would you like to see the changes in your quickbooks online account when you
activate the multi-currency feature well this video will
show you everything that happens in your file when you activate multi-currency
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before you can record transactions with more than one currency you must activate the multi-currency
feature in quickbooks online this means opening the account settings window and clicking
one box just to turn it on but what will happen in the quickbooks online account
after the multi-currency feature is activated well here are the changes that you will see
first you will notice that a new main menu choice is added to manage the multi-currency feature when
you click in the cogwheel and if you click the currency you will see that you now have a new list
called the multi-currency list or rather currency list that actually tells you the active currencies
and allows you to add new currencies that you are now doing business with you will also notice that
there are a new set of two reports that have been added to your set of reports in quickbooks online
after you activate the multi-currency feature and of course a new set of data fields are shown added
to transaction windows to show the effects of the multi-currency feature so let's take a look at how
to add this in quickbooks online so let's activate the multi-currency feature in your new account
when you click the cog wheel in the top right you see that there is no currency choice here
but if you click account and settings and go to the left panel and click the advanced category
then scroll down to where it says currencies then click the pencil tool to be able to edit
the section then when you click the box to activate the multi-currency feature
you have to click another box that asserts that you understand that in this quickbooks
online account once you activate the feature you cannot turn it off and all the changes to
the accounts that we just discussed will be permanent in this account click save
and now let's take a look at the results click done and click
ok let's see
if you click the cog wheel you now see that you have a currency list as one of the list choices
and it has just been added to your quickbooks online account
if you double click you can see that by default we have the home currency as the us dollar
and we have only two out of several currencies activated the most common and the most likely
alternative currencies that an american would use but of course if we need to add more currencies
we can click right here you will also notice that if you click reports
standard and scroll down to business overview two reports have been added to this account
realized exchange gains and losses and unrealized exchange gains and losses these two reports were
not here before we activated the currency or multi-currency in the account settings window and
the last change is if you click new and you open any transaction window you will notice that there
is now a column to declare what currency you are using for the transaction so these are the changes
to your quickbooks online account after activating the quickbooks online multi-currency feature
you