Your guide to using Quickbooks with multiple currencies in Canada

Managing multi-currency transactions has become essential for businesses of all sizes. QuickBooks, a leading accounting software, offers a multi-currency feature that helps streamline financial operations for businesses interacting with international markets. This powerful tool simplifies accounting, reduces errors, and provides a clear view of a company's financial position across different currencies.

In this article, we'll explore how QuickBooks' multi-currency feature can streamline international transactions. We'll also review key points such as setup, usage, and best practices. Additionally, we'll look at how you can use your Wise business account to make the most of your money, taking advantage of mid-market exchange rates with minimal fees.

We'll be looking at:

Key features of the QuickBooks multi-currency feature How to activate multi-currency support on QuickBooks Make the most of your international transactions with a Wise Business account How to change currencies assigned to a customer or a supplier on QuickBooks If you change currencies for a customer If you change currencies for a supplier How To pay your employees in a different currency via QuickBooks³ How to add a foreign currency account on QuickBooks³

Key features of the QuickBooks multi-currency feature

Feature	Information
Currencies Supported	155¹
Exchange Rate Used	Market rate² (from IHS Markit)³
Exchange Rate Updated	Automatically Every 4 Hours (from Wall Street on Demand)³

How to activate multi-currency support on QuickBooks

QuickBooks automatically sets up your home currency based on your preferences. If your home currency is correct, you can simply turn on the “Multicurrency” switch, then select “Save” and “Done”.

If you need to change your home currency, follow these steps³:

1. Open QuickBooks
2. Go to “Settings”
3. Select “Account and settings”
4. Select “Advanced”
5. Navigate to the “Currency” section
6. Select “Edit”
7. Go to the “Home Currency” dropdown
8. Select your currency
9. Turn on the “Multicurrency” switch
10. Confirm that you understand this can’t be undone
11. Select “Save”
12. Click “Done”
13. A link titled “Manage Currencies” should appear
14. Click this link to go to the “Currencies” page
15. Manage the currencies you use

Make the most of your international transactions with a Wise Business account

Do you wish QuickBooks could do more? A Wise business account is the key! It provides a comprehensive solution for managing your international transactions with ease and efficiency. Here’s how you can maximize its benefits:

Send Money Worldwide: With Wise, you can send money to over 160 countries, making it easier than ever to manage global payments and transactions.

Mid-Market Exchange Rate: Wise uses the mid-market exchange rate without markups. This rate is the midpoint between the buy and sell prices of two currencies and is what you’ll often find on financial news sites.

Minimal Fees: Wise offers minimal fees starting at just 0.33%^*, helping you save money on international transactions compared to traditional banks.

Local Account Details: Obtain local account details in over 10 currencies, including CAD, USD, EUR, GBP, AUD and more. This allows you to pay and receive payments like a local.

International Invoicing: Create and send invoices in any currency, and receive paymentsdirectly into your Wise account. This streamlines the invoicing process, eliminating the need for costly currency conversion fees and delays.

Wise API: Automate payroll and other business payments with the Wise API, reducing administrative tasks and ensuring timely transactions. This can significantly enhance your operational efficiency and accuracy.

Integration with Leading Software: Integrate your Wise business account seamlessly with your existing accounting and financial management software, such as QuickBooks, Xero, FreeAgent, Oracle NetSuite, and Microsoft Dynamics 365 Business Central. This integration ensures smooth data synchronization and simplifies multi-currency transaction management across platforms.

Wise Cards: Get a Wise card for your business and employees, enabling easy management of team expenses. This card can be used globally, providing a convenient way for your team to handle business expenses.

All these benefits are available from a Wise business account, which offers a comprehensive, efficient, and cost-effective solution for managing your international transactions.

Get your Wise business account in a few clicks

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

How to change currencies assigned to a customer or a supplier on QuickBooks

To change an assigned currency, you must make your customer or supplier inactive and create a new customer or supplier with updated information. The steps differ slightly depending on whether you are changing for a customer or supplier³:

If you change currencies for a customer

1. Open QuickBooks
2. Go to “Sales”
3. Select “Customers”
4. Find and select your customer’s name
5. Select “Edit”
6. Note the information that will be staying the same
7. Select “Save”
8. Return to the “Customers” list
9. Find the customer’s name again
10. Select the “Action” dropdown menu
11. Select “Make inactive”
12. Confirm by selecting “Yes, make inactive”
13. Go to “Sales”
14. Select “Customers”
15. Select “New Customer”
16. Fill out the fields using the information noted earlier
17. Go to the “Currency” dropdown
18. Select the new currency
19. Select “Save”

If you change currencies for a supplier

1. Open QuickBooks
2. Go to “Expenses”
3. Select “Suppliers”
4. Find and select your supplier’s name
5. Select “Edit”
6. Note the information that will be staying the same
7. Select “Save”
8. Return to the “Suppliers” list
9. Find the supplier’s name again
10. Select the “Action” dropdown menu
11. Select “Make inactive”
12. Confirm by selecting “Yes”
13. Go to “Expenses”
14. Select “Suppliers”
15. Select “New supplier”
16. Fill out the fields using the information noted earlier
17. Go to the “Currency” dropdown
18. Select the new currency
19. Select “Save”

How To pay your employees in a different currency via QuickBooks³

1. Open QuickBooks
2. Select “Employees”
3. Find the employee you want to pay
4. Note their information and check everything is correct
5. Go to “Expenses”
6. Go to “Suppliers”
7. Select “New Supplier”
8. Fill out the fields with the employee’s information
9. Go to the “Currency” dropdown
10. Choose which currency you would like to use
11. Select “Save”
12. Select “New”
13. Select “Expense”
14. Go to the “Payee” dropdown
15. Select the supplier you created with your employee’s information
16. Go to the “Category” dropdown
17. Select the account you track payroll expenses with
18. Select “Save”

How to add a foreign currency account on QuickBooks³

1. Open QuickBooks
2. Go to “Settings”
3. Select “Chart of accounts”
4. Select “New”
5. Select the “Account Type”
6. Select the “Detail Type”
7. Enter a name for the new account
8. Add a description (optional)
9. Fill in any other required fields
10. Go to the “Currency” dropdown menu
11. Select the foreign currency you want to assign to the account
12. Fill out the date and opening balance
13. Enter the amount you started the account with
14. Select “Save and Close”

Final thoughts on the QuickBooks multi-currency feature

By automating currency conversions and integrating seamlessly with your existing accounting practices, QuickBooks helps you stay on top of your international finances.

However, Wise enhances your international transactions by offering a mid-market exchange rate, minimal fees, and the ability to send, receive, and hold money in multiple currencies — all from one account.

QuickBooks and Wise provide powerful, efficient, cost-effective solutions for managing your business's international financial operations. They ensure that you can navigate the complexities of global commerce with confidence, accuracy, and economic efficiency, setting the stage for your business's continued growth and success across borders.

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Sources:

1. Intuit - List of supported currencies on Quickbooks
2. Intuit - FAQ
3. Intuit - Setting up multi-currency support
   Sources verified on 19 September 2024