I am based in Australia - my Shopify store is set up in USD currency (as most of my customers are US based).
But in order to do my bookkeeping in QB properly I need my Shopify financial reports to be converted from USD currency to AUD currency. (so all my sales, revenue etc are collected in USD)
I tried using a QB app to convert each Shopify order (transaction) from USD to AUD however these only go back 1 year max and I need the data from 2017 to 2021 as behind in my tax returns.
Which is all available in the Shopify Financial reports and my orders list - so I was wondering if anyone knew how to convert this financial report data Shopify gives us (sales, refunds, taxes, shipping) from USD to AUD and enter into QB accurately in AUD?
I know you do it as a journal entry, however i'm not sure
a) how to actually do that
b) as all my financial data on Shopify financial reports is in USD but my QB is in AUD.. how do I convert this data with the correct exchange rates (which would vary day to day) for 2017 to 2021?
Unfortunately Shopify couldn't give me a solution (they cannot change the currency of past data only future data) so I'm here to see if QB can help..
Thanks for being detailed about your report currency concern, @snowleopard25. I'm here to give details about this.
When you run financial reports in QuickBooks Online (QBO) the data are based on your home currency. For instance, if your home currency is USD, the information is based on that currency. To know more about this, visit this article: Learn about Multicurrency in QuickBooks Online.
As a workaround, you can filter a report to add a column to display information for the different currencies in your company data. Let me guide you how:
Sign in to your QBO account.
Go to the Reports menu.
From the search field, enter Balance Sheet Detail.
Click it to open.
Next, select the Customise button.
Then, scroll down to the Rows/Columns section.
From there, check the box for Exchange Rate, Foreign Amount and Currency.
With regards to doing journal entry transactions, I suggest reaching out to your accountant to guide you on what action you can take. This way we can avoid messing with your books.
Visit our QuickBooks Online Help page if you need any useful resources that you can bookmark for future use. There are several assistance articles and even video tutorials available on the site to help you with your QBO tasks.
Post again here if you have additional concerns about converting financial reports currencies. I'd be happy to assist you further. Have a great day ahead.