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Multicurrency 

Acodei helps you keep Stripe and QuickBooks Online (QuickBooks) in sync when you sell in multiple currencies. This guide explains how multicurrency works, what Acodei adds, and how to set everything up.

1. Why you might need multicurrency​

  • Stripe

    • Stripe can accept payments in many currencies.

    • If your Stripe account holds multiple currency balances (e.g., USD & CAD), charges in each currency go into the matching balance.

    • If you only have one balance (say USD), Stripe converts all non-USD payments into USD automatically.

  • QuickBooks Online

    • Every QuickBooks company has a home currency for reporting.

    • You can assign other currencies to specific customers, vendors, or bank/credit-card accounts.

    • Once turned on, QuickBooks multicurrency cannot be turned off.

2. What Acodei can do for you​

FeatureWhat it doesWhen to use it
Multicurrency Support (basic)- Creates separate QuickBooks customer records for each currency a buyer uses (e.g., “Acme” in USD and “Acme – CAD” in CAD).- Populates QuickBooks’s “Exchange Rate” field with Stripe’s actual rate at payment time (or QuickBooks’s daily rate if Stripe doesn’t provide one).Use this if you just need foreign-currency sales to post correctly and want accurate rates—without invoice-level logic.
Invoice Multicurrency (advanced)- Creates QuickBooks invoices in the same currency as the Stripe invoice.- Applies the correct exchange rate later at payment, refund, or payout time.- Ensures invoice-level accuracy.Use this if you issue invoices in non-home currencies (e.g., CAD invoices while your QuickBooks home currency is USD).

Important Limitation: Undeposited Funds​

Do not use “Undeposited Funds” as your holding account in QuickBooks. If you do, Acodei’s multicurrency features will not work properly.

  • Invoices may need to be resynced in the final settlement currency.

  • Duplicate customer records can appear.

  • Exchange rates may not calculate correctly.

Always use a non-Undeposited Funds clearing (asset) account instead.

3. What Acodei doesn’t do (yet)​

  • Zero-decimal currencies (e.g., JPY) are not currently supported.

  • Stripe does not provide an exchange rate when an invoice is created; Acodei applies the rate later when the payment posts (from Stripe if available, otherwise QuickBooks).

4. Setup checklist​

  1. Turn on QuickBooks multicurrency and choose your home currency (permanent).

  2. In Stripe, hold balances for the currencies you want—or rely on Stripe to auto-convert.

  3. In QuickBooks, create matching bank accounts and clearing (holding) accounts for each payout currency.

    • Be sure these are non-Undeposited Funds accounts.

  4. Ask Acodei Support to enable:

    • Multicurrency Support (required), and

    • Invoice Multicurrency (optional, only if you need invoice-level handling).

  5. Run a small test charge/refund in each currency to confirm syncing works as expected.

5. Frequently asked questions​

QuestionAnswer
Will I see duplicate customer names in QuickBooks?Yes. If the same customer pays in USD and CAD, QuickBooks requires separate records (“Acme” and “Acme – CAD”).
Where do exchange rates come from?From Stripe at payment time when available; otherwise QuickBooks’s daily rates.
Do I need multiple Stripe accounts?No. One Stripe account with multiple balances works fine. Each balance typically needs its own bank account in QuickBooks for payouts.
Can I turn multicurrency off later?You can disable Acodei’s multicurrency features, but QuickBooks multicurrency cannot be turned off once enabled.

6. Key takeaways​

  • Always enable QuickBooks multicurrency first.

  • Turn on Acodei Multicurrency Support to:

    1. Create per-currency customer records automatically.

    2. Record real exchange rates on every sales receipt.

  • Add Invoice Multicurrency if you issue invoices in foreign currencies and need invoice-level accuracy.

  • Expect duplicate customer records when buyers pay in multiple currencies.

  • Always use a non-Undeposited Funds holding account.

  • Zero-decimal currencies (like JPY) are not yet supported.