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The short answer
QuickBooks Online lets a US company keep dollars as its home currency and add naira as a foreign currency, so naira bank accounts, customers and suppliers carry NGN amounts converted to USD for reporting. Before you switch it on, confirm in Intuit's help centre whether your plan includes it and whether the setting can be reversed, then set a consistent rate source and revalue naira balances at each month end.
A US company with a Nigerian arm usually ends up with three kinds of naira items: a naira bank account in Lagos, Nigerian customers billed in naira, and Nigerian suppliers or staff paid in naira. Recording these at a single dollar figure loses information, because the dollar value of the same naira changes between invoice and payment. Multicurrency in QuickBooks Online is the feature that keeps both figures. This guide covers what to decide first, how to structure the accounts, and the month-end routine.
Decide these before you switch it on
- Home currency. For a US company filing US returns this is the dollar. The IRS says amounts on a US return are reported in dollars and a business's functional currency is generally the dollar. Set it correctly first; changing it later is not something to assume you can do.
- Whether the switch is reversible. Treat turning on multicurrency as permanent unless Intuit's current help text says otherwise, and take a backup or export first.
- Your plan. QuickBooks lists Simple Start, Essentials, Plus and Advanced on its pricing page (as at Oct 2026, from $38 a month for Simple Start before promotions). Confirm that the plan you are on supports multicurrency and that NGN is in the currency list.
- Your rate source. The IRS has no official exchange rate and accepts a posted rate used consistently. Decide whether you will accept the software's rate or override it with your bank's actual conversion rate.
Structuring naira accounts
Once multicurrency is active, each bank account, customer and supplier is tied to one currency. In practice that means:
- Create a separate bank account in the chart of accounts for each Nigerian account, set to NGN, and name it so the bank and last four digits are clear.
- Set up Nigerian customers you bill in naira as NGN customers. If one customer pays in both currencies, you will usually need two customer records.
- Do the same for suppliers: a Lagos landlord paid in naira is an NGN supplier; a US software vendor stays USD.
- Record transfers between your US dollar account and the naira account as transfers between two currencies, entering the actual amounts that left and arrived. The difference is the real rate you got.
- Keep a separate account for bank charges, so Nigerian transfer fees and stamp duty do not get buried in the currency line.
Why the transfer step matters
Under Section 988 of the Internal Revenue Code, naira bank deposits count as nonfunctional currency, and spending or converting them is a transaction that can produce ordinary gain or loss. If you key the transfer at the software's rate rather than the amounts on your bank confirmation, the gain or loss in your books will not match what happened. Use the bank's figures.
Month-end revaluation
Between transactions, the dollar value of a naira balance drifts. Revaluation restates open naira balances (bank, receivables, payables) at the month-end rate and posts the difference as an unrealised gain or loss. When an invoice is later paid, the software records the realised gain or loss on that payment.
Two cautions for naira in particular. First, the rate the software pulls may not be the rate at which your bank or Nigerian counterparties actually deal; record which rate you use each month. Second, unrealised revaluation is a book entry. Section 988 measures gain realised between booking and payment dates, so your preparer will usually separate the unrealised line before the tax return. See FX gains and losses on naira balances for how the statute treats each piece.
A worked example
Example rates only. You bill a Lagos client ₦9,000,000 on 5 June when the example rate is ₦1,500 per dollar, so the invoice shows $6,000. At 30 June the example rate is ₦1,560: revaluation restates the open receivable at $5,769.23 and posts an unrealised loss of $230.77. The client pays on 20 July when the example rate is ₦1,530, so the payment is worth $5,882.35. The software reverses the June revaluation and books a realised loss of $117.65 against the original $6,000. Check: $6,000.00 minus $5,882.35 is $117.65.
Bank reconciliation in naira
Reconcile the naira account in naira, against the Nigerian bank statement, not against a dollar figure. If your Nigerian bank has no feed into QuickBooks, import statements in a format QuickBooks accepts or enter transactions manually, then reconcile line by line. The closing naira balance should match the statement exactly; the dollar figure is whatever the revaluation produces. A detailed walk-through is in bank reconciliation for naira and dollars in QuickBooks.
What to check first
- Plan supports multicurrency and NGN is available.
- Home currency set to USD.
- Backup or export taken before switching on.
- Written note of your rate source and revaluation date.
- Accountant agrees how unrealised gains are handled at year end.
Where Pryme fits
A Pryme Business Account holds NGN and USD in one place, and each Swap shows the rate and fee before you approve, which gives you the actual figures to key into a transfer. Statements and verifiable receipts through VerifyDoc.ai give your bookkeeper documents to match, and the Finance agent can prepare reconciliation drafts for a person to review.
Questions people ask
Can I turn off multicurrency in QuickBooks Online later?
Do not assume so. Check Intuit's current help article before switching it on, and take an export or backup first.
Does QuickBooks support the Nigerian naira?
Confirm that NGN appears in the currency list in your own file before you rely on it; we could not open Intuit's help page in October 2026.
Which exchange rate should I use in QuickBooks for naira?
The IRS accepts any posted rate used consistently. For transfers, use the actual amounts on your bank confirmation rather than the software's rate.
Are unrealised FX gains in QuickBooks taxable?
Revaluation is a book entry. Section 988 looks at gains realised between booking and payment dates, so ask your preparer how unrealised lines are adjusted on the return.
Sources
- QuickBooks: Pricing for QuickBooks Online plans (viewed Oct 2026) · accessed Oct 2026
- IRS: Foreign currency and currency exchange rates (updated 22 May 2026) · accessed Oct 2026
- Cornell LII: 26 U.S. Code section 988, Treatment of certain foreign currency transactions · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.