Multiple Currencies & Exchange Rate in QuickBooks Premier

QuickBooks SupportCategory: TransactionsMultiple Currencies & Exchange Rate in QuickBooks Premier
Matthew asked 3 years ago

We have been using QuickBooks Premier for 6 years with home currency in dollars, we never knew one could using Nigerian Naira until we read a post on your blog about multiple currencies, how do we change our transactions to Naira?
Also, on the exchange rate, does QuickBooks gives one flexibility to enter a preferred rate or it uses the CBN official rate?

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1 Answers
Ndukwe Ukabi Staff answered 3 years ago

it’s unfortunate that you have been running QuickBooks on a wrong home currency, and QuickBooks doesn’t provide the flexibility of reversing your transactions or change base currency to Nigerian Naira, the best solution is to create a new company and copy all transactions from the previous company to the new company.
On your second questions, YES! you can update your exchange rate using a ruling rate, not necessarily the CBN rate.

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