I want to use multiple currency?

For your reference

https://quickbooks.intuit.com/learn-support/global/multicurrency/multi-currency-faq/01/390818

Any specific concern?

I appreciate you posting your concern in the forum, Mohamed.

I'll ensure you can add multiple currencies using the multicurrency feature in QuickBooks Online.

The Multicurrency feature allows users to use multiple currencies for foreign transactions that don't use their home currency. Once this feature is turned on, you can no longer reverse the process. 

To begin with, here's how you can turn on Multicurrency:

1. Head to the Gear icon, then select Account and settings.
2. Choose Advanced and go to the Currency section.
3. Click on the pencil icon to edit.
4. Select your currency from the Home Currency dropdown.
5. Toggle on the Multicurrency switch, then confirm.
6. Select Save and Done.

After that, proceed to these steps to add multiple currencies.

1. Go to the Gear icon, then choose Currencies.
2. Click on the Add currency option.
3. On the Add Currency dropdown, choose the new currency.
4. Select Add once done.

You can review this article for more details about the process above: Set up and use Multicurrency in QuickBooks Online.

On the other hand, consider scanning these resources to have an overview of utilizing your own exchange rates and assigning a currency to an account:

• Enter and use your own exchange rates in QuickBooks Online
• How to add a foreign currency account in QuickBooks Online

Don't hesitate to click the Reply button if you have additional questions when adding multiple currencies or other related concerns in QuickBooks Online. I'm more than willing to help.

What will be the downsides of opening the option of multiple currencies?

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!