Multi-Currency Settings

Important: Enabling multicurrency is an irreversible action and is not available for Simple Start or QuickBooks Commerce users.

• Currency

  • Vendors/Customers: A currency is assigned during setup and cannot be changed. All invoices must use the vendor's assigned currency.

  • GL Accounts: The default currency is the home currency, but you can select a different currency after choosing the account type.

• Exchange Rates

  • QuickBooks Online automatically updates exchange rates every 4 hours.

  • You can also manually update exchange rates either directly on a transaction or on the currency list. The QBO API also has an endpoint for exchange rates.

1. In Quickbooks Online, click the Settings gear.

2. Under Your Company, click Account & Settings. 

3. Click Advanced.

4. Click the pencil icon next to the Currency section to make edits to the following: 

   • Home Currency. Click into the dropdown to select your Home Currency. 

   • Multicurrency. Place a checkmark into the field to enable Multicurrency.
     Note: QuickBooks Online automatically sets your home currency based on your business location, which is the currency used for your transactions. While this is automatically set, it can be changed if needed.

5. Click Save.

For any questions about editing multicurrency within Quickbooks Online, please contact their support team directly.