QuickBooks 2011: The Missing Manual

Multiple Currencies

If you use only one currency, you can skip these preferences, because QuickBooks automatically selects the “No, I use only one currency” option, as shown in Figure 23-8. But if you have customers who pay you in other currencies or vendors who want to be paid in their country’s currencies, you can turn on the multiple currency preference. Once you do, it’s on for good. However, if you stop doing business with foreign-currency customers and vendors, you can simply skip the currency boxes in QuickBooks’ windows and dialog boxes. (QuickBooks automatically fills them in with your home currency.)

To turn on multiple currencies, in the Preferences dialog box, click the Multiple Currencies entry, and then click the Company Preferences tab. Select the “Yes, I use more than one currency” option and, in the “Select the home currency you use in transactions” drop-down list, choose the currency you use.

Figure 23-8. QuickBooks initially sets the home currency to US Dollar, but you can change that in the “Select the home currency you use in transactions” drop-down list. In transaction windows and dialog boxes, QuickBooks initially fills in the Currency box with your home currency. However, after you set up a customer or vendor to use a foreign currency, QuickBooks automatically uses that currency instead. See page 64 for the full scoop on using multiple currencies.