Multi-currency in Intuit Enterprise Suite: enabling it is permanent
Intuit Enterprise Suite users can hold foreign currency accounts, but enabling the feature is permanent and several areas remain limited during the beta.
Multi-currency support in Intuit Enterprise Suite comes with one warning users cannot ignore: once the feature is on, it is on for good. The accepted answer to a setup question covers the switch itself, the shared exchange rate table, and the limits that apply while the product is in beta.
The question behind the thread
Businesses that bank, bill, or buy in more than one currency asked how to handle that inside Intuit Enterprise Suite. They wanted foreign currency bank and credit card accounts, plus clear rules for how reports convert the balances. The accepted answer confirms that most account types can hold a second currency, and that you pick the currency when you add the account.
On reports, the currency code appears after the account name. A checking account held in British pounds, for example, shows up tagged GBP beside its name.
Enabling it is permanent
The loudest warning in the answer is also its shortest: multi-currency cannot be turned off later. Once you flip the switch, it applies to every company in the organization, and there is no path back. The answer recommends planning the change with an accountant or customer success manager before you commit.
The answer does not spell out why the switch only goes one way. Treat the warning as final rather than a quirk of the beta.
The setup path runs twice
The steps come in two passes. Open Settings, select Account and settings, then Advanced. In the Currency section, select Turn on multicurrency and confirm the prompt.
The second pass happens in consolidated view. Go to Settings again, choose Currencies, then Set up multicurrency. You then confirm the functional currency for each company, and during the beta each one must be US dollars.
Old saved rates can collide here. If two companies stored different rates for the same past date, you pick the rate the whole organization will use. A shortcut can apply one company’s saved rates to every company. Confirm with Save and finish.
One rate table serves the organization
Every company draws from a single exchange rate table. Rates arrive from Communify, a third-party provider, and update automatically. You can still save your own rate for any date.
To override a rate, use consolidated view: open Settings, choose Currencies, find the currency, and select Edit exchange rate. Entering a date shows the default rate for that date. Enter your own figure and save it if the default does not fit.
Transactions get the same control. The currency section of a transaction form includes an Edit rate control beside the exchange rate. There you choose the default, a rate your organization saved for that date, or a custom figure.
Reports convert without manual revaluation
Foreign balances convert automatically on reports. The Trial Balance and Balance Sheet use the exchange rate for the report’s end date, so you never revalue currencies by hand.
Every rate change leaves a trail. The audit log records who changed which rate, for which currency and date.
Which reports work during the beta?
Five core reports support multi-currency so far: Trial Balance, Balance Sheet, Profit and Loss, Unrealized Exchange Gains and Losses, and Realized Exchange Gains and Losses. The vendor says other reports will gain access in the months ahead. Home page widgets and KPIs still lean on historical exchange rates, and a banner explains how to reconcile those figures with your reports.
The gaps to plan around
Budgets, projects, inventory, and fixed assets are not fully supported yet. Functional currencies must be US dollars during the beta, so foreign currency accounts, customers, and vendors are fine, but the books stay in dollars.
Those limits argue for timing. If budgets or inventory sit at the center of your month, waiting for fuller support may cost less than working around the gaps.
Payroll follows its own rules
Payroll and contractor payments pay only in the local currency of the country where the company is located. A company with payroll cannot change its functional currency. In practice, multi-currency covers banking and trading abroad, not paying staff in a currency other than the local one.
Our read
The accepted answer is thorough on mechanics and blunt on consequences. The setup itself is short work: two passes through settings, a currency confirmation, and a rate conflict check.
The decision is not short work. Because the switch is permanent across every company you hold, the checklist belongs before the confirmation prompt, not after it. Map your foreign accounts, list the five supported reports against the ones you actually run, and weigh the payroll rule against where your people sit.