Customers.
- Price levels.
- Credit card accounts.
- Accounts Receivable.
- Bank accounts.
- Accounts Payable.
How to turn on multicurrency in QuickBooks Online
- Go to the Settings option.
- And then click on Account and Settings.
- Chose the option to Advanced.
- Hit on the Edit icon from the Currency category and select the type of your Home Currency.
- Mark the Multicurrency checkbox and verify that you understand that you can not reverse this option.
- Hit on the Save and close.
The Manage Currencies link that visible on your screen will take you to the Currencies page, where you will be able to track the currencies you use.
Home currency vs foreign currency
Home currency
- The present or current currency is your home currency. Or you can say the currency of the country where your business is physically located.
- If you do not assign a foreign currency, the default currency of your vendors, customers, and accounts is the same as the home currency of your company.
- The income and expense account of your company always utilize your home currency.
Foreign currency
- You are able to assign a foreign currency to your vendors, customers, banks, and credit cards.
- Users can easily view foreign currencies on the activity screens of your vendors, customers, accounts, transactions, and companies.
- You will be free to pay and receive transactions or payments in the currency of your vendor or customer.
- Foreign currency is itself updated in every interval of four hours in QuickBooks from Wall Street On Demand.
How to deactivate multicurrency in QuickBooks Online
This is very sad to say that, there is no way to deactivate the multi-currency feature from QuickBooks online. When you turn it on you can not get the solution to turn off it, and even are not able to remember the foreign currency transactions automatically. So for those who are not yet turned on the multi currency mode in QuickBooks Online, always remember on your behalf that you can not deactivate it again if you want.
How to add currencies
- Go to the Settings option.
- Choose the Currencies option.
Reminder: This option will be available only after you turn on multicurrency mode. - Hit on the option to Add currency.
- Choose your new foreign currency from the drop-down menu of Add Currency.
- Hit on the Add.
The currency you added available to the list of your currencies.
How to delete currencies
Intuit provides the option to delete those currencies that have been not used from the list of currencies you have. However, note that you are able to delete only those currencies to which are there are no transactions attached to it.
- Go to the Settings option.
- Choose the Currencies option.
- Go to the small arrow or drop-down icon from the Action column and then hit on the Delete option.
- Choose the Yes option to confirm the deletion process you want.
The currency will be removed automatically from the list of your currencies.
How to add an account that utilizes a foreign currency
The Currency column from the Chart of Accounts gives the currency assigned to the particular account, and account balances are given in the account’s assigned currency. By default, existing accounts can be seen in your home currency. So this is the simplest steps to create an account that uses foreign currency:
- Go to the Settings option.
- Then hit on the Chart of Accounts.
- Now choose the New option.
- From the Account dialog section, choose the correct Account Type and Detail Type accordingly.
- Fill out the Name for your new account and a Description which is totally optional and do check for any other necessary fields.
- Choose your foreign currency in order to assign to the account from the drop-down menu of Currency.
- Then hit on the Save and Close.
The account has been created, and the assigned currency will be listed in the Currency column on the Chart of Accounts section.
Conclusion
We hope you really liked this blog, and also till now, you will be able to use the multicurrency feature in QuickBooks online without facing any issue. We know you have been searching for a way to deactivate the procedure of multicurrency in QuickBooks online. But we are sorry to say that there is no solution in order to deactivate the multicurrency mode in QuickBooks online. For countries where QuickBooks provides multiple versions of QuickBooks Online, multicurrency can be activated in all Essentials and Plus versions. For further help related to the multicurrency in QuickBooks online, please contact our QuickBooks support team at+1-844-397-7462.