How can I turn on the multi-currency feature in QuickBooks?

I had a client told me that she just bought a QuickBooks Pro 2009/10 (Asia) edition. The retail box stated it has multi-currency feature, but when she created a new QuickBooks company file, the new QuickBooks Company file does not have the multi-currency feature. What could have gone wrong?

QuickBooks’ Easy-Step Interview does have a question on whether you like to turn on the multi-currency feature, but if you have missed the step, by default, QuickBooks will not turn on the multi-currency feature in your new company file.

So, how can you turn on the multi-currency feature manually?

From the Edit menu, select Preferences, in the Preference window scroll to the Accounting Preference icon and click on the Company Preferences tab. Under the Company Preferences tab, you check the check box for “Use Multicurrency” and set the Home Currency accordingly.

You need to check with your Auditor on what home currency should be set in your accounting software. If you audit your file base on Singapore dollar, then, your home currency in QuickBooks should be set as Singapore dollar.

For QuickBooks US version, the multi-currency feature is under the Multi-Currency Preference icon.

One last thing, before you turn on the multi-currency
feature, I suggest you do a back up. You cannot roll back once the multi-currency
feature is being turn on.