With QuickBooks Accounting multi currency features for small businesses, you can track transactions in multiple currencies. Multi currency affects many accounts and balances in your company file and the preference can't be turned off once it's been turned on. 

Important: We recommend that you back up your company file before turning on this preference.
QuickBooks Accounting and multi currency
  • You can assign a currency to customers, suppliers, price levels, bank accounts, credit card accounts, and accounts receivable/accounts payable accounts. Other account types, like income and expense accounts, always use your home currency.
  • Only one currency can be assigned to each name or account; you'll add a new entry for each currency you'll use in transactions.
  • The multi currency menu items are in the Company menu under Manage Currency and the feature can be turned on through preferences.
Start using the multi currency feature
  1. Turn on the multi currency feature
After you turn on the feature, you'll be able to assign a currency to customers, suppliers, bank accounts, credit card accounts, and accounts receivable/accounts payable accounts.
Important: If you select a home currency other than the GBP, payroll will not be available.
  1. Add foreign customers and suppliers
You can assign one currency for each customer or supplier so you'll create new customers or suppliers to use in your foreign transactions.
  1. Add foreign accounts
You can assign one currency for each account so you'll create new accounts to use for your foreign transactions.
  1. Update your exchange rates
At any time, you can download the latest exchange rates from within QuickBooks. If you prefer to use your own exchange rates, you can manually enter those as well.
  1. Create foreign transactions
After you've set up your foreign customers, suppliers and accounts, you're ready to create foreign transactions.
Note: Only use the foreign names or accounts you added for new foreign transactions.

For example, if you have an open invoice for an existing customer for whom QuickBooks assigned your home currency, don't use the foreign version of the customer you created to receive payment against that invoice. Continue to use the home currency version of the customer until the transaction is complete.
A few things to know about foreign transactions in QuickBooks:

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