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sh2295
Level 2

My Home currency is CAD and I have some opening balance account like account receivable in USD. How Can I enter my opening balance in USD??

 
Solved
Best answer December 02, 2020

Best Answers
LauraAB
QuickBooks Team

My Home currency is CAD and I have some opening balance account like account receivable in USD. How Can I enter my opening balance in USD??

Hello sh2295,

 

Working with Accounts Receivable accounts in multiple currencies signals to me that you've got customers beyond the borders, which is awesome and I hope means your business is doing well! I know it can make things a bit tricky when it comes to accounting for these currencies, however, but QuickBooks Online is has some easy-to-use, built-in features just for these instances. I'll go over them with you.

 

Once you've set up multicurrency in QuickBooks Online, you'll see when you start to navigate the program again that there are a few extra fields at your disposal to indicate which currencies you're working in and what exchange rates are. You don't need to worry about setting up Accounts Receivable (A/R) or Accounts Payable (A/P) accounts in your chart of accounts, though. The program will take care of that for you! Here's how it does it.

 

When you add a new customer with a foreign currency, the program automatically sets up the A/R account for that customer's transactions. Likewise, if you create a supplier that uses a foreign currency, the program will automatically set up the matching A/P account.

 

When it comes to opening balances for your USD A/R account, here's what you can do. During the customer setup process, you have the opportunity to enter an opening balance for that customer. It's even on the same tab of the customer profile as assigning a currency to that customer: the Payment and billing tab. This article can help you with getting the customer profile set up: Add and manage customers in QuickBooks Online

 

By adding the opening balance to the customer, the program will allot those funds to the USD A/R account so that you don't have to worry about trying to set it up. If you're working with foreign currency suppliers, it's the same principle.

 

If you missed that step, that's okay. There's something else you can try. Check out the What to do if you didn't enter an opening balance in QuickBooks Online article, which walks you through the steps to check for an opening balance in your accounts and the way you can add a balance if you did in fact miss adding it before.

 

I'll leave you with that, but don't hesitate if you have more questions for me. I want to make sure you're good to go with this.

 

Take care!

View solution in original post

3 Comments 3
LauraAB
QuickBooks Team

My Home currency is CAD and I have some opening balance account like account receivable in USD. How Can I enter my opening balance in USD??

Hello sh2295,

 

Working with Accounts Receivable accounts in multiple currencies signals to me that you've got customers beyond the borders, which is awesome and I hope means your business is doing well! I know it can make things a bit tricky when it comes to accounting for these currencies, however, but QuickBooks Online is has some easy-to-use, built-in features just for these instances. I'll go over them with you.

 

Once you've set up multicurrency in QuickBooks Online, you'll see when you start to navigate the program again that there are a few extra fields at your disposal to indicate which currencies you're working in and what exchange rates are. You don't need to worry about setting up Accounts Receivable (A/R) or Accounts Payable (A/P) accounts in your chart of accounts, though. The program will take care of that for you! Here's how it does it.

 

When you add a new customer with a foreign currency, the program automatically sets up the A/R account for that customer's transactions. Likewise, if you create a supplier that uses a foreign currency, the program will automatically set up the matching A/P account.

 

When it comes to opening balances for your USD A/R account, here's what you can do. During the customer setup process, you have the opportunity to enter an opening balance for that customer. It's even on the same tab of the customer profile as assigning a currency to that customer: the Payment and billing tab. This article can help you with getting the customer profile set up: Add and manage customers in QuickBooks Online

 

By adding the opening balance to the customer, the program will allot those funds to the USD A/R account so that you don't have to worry about trying to set it up. If you're working with foreign currency suppliers, it's the same principle.

 

If you missed that step, that's okay. There's something else you can try. Check out the What to do if you didn't enter an opening balance in QuickBooks Online article, which walks you through the steps to check for an opening balance in your accounts and the way you can add a balance if you did in fact miss adding it before.

 

I'll leave you with that, but don't hesitate if you have more questions for me. I want to make sure you're good to go with this.

 

Take care!

View solution in original post

sh2295
Level 2

My Home currency is CAD and I have some opening balance account like account receivable in USD. How Can I enter my opening balance in USD??

Thank you so much. It is really helpful.

JamesM
QuickBooks Team

My Home currency is CAD and I have some opening balance account like account receivable in USD. How Can I enter my opening balance in USD??

I'm glad you found the info helpful. Feel free to reach out if you need anything else. :) 

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