Good dayI have activated Multicurrency . I am able to record deposits & they are getting converted into the currency but for expenses and payments it is not converting.

Let's review the currency settings for your suppliers and accounts to ensure they match the payment or expense, N-S.

In QuickBooks Online (QBO), transactions can't be converted if the supplier is set to your home currency instead of a foreign currency. To check your supplier setup, follow these steps:

1. Sign in to your QBO account.
2. Go to Expenses, then choose Suppliers.
3. Double-click the specific vendor name to open its page, then hover over the Edit tab.
4. Review the currency used by checking the Payments field in the Additional Info section.

If the supplier is set to your home currency, this explains why the transaction is not converting to the intended foreign currency. To resolve this, you will need to create a new supplier profile with the correct currency.

Another thing to consider is ensuring the account used for the expense or payment shares the same currency. For instance, if you’re paying from a foreign currency bank account, verify that the account’s currency matches the payment currency to avoid discrepancies.

I recommend visiting this resource for more information on managing multicurrency in QBO, such as when setting up a new supplier with foreign currency: Set up and use Multicurrency in QuickBooks Online.

Click the Reply button if you have additional inquiries about managing multicurrency in your QBO account. The Community folks are here to answer them.