I've outlined the important details you need to know about the Multicurrency feature, David.

These are the things you'd need to take note before turning on the Multicurrency:

• Once Multicurrency is on, you can no longer turn it off and only one home currency (e.g., USD or CAD) can be designated for your QuickBooks Online file.
• Multicurrency won't work if you connect QuickBooks Commerce with QuickBooks Online.
• Turning on Multicurrency will inactivate the cash flow planner in QuickBooks Online.
• If you have international customers or vendors who need invoices in their local currency, you'll have to  create separate customer and vendor profiles for each currency. This will affect the reports.

For more information about using Multicurrency in QuickBooks Online, feel free to read this article: Set up and use Multicurrency in QuickBooks Online.

Once you've turned on the Multicurrency feature, you can record customer and vendor transactions. But before recording them, ensure to create a customer and vendor/supplier with their specific currency. Please visit this article for more details: Multi-currency FAQ. This article focuses on the Singapore region, but the information and steps are also applicable to your region.

In case you'll need some guidance on making sure your categories are set up correctly, consider adding QuickBooks Live Expert Assisted to set up your business for success.

If you have additional queries about turning on the Multicurrency, feel free to click the Reply button. We'll be willing to lend a hand. Have a great day!