For the most part, Multicurrency works the same as it did in QuickBooks 2006 (or earlier). The list below goes over new features you'll see and what things in multicurrency are now different than your previous version of QuickBooks.

Watch this video describing the new Multicurrency feature.

• New Exchange rate history calender
• Download exchange rates from Wall Street On Demand. You can now download your exchange rates.
• Foreign sales prices for items are now part of the Price Level feature. Price level is a feature only available in the Premier Edition (click here for more details)
• Home currency adjustments are automatic (click here for more details)
• New Modify Reports option to show foreign amounts in your reports
• QuickBooks now contains over 140 'default' currencies

• Foreign sales prices only available in the Premier Edition (click here for more details)
• Home currency adjustments are much easier to make (click here for more details)
• You can now show reports in foreign amounts through a new Modify Reports option
• Currency symbol is now called currency code
• Reports: small rounding amounts from foreign transactions were accounted for in the exchange gain/loss account but didn't appear in the realized gain/loss report. These amounts now show up in this report.
• New default VAT codes that you can assign to customers and suppliers from different countries. So, if you have a customer from France, now you can assign a default EC VAT code. (click here for more details)

• During conversion, QuickBooks resets the exchange rate of your currencies to 1:1. This does not affect your existing transactions.  When you first start working in your new file, you must download the exchange rates to update your currency exchange rates. To do this, go to the Currency List, click Activities and click Download Latest Exchange Rates.
• QuickBooks 2010 contains over 140 'default' currencies. During conversion, QuickBooks sets 8 of the most common currencies as 'active' and sets the rest to 'inactive'. To see your other currencies, you have to go and reset them to 'active'.
• Default currency names and codes CANNOT be edited. You can edit the exchange rates and 4 types of currency formatting.
• Currencies that were added to QuickBooks that do not use the standard 3-letter international currency code, do not map properly to the 'default' currencies in QuickBooks 2010. If you added 'custom' currencies to your previous company file, you must fix these currencies (in your previous company file) so they use the correct 3-letter international currency code, then convert your company file.