QuickBooks Online Essentials, Plus, and Advanced offer the multi-currency feature. You can locate this option from the Account and Settings from under the Home Currency. To utilize this feature, you need to have an active subscription for any of these QBO subscriptions. In this post, we will discuss how to change the home currency in QuickBooks using the simple steps. Also, we will discuss what cautions you need to consider if you want to change to the home currency in the QuickBooks application using the simple steps.
Not sure how to set up and use multi currency in QuickBooks? Give us a call on our helpline number 1.800.579.9430 and get in touch with our qualified QB experts to acquire instant help
How Do I Change Home Currency In QuickBooks Online?
To change the home currency in QuickBooks, you need to ensure that the Multicurrency feature is not activated in QuickBooks Online. To get the task accomplished, you need to follow the below-given steps with the utmost attention:
- First of all, locate and click the Gear icon at the upper right corner.
- Next, you need to select Account and Settings.
- Proceeding further, choose the Advanced tab.
- After that, go to the Currency section and then hit on the pencil icon.
- Now choose your Home Currency from the drop-down arrow.
- In the end, click the Save button and then further click Done to get the task accomplished.
These steps can help you to change the home currency in QuickBooks Online.
Things You Need To Consider Before Developing On How To Change The Customer Currency In QuickBooks?
If you have the Multicurrency feature activated in QuickBooks, you can only change the home currency by deleting all your data and making a fresh start. Not all the versions of the QuickBooks have a Multicurrency feature, so if you are not able to locate this option, check if your QuickBooks version support this feature.
What Is Home Currency Adjustment In QuickBooks?
Now that you know how to change the default currency in QuickBooks let’s check what is a home currency adjustment in QuickBooks and how does it work. Home currency adjustments change the home currency value of your foreign balances and recalculate them on the basis of the new rates. When you make these adjustments, your balance sheet accounts get affected. Your reports reflect the home currency value based on the exchange rates used while making each transaction. To fix this, you need to recalculate the home currency value of your foreign balances using current exchange rates.
You can enter a home currency adjustment at the end of a reporting period when you want your financial reports to depict a current home currency value of your foreign balance.
How Do I Create A Home Currency Adjustment?
Before you change the home currency in QB or enter these adjustments, it is wise to consult your accounting professional. Follow the below-given steps:
- Go to Settings and then select Currencies.
- Now locate the currency you want to adjust.
- Next, from under the Actions column, select the small arrow ▼ icon.
- After that, select Revalue Currency.
- Moving further, select a date (today or a day in the past) to run a currency revaluation.
- Select between market exchange rate or a rate you specify, based on which you want to perform the revaluation.
- Select the account(s) you want to use.
- In the end, select Revalue.
Need Help From A Dedicated Team Of QB Experts?
The steps illustrated in this post can answer your query “can I change my home currency in QuickBooks”? However, if you are facing QuickBooks multi-currency problem, or not sure how to turn off the multi-currency in QuickBooks Online, dial our helpline number 1.800.579.9430. In less than no time, you will be connected to a dedicated QuickBooks expert who will guide you to change the home currency in QuickBooks in a fail-safe manner.