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Updated: 2025-01-15 7 min read

Shopify Multi-Currency Orders in QuickBooks: Complete Guide (2025)

Selling internationally? Your Shopify orders might be in EUR, GBP, CAD, or AUD — but your QuickBooks is probably in USD. Here's how to handle multi-currency imports without accounting headaches.

The Multi-Currency Problem

Here's what happens when you export international orders from Shopify:

Customer in Germany pays €85.00
Shopify converts to your payout currency (e.g., USD) at that day's rate
You receive $92.50 in your payout
Shopify exports show €85.00 (original currency)
QuickBooks expects USD (your home currency)

The mismatch: Shopify exports the customer-facing currency. QuickBooks needs your home currency. If you import €85 as-is, your books are wrong.

Currency Flow Example

Stage	Currency	Amount
Customer pays	EUR	€85.00
Shopify converts (1.088 rate)	USD	$92.48
Shopify fee (2.9%)	USD	-$2.68
Your payout	USD	$89.80
Shopify export shows	EUR	€85.00

The export shows €85, but you actually received $89.80 USD.

Shopify Export Currency Columns

Shopify's order export includes several currency-related columns:

Currency Columns in Shopify Export

Column	Description	Example
`Currency`	Customer's payment currency	EUR
`Total`	Amount in customer's currency	85.00
`Presentment Currency`	Same as Currency	EUR
`Payment Method`	How customer paid	Visa

Notice: there's no 'Converted Amount' or 'Payout Amount' column!

The Missing Data Shopify's order export does NOT include: - Exchange rate used at time of sale - Converted USD amount - Payout amount after fees This data exists — but only in your Payouts export, not the Orders export.

QuickBooks Multi-Currency Setup

Before importing international orders, configure QuickBooks:

Enable Multi-Currency (One-Time Setup)

Go to Settings (gear icon) → Account and Settings
Click Advanced tab
Find Currency section
Turn on Multi-currency
Set your Home Currency (e.g., USD)

Warning: Cannot Be Undone Once enabled, multi-currency cannot be turned off. Make sure you need it before enabling.

Add Foreign Currencies

Go to Settings → Currencies
Click Add currency
Select currencies you receive orders in (EUR, GBP, CAD, etc.)

Three Ways to Handle Multi-Currency

Conversion Options Comparison

Option	Method	Pros	Cons
1. Convert to Home Currency (Recommended)	Convert all amounts to USD using order date rate	Simple, matches bank, no multi-currency needed	Lose original currency visibility
2. Import in Original Currency	Import EUR as EUR, GBP as GBP, etc.	Preserves original amounts	Harder reconciliation, requires multi-currency QB
3. Use Payout Data	Import from Shopify Payouts instead	Matches bank exactly, includes fees	Less detail per order, bundled transactions

Our Recommendation For most small-to-medium Shopify sellers, Option 1 (convert to home currency) is simplest. It matches your bank deposits and doesn't require QuickBooks multi-currency features.

How Our Converter Handles Multi-Currency

Our converter uses Option 1 by default: convert to home currency.

Conversion Process

Detect the Currency column in your Shopify export
For non-USD orders, apply the exchange rate from the order date
Convert all amounts (Total, Subtotal, Tax, Shipping) to USD
Preserve original currency in the Memo field for reference

Conversion Example

Field	Original (EUR)	Converted (USD)
Total	€85.00	$92.48
Subtotal	€70.00	$76.16
Tax	€0.00	$0.00
Shipping	€15.00	$16.32
Memo		Original: €85.00 EUR @ 1.088

Exchange rate: 1 EUR = 1.088 USD (example rate)

Exchange Rate Source

We use the European Central Bank (ECB) daily reference rates. These are:

Published daily at 16:00 CET
Used by major accounting systems
Auditor-accepted source

Note: The rate may differ slightly from Shopify's actual conversion rate (Shopify uses live market rates). The difference is typically under 0.5%.

Handling Exchange Rate Differences

Why Amounts Don't Match Exactly

You might notice small differences between:

Converted order amount in QuickBooks
Actual payout from Shopify

Reasons:

Rate timing: Shopify converts at moment of sale, ECB rate is daily snapshot
Rate spread: Shopify may use slightly different rate than ECB
Shopify fees: 2.9% + $0.30 deducted from payout
Currency conversion fee: Shopify charges 1-2% for currency conversion

Accounting for Differences

For small differences (under $10/month), most accountants recommend:

Record orders at converted amount
Let bank reconciliation catch the difference
Book difference to "Exchange Rate Variance" expense account

For larger volumes, consider using payout-based accounting instead of order-based.

Currency Handling by Region

Regional Currency Notes

Region	Currency	Typical Rate Range	Tax Notes
European Union	EUR	1.05-1.15 USD	VAT may be included
United Kingdom	GBP	1.20-1.30 USD	VAT at 20%, post-Brexit customs
Canada	CAD	0.70-0.80 USD	GST/HST varies by province
Australia	AUD	0.65-0.75 USD	10% GST included

Exchange rates fluctuate. These are approximate ranges.

Multi-Currency Best Practices

Best Practices Checklist

Pick one conversion method and stick to it
Document your exchange rate source for audits
Reconcile monthly totals, not per-transaction
Create an 'Exchange Rate Variance' expense account
Consider Wise/Mercury for high-volume foreign currencies

Pro Tip If you have significant EUR or GBP volume (>$5K/month), consider opening a multi-currency bank account with Wise or Mercury. You'll save on conversion fees and can hold foreign currency until rates are favorable.

Ready to import international orders?

Convert Multi-Currency Orders

Frequently Asked Questions

Only if you have multi-currency enabled and import in the original currency. For CSV imports to work smoothly, we recommend converting to USD before import.

We use European Central Bank (ECB) daily reference rates. These are published at 16:00 CET and are widely accepted for accounting purposes.

Payouts include Shopify fees (2.9% + $0.30) and currency conversion fees (1-2%). Orders show gross amounts before fees. The difference should roughly equal your fees.

Only if you need to track receivables/payables in foreign currencies or your business operates in multiple currencies. For most Shopify sellers, converting to home currency is simpler.

Shopify Markets lets you sell in local currencies. Each order exports in the customer's currency. Our converter handles these the same way — converting to your home currency.