A new update became available in January for iPhone users. One of the improvements in this update is the enabling of multicurrency features in the iPhone app.
If you have multicurrency enabled in your QuickBooks Online (QBO) account, here are some things you can do now from the iPhone app.
You can create customers and vendors and assign a currency to them.
With currencies assigned to vendors, you can create expense transactions in that currency.
The transaction will show the amount in the currency assigned to that vendor, but will also show the amount converted into your home currency. For the QBO sample company, that would be the US dollar as you can see in the above screenshot.
The currency list is available on your phone. So is information about current exchange rates. You see the current exchange rate when you access a foreign currency account or name.
When viewing the list of currencies, you will see the ones you use most at the top of the list.
Create customers. Assign a currency to them. Create invoices for those customers in their currency and see the exchange rate.
As with expense transactions, QBO will show you the amount in your home currency.
You must turn on multicurrency in QuickBooks Online on the web. Then it will be available on your iPhone using the 4.4 release. Remember, once you turn multicurrency on, you cannot turn it off.
If you have need for multicurrency capabilities and you are an iPhone user, you should try the new version of the app.
Hector Garcia, CPA
Certified Advanced QuickBooks ProAdvisor
7791 NW 46th St. Suite 109
Doral, FL 33166