You're exactly right, magecmed.

When you create an invoice, you'll notice that it is in our home currency. The same thing when receiving the payment. QuickBooks Online (QBO) will only allow it in our home currency. 

That's the reason why VAT only displays in GBP currency even if multicurrency is turned on. You'll want to use a third-party application to show VAT on different currencies. You can check out the app reviews and descriptions so you'll be guided in selecting what app to choose.

Another way is to reach out to your accountant for other ways on how you can manage VAT in different currencies. 

For future reference, you can run reports in QuickBooks Online if you want to track transactions in different currencies. Here's an article to guide you: Run Reports In QuickBooks Online.

Feel free to leave a reply on this thread if you have any other concerns. As always, we're always right here to help you anytime.