Set up your invoicing and banking for multiple currencies to do business in other countries.

Multi-currency invoicing

Enable multi-currency transactions to set home currencies for your customers, so new invoices default to that currency. You're limited to the currencies on the drop-down list. Choose nominal accounts to record bank charges, interest, exchange rate gains, or losses. This ensures accurate tax returns and financial reports.

Turn on multi-currency transactions

1. Go to Settings, Business settings, Currencies. Click Enable Foreign Currency Transactions.
2. Optionally, apply Live exchange rates from the Federal Reserve System (FRS).

Live Exchange Rates Turned On

Rates automatically update, so you always have the latest rate without manual entry.

Live Exchange Rates Turned Off

Manually enter the latest rates from the FRS and keep them updated.

US Dollar (USD), Canadian Dollar (CAD), and Mexican Nuevo Peso (MXN) are default currencies. You can't delete your base currency or a currency in use. Add new currencies from the drop-down list as needed.

Set Up Multi-Currency Nominal Accounts 

1. Check the Bank charges and interest nominal account.
2. Check the Exchange rate gains and losses ledger accounts. These accounts show gains or losses from exchange rate changes on reports.
3. Select Save.

Customer and vendor currency settings

Set the default currency on your contacts for multi-currency invoicing. New invoices use the default currency set for the customer or vendor.

Set Currency Settings on a Contact

1. Go to Contacts, select Customers, or Vendors.
2. Select your customer or vendor from the list.
3. Go to Options and Account details to view the currency.
4. Select the pencil icon to edit.
5. Choose the new currency from the drop-down list. If there are existing transactions, create a new contact with the new currency.
6. Select Save.

Multi-currency banking

Add multi-currency bank accounts for payments, revaluations, and other transactions. You can't use multi-currency bank accounts with cash accounts. Select the currency in the Currency field when adding an account. The account will appear on the Banking page, showing the balance in the selected currency and your base currency underneath.

 TIP: Bank feeds aren’t available for bank accounts in other currencies.

Creating multi-currency transactions

After adding a foreign bank account, process multi-currency transactions. Sales and purchase documents show the default currency of the contact and the exchange rate used. Toggle between the foreign currency and your base currency.

Record Payment

Choose the bank account to record the payment to, including base currency accounts and an account matching the foreign currency on the invoice.

Working with bank accounts in other currencies

Update transaction exchange rates by selecting the relevant bank account on the Banking page. Review transactions on the Activity tab, including amounts received in both currencies. Use the Currency view buttons to see transactions in the account currency or your base currency.

Revalue a bank account

Revaluing changes the value of your base currency due to exchange rate changes, completed monthly or quarterly.

Revalue an Account

1. Open the relevant bank account.
2. Open the Revaluations tab and select Revalue this bank account.
3. Select the date for revaluation.
4. The system automatically populates the exchange rate, but you can change it manually.
5. A Loss or gain shows as a difference, posted to the Exchange rate gains and losses ledger account. This appears on your Profit and Loss Report.
6. Add a reference for audit purposes, for example, month-end revaluation.
7. Select Revalue.

The Revaluations tab shows details of all revaluations. Delete any errors and complete the revaluation again.

Bank transfers

How to transfer money between accounts.