QuickBooks deals with multiple currencies in a single day. It is difficult to handle currencies belonging to different countries. Moreover, recording the transactions in respective currencies is not enough, you may have to convert the currencies to balance the reports. There can be instances when your customer uses a different currency and you want to change the default currency in your account. If you are seeking help, learn with us how to change currency in QuickBooks 2013, 2014, 2016, and other versions.
In this guide, we will highlight the important points to be considered before changing the currency. Besides that, we will cover how to change currency in QuickBooks invoices for both Desktop and Online versions.
How to Change Customer Currency in QuickBooks Online?
There can be instances when your customer uses a different currency. In such a scenario, you can use the multi-currency feature and change the currency on the invoice. If you want to know how to change currency in QuickBooks Online, follow these steps:
- Log in to the “QuickBooks Online” account with the correct username and password.
- Then, select the “Gear” icon.
- Click on the “Account and Settings” option.
- Switch to the “Advanced” option.
- Choose the “Currency” option and click on the “Home Currency”.
- Here, you enable the multiple currencies by selecting the checkbox for “Multi-Currency”.
- After confirming your action, you can click the “Save” button.
- Press the “Done” button to confirm the action.
As you enable the multi-currency feature, you can now add the currency that you use. Here are the steps for adding the currency to your account:
- Click on the “Gear” icon.
- Then, choose the “Currencies” option.
- Click on the “Add currency” option.
- At this point, you can select your new currency using the “Add Currency” drop-down menu.
- Press the “Add” button.
By executing these steps, you can enable the currency feature and add relevant currency to your QuickBooks Online account.
How to Change Currency in QuickBooks Desktop?
Currency features can be enabled while you set up the QuickBooks accounting software. Most users prefer to use Home Currency as you can change it based on your country. However, if you choose Multi-Currency, you will not have any option to reverse the steps.
In QuickBooks Desktop, you may not even find an option to change the home currency. However, as a workaround, you can use the Multi-Currency feature to set a particular currency as your home currency.
Please Note: Once activated, Multi-currency features cannot be deactivated. We suggest creating a backup of the company files before you enable the Multi-Currency feature in QuickBooks Desktop.
Let’s have a look at the following steps to learn how to change currency in QuickBooks 2017 and other versions:
- Click on the “Edit” menu.
- Then, select the “Preferences” option.
- Click on the “Multiple Currencies” feature located on the left.
- After this, switch to the “Company Preferences” option.
- When you see a toggle stating “Yes, I use more than one currency”, click on this radio button to agree.
- Here, you can select the “US Dollar” using the drop-down.
- Press the “OK” button.
- Then, complete the steps by clicking on the “Yes” button.
Whichever currency you choose here will be your home currency now. If you find any problem, the backup file can be used to restore the data.
Most users drop their question “how to change currency in QuickBooks POS 2013?”. If you are seeking the answer to this, we would like to inform you that there is no feature to enable the multi-currency feature in POS till now. However, you can drop the query to product developers.
Important Things to Consider Before Changing Currency in QuickBooks
QuickBooks provides two types of currencies in your account; Home Currency and Multi-currency feature. Home currency is the regular currency that can be used for your country. It can be changed whenever required. However, once you enable the multicurrency feature, it cannot be deactivated or reversed.
Before you learn how to change currency in QuickBooks 2013, there are a number of things you need to keep in mind. Please go through the following points:
- Always create a backup of the files for security purposes. In case of losing any transaction or important details, you can restore the data using the recent backup file.
- When you activate the multiple currency feature in your account, you can activate the home currency. This process is irreversible so be sure when you go to enable the multi-currency feature.
- Make sure you only activate the multi-currency feature when it is required in your business.
- When you use multiple currency features, you should turn on the feature to track other currencies. Because different vendors and accounts use different currencies so if you ever have to check rates, you will have the ability to track it.
Once you take care of the aforementioned precautions, you can continue to learn how to change currency in QuickBooks 2014 and other versions.
Currency plays an important role in QuickBooks as your business deals with multiple currencies every day. QuickBooks Online users are capable of changing the home currency whereas, in QuickBooks Desktop, one has to enable the Multi-currency feature to choose the particular currency. This is also important to know that multi-currency features cannot be reversed and you can switch back to home currency once you get along with multi-currency. Hence, one has to be very sure about applying this action. For your help, we have discussed how to change currency in QuickBooks 2013 and other versions.
To enable the multiple currencies to reclassify the tractions, you can have a look at the following guides for better insights: