Can I change the primary currency for new business established in Costa Rica from Colones to USD?

Hi there, john446. When you sign up via the Global site and select a specific country, such as Costa Rica, the default Home Currency is automatically set to that country’s local currency. However, as long as Multicurrency has not been turned on yet, you can still change your Home Currency from Colones to USD.

To do this, go to the Gear icon, select Account and Settings, and look for the Currency section under the Advanced tab. Click Edit and change the Home Currency to USD.

Please note that once Multicurrency is turned on, it cannot be undone or turned off. The Home Currency will be permanently locked to the last currency selected before the feature was activated.

Multicurrency is very useful for an HOA because it allows QuickBooks to handle two different types of money at the same time. It is perfect for collecting dues in USD while paying local Costa Rican expenses in Colones, as it acts like an automatic translator that calculates exchange rates for you without the need for manual math.

However, once Multicurrency is already turned on, you can no longer change your primary currency. Your workaround to this is to sign up your business for a new subscription and ensure not to turn on Multicurrency so that you have the flexibility to manage your primary currency anytime.

Please don't hesitate to leave us a response if you have other questions or concerns.