Turn on Multicurrency in QuickBooks Online

Do you have operations in more than one country?  Do you purchase from suppliers or vendors in another currency?  Do you have international customers?

You can to set up different currencies in QuickBooks Online and send invoices to your customers in their currency, enter expenses in the currency of the invoice or payment, and have QuickBooks do all of the foreign currency translation transactions for you!

This week’s video is a very quick one to show you how to turn on multicurrency.

In the coming weeks I will also add videos to show you how to set up customers, vendors or suppliers, and bank and credit cards.  Stay tuned.

Video Transcript:

Hi, Kerry here from MyQuickBookKeeping.

Today is a very quick video to show you how to turn on multicurrency in your QuickBooks Online file.

From the cog at the top right corner, select ”Accounts and Settings”  on the left hand tab choose “advanced”

Scroll down to “currency”.

You will see the “home currency” displayed,  this is the currency all of your reports will be shown in.  Currently multicurrency is turned off – to turn it on choose the edit pencil on the right hand side3.

Check the “multi currency” box.

Read the warnings – you can’t change it back, and you can’t change your home currency.

Now you can “manage currencies”  This will show a list of the currencies that are currently set up for use in your file.  If you would like to use another currency you can add it here.

Note that if you are operating in another country I can set up a QuickBooks Online file for you that has the language, currency, and taxes for your country.  Check with me – I haven’t found a country I cannot set up a file for yet!

When you are sure this is what you want to do check the extra box and save.

You can now record transactions in different currencies.

Let me know if you have any questions.  If this video was useful please hit like below, and subscribe to my channel for more QuickBooks tips and how to’s.

I have created a small business month end checklist to help you be sure your records are up to date each month, so you can make the best decisions for your business.  Click the link below to download a free copy.

If there is another topic you would like help with please make a note below, my next video could be for you. Cheers!