# How to Set Up Multicurrency for Foreign Suppliers and Customers in QuickBooks Desktop > Turn on multicurrency in QuickBooks Desktop, add foreign-currency suppliers, customers and bank accounts, and keep exchange rates current. - URL: https://logistify.ai/guides/quickbooks-desktop/multicurrency/ - Section: QuickBooks Desktop Guides, Purchasing - Applies to: QuickBooks Desktop Enterprise, Premier, Pro, Accountant - Steps checked against: Intuit's QuickBooks Desktop help articles, updated August and October 2026 - Updated: 2026-10-20 **Short answer:** To set up multicurrency for foreign suppliers and customers in QuickBooks Desktop, go to Edit > Preferences > Multiple Currencies > Company Preferences. Select Yes, I use more than one currency. Back up first and choose your home currency, because Intuit says you can't turn it off afterward. Each customer or vendor gets one currency, and exchange rates download from Lists > Currency List only when your home currency is the US dollar. ## Before you start - Back up your company file. Intuit says multicurrency can't be turned off once it's on. - Decide your home currency. You choose it when you turn the feature on, and reports always show amounts in it. - Every customer, vendor and account you already have is set to your home currency. - QuickBooks Desktop 2023 can no longer use or turn on multicurrency. Intuit discontinued that version after May 31, 2026. ## What stops working when you turn it on - Add-ons such as Fixed Asset Manager and Statement Writer use US currency only. - Insights, Income Tracker, Bill Tracker and Advanced Track Mileage aren't available. - In Enterprise and Accountant, you can't batch enter invoices or batch delete or void transactions. - You can't select multiple customers in Invoices for Time and Expenses. - Customers can't pay foreign-currency invoices online. - Enterprise Customer Prepayments are turned off. If you take deposits on orders, see how to [take a customer prepayment or deposit on a sales order](https://logistify.ai/guides/quickbooks-desktop/customer-prepayments-sales-orders/). It includes a deposit route that doesn't rely on Prepayments. ## Step 1: Turn on multicurrency 1. Back up your company file. 2. Go to Edit > Preferences and select Multiple Currencies. 3. On the Company Preferences tab, select Yes, I use more than one currency. 4. Choose your home currency, then select OK. ## Step 2: Add foreign-currency suppliers and customers Each customer or vendor can have only one currency. A supplier you buy from in two currencies needs a second vendor profile for the second currency. 1. Go to Vendors > Vendor Center, or Customers > Customer Center. 2. Select New Vendor > New Vendor, or New Customer:Job > New Customer. 3. Enter the name and choose the Currency. 4. Select OK. ## Step 3: Add foreign-currency bank and credit card accounts 1. Go to Lists > Chart of Accounts. 2. Right-click anywhere and select New. 3. Choose the account type, such as Bank or Credit Card, and give it a name. 4. Choose the Currency, then select Save & Close. Each account has one currency. You assign currencies to bank and credit card accounts yourself. QuickBooks creates Accounts Receivable and Accounts Payable accounts for each currency as you enter transactions. ## Step 4: Keep exchange rates up to date ### Download rates (US dollar home currency only) 1. Go to Lists > Currency List. 2. Select Activities > Download Latest Exchange Rates. QuickBooks downloads rates for active currencies only, and only when your home currency is the US dollar. ### Enter rates yourself 1. Go to Lists > Currency List and double-click the currency. 2. In Edit Currency, enter the exchange rate for the date or dates you need. 3. Select OK. ## Step 5: Enter foreign-currency transactions - Any transaction with a customer or vendor name uses that name's currency. Intuit's examples are invoices, estimates, sales orders, bills and checks. - On transactions without a name, such as general journal entries, you choose the currency. - Each transaction carries its own exchange rate, which sets its value in your home currency. - Sales and purchase amounts show in the customer's or vendor's currency, with the home currency total alongside. - A payment must be in the same currency as the invoice or bill it pays. - Reports always show your home currency. The usual steps are in how to [enter and pay bills](https://logistify.ai/guides/quickbooks-desktop/enter-and-pay-bills/) and how to [receive payments and apply them to invoices](https://logistify.ai/guides/quickbooks-desktop/receive-payments-apply-to-invoices/). Price levels can have a currency too; see how to [set up price levels and customer-specific pricing](https://logistify.ai/guides/quickbooks-desktop/price-levels-customer-pricing/). ## Edge cases - A supplier who wants payment in another currency: Intuit says the payment's currency must match the bill's currency. - Batch entry: with multicurrency on, Enterprise and Accountant can't batch enter invoices. - Online payments aren't available on foreign-currency invoices. ## Where QuickBooks Desktop leaves the work to you - Someone has to keep exchange rates current, and type them in if your home currency isn't the US dollar. - Suppliers and customers who deal in two currencies need two profiles, and someone has to pick the right one on every transaction. - Checking each transaction's exchange rate against the rate you actually got is up to your team. - Intuit's multicurrency setup article doesn't cover month-end currency revaluation, so agree the approach with your accountant. ## Frequently Asked Questions ### Can I turn off multicurrency in QuickBooks Desktop? No. Intuit says once multicurrency is on, it can't be turned off, so back up your company file first. ### Can one vendor have two currencies? No. Each customer or vendor profile has one currency, so create a second profile for the second currency. ### Why can't I download exchange rates in QuickBooks Desktop? QuickBooks Desktop downloads rates only when your home currency is the US dollar. Otherwise, enter them in Lists > Currency List by double-clicking the currency. ### What stops working when I turn on multicurrency? Add-ons such as Fixed Asset Manager and Statement Writer use US currency only, and Insights, Income Tracker and Bill Tracker aren't available. You also lose batch invoice entry, online payments on foreign-currency invoices and Enterprise Customer Prepayments. ### Do QuickBooks Desktop reports show foreign currency amounts? No. Intuit says reports always show your home currency, whatever currency the transaction used. ### Can a customer pay a foreign-currency invoice in my home currency? Not against that invoice. Intuit says a payment must be in the same currency as the invoice or bill it pays. ## Sources - [Intuit: Set up and use Multicurrency](https://quickbooks.intuit.com/learn-support/en-us/help-article/multicurrency/set-use-multicurrency/L3AqaWJ9i_US_en_US) - [Intuit: Receive customer prepayments in QuickBooks Desktop Enterprise](https://quickbooks.intuit.com/learn-support/en-us/help-article/sales-orders/receive-customer-prepayments-sales-orders-desktop/L2zjyXQAl_US_en_US) - [Intuit: QuickBooks Desktop 2023 service discontinuation policy](https://quickbooks.intuit.com/learn-support/en-us/help-article/feature-preferences/quickbooks-desktop-service-discontinuation-policy/L17cXxlie_US_en_US)