I recently turned on the multicurrency feature in a client’s QuickBooks Online file and I’m still learning how to use it. In this article, I will offer a few observations as a new user of this feature and things to consider if you think one of your clients may benefit from multicurrency.
Do Your Homework
Read the articles and Intuit docs on multicurrency before you flip the switch. Considerations include:
- Once you turn it on, it cannot be turned off.
- You must state one home currency (USD, CAD, etc.) for the QBO file.
- If you are using third-party apps, research how they might be impacted with multicurrency enabled.
- Understand that you have to create Customers in each currency; more discussion on this below.
- Understand the ins and outs of exchange rate gain/loss.
Note: This article will assume the home currency of the QBO file is US Dollars, or USD.
Things I Like About Multicurrency
1. Creates invoices with the proper currency icons. My client invoices some of her customes in Euros, some in Great British Pounds. Once we turned on multicurrency, the QBO invoices now show in Euros, instead of the “$” sign on invoices, or indicates “GBP” and the “£” sign for Great British Pounds. This makes the invoice look more professional and avoids confusion on the customer’s end regarding in which currency they are being billed.
About Jody Linick
Jody Linick, an AIPB Certified Bookkeeper, QuickBooks Certified Pro Advisor and member of the Intuit Trainer/Write Network, heads up FitBooksPro which specializes in helping professional services providers set business goals, and using the tools available in QuickBooks Online, to manage performance tracking of goal achievement.