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Can I convert a foreign Amazon marketplace currency to my home currency in QuickBooks?
Can I convert a foreign Amazon marketplace currency to my home currency in QuickBooks?

QuickBooks Error: Business Validation Error: Multi Currency should be enabled to perform this operation

Updated over a week ago

The multicurrency feature and foreign currencies are available in QuickBooks Online Essentials, Plus, and Advanced.
All settlements are imported into taxomate and sent to QuickBooks in the currency of the country marketplace (unless the marketplace customer is changed). The settlements are then converted to the home currency when sent to QuickBooks.
πŸ‘‰ taxomate can import up to 18 months of conversion rates used by Amazon, and uses QuickBook's conversion rates if the settlement is older than 18 months.
⚠️ ⚠️ Once you turn Multicurrency on in QuickBooks Online, your Home currency is set and cannot be changed.

STEP 1. Turn on Multicurrency in QuickBooks

In QuickBooks Online, select the Gear icon on the Toolbar.

  1. Under Your Company, choose Account and Settings (or Company Settings).

  2. From the left menu, select Advanced.

  3. Select the edit (pencil) icon in the Currency section and choose your Home Currency.

  4. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.

  5. Select Save.

  6. The Manage Currencies link that appears takes you to the Currencies page, where you can manage the currencies you use.

STEP 2. Add Currencies in QuickBooks

  1. Select the Gear icon on the Toolbar.

  2. Under Lists, select Currencies. Note: This option is available after you turn on Multi-currency.

  3. Select the new currency from the Add Currency drop-down list and select Add.

STEP 3. Refresh Preferences in taxomate

  1. Once multicurrency is enabled in QuickBooks, head over to Settings > Connections.

  2. Scroll to the bottom and select Refresh Preferences in the QuickBooks section.

  3. Multicurrency Enabled should now say Yes.


STEP 4. Create an Invoice Customer in QuickBooks

You can create a new customer from within taxomate or in QuickBooks:

  1. Go to Invoicing > Customers in QuickBooks.

  2. Select New Customer in the top right of the page.

  3. Fill in the Display Name and select the currency of the marketplace (e.g., USD for, CAD for, EUR for, etc.). It is important you select the currency of the marketplace (not your home currency).

In taxomate go to Settings > Connections and select the new customer you created for the respective marketplace.
Once you Reprocess and send over the settlements, they should now be converted to your home currency.

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