Hi, despite I have Essential version--multicurrency option does not work for me. Cannot create any account different from home currency. Please assist

You have the exact path right there. Turning on multicurrency only activates the feature, but it leaves your dropdown menus empty.

Opening up your master list through settings is the exact step that fixes the problem.

Here is the exact order to get this working:

1. In the Currency section of your Accounts and Settings, click Manage Currencies, and then tap Add Currency.
2. Choose the specific foreign currencies you need from the list and click Add.
3. Go back and create your new bank account, customer, or vendor.

Just keep in mind that you have to create a completely new account or profile from scratch, because the system will not let you change the currency on an existing one.

Let me know if you need anything else. I'm here to help.