Hello Noelle-80,
Making sure your transactions in a foreign currency are entered correctly is an important part of the bookkeeping process. QuickBooks Online makes this process easy with the use of the Multicurrency feature. I can give you some clarification on creating an expense for a supplier that accepts USD.
When creating a transaction with a supplier who is associated to a foreign currency, the amount you enter for the expense is then converted into CAD based on the Exchange rate shown in the upper left corner. The value in your expense account will be in CAD automatically, as this is your home currency. If you wish to specifically track your USD expenses in a separate account, you can add it by navigating to Accounting in the left menu, then select Chart of Accounts, and New to add your account for American expenses. One thing to note here is that all expense and sales accounts are shown in home currency only, so this account will be set in CAD and amounts will be shown in that currency. Here are a few articles that may help you learn more about the Multi-Currency feature:
I hope this helps get you back on track to creating your USD expenses in QuickBooks Online. If you have any questions, feel free to reach out. I'm here to assist!
