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Hi! I have both CAD and USD sales in my account... is my total net income that is stated in CAD... I don't see where it clarifies this?
It's great that you're working with multicurrency in QuickBooks Online, and I can appreciate wanting clarity on how the program handles the reporting of these funds. I can absolutely shed some light on this so you have a sense of the figures you're looking at in your reports and accounts from your sales.
QuickBooks Online's reporting converts all foreign currency amounts into the home currency you chose for your account, accounting for things like exchange rate. It does this so you don't have to worry about taking care of this step yourself. This means when you look at things like Net Income on a report or even the tile on the Dashboard tab, you're looking at your CAD sales and your USD sales together. If your home currency is CAD, the USD funds have been converted to CAD.
The How Mutlicurrency works article here in Community highlights that for you and goes over some other important details when working with multiple currencies in QuickBooks Online. I recommend giving it a read. You can also check out the About Multicurrency article for more details on this feature and other useful links.
Some reports will give you the opportunity to customize them so that you can add a currency column to see the original foreign currency amounts, but something like the Profit and Loss report doesn't have that option. Here's another article you can check out, this one about working with reports in QuickBooks Online: Run reports in QuickBooks Online
I hope that clears it up for you, but I'll still be around, so don't hesitate if you have further questions.