existing account with changing to multi currency

GrapegirlJoan · ‎February 23, 2023

if I have an existing account in Cdn in books but actually US $, (I add an exchange entry at year end) - how do I use that account after the conversion? Thought process is make it zero before the change and once converted, add the new account in US currency to enter the amount in US currency so I reduce as needed. I have prepaid US $ and collected US $ for 2024 purchases - which way do I handle this to make the transition correct once I change to multi currency?

JamesM4 · ‎February 23, 2023

Hi there,

Thanks for connecting with us here. QuickBooks is a versatile program that helps you to manage your work with peace of mind. I'll be happy to share more info so you're on the right track with your work.

In order to accurately record your transactions, I highly recommend consulting an accounting professional for expert suggestions. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in.

Let me know if this info helps. Otherwise, feel free to ask questions in the comments below.

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