USD TO CAD Transfer throwing off balances

Thank you so much for your answer - this is great, however, the account I need to revalue is not showing up -- how do I add an account to this section? 

Thanks,

C

Hey C,

Thank you for following up. All balance sheet accounts (except A/P and A/R) in the selected currency should be displayed. I'd really like to take a closer look at this to see exactly what's going on. Please choose one of the following methods to get in touch with an agent. Phone and messaging agents are able to use screen sharing to get to the bottom of issues like this effectively. The social media team consists largely of agents like me, but it makes it easy to have an active dialogue to further troubleshoot. 

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Don't hesitate to get in touch! I'm confident we'll be able to make this balance.

Unfortunately allowing anyone access would break my contractual agreements with my client. I can see however, that when this USD account was set up, someone set it up as CAD. I don't have access to change it - perhaps the accountant can. Once that has changed I believe it will show up and allow me to revaluate. 

Thank you for your help!

I am a Quickbooks Online subscriber, but I don't have a Currencies option under my Gear icon to select. This is all I have:

Hi edmiidz,

Making sure you are able to access everything your subscription entails is something we take very seriously. Allow me to explain more about your subscription.

QuickBooks Self-Employed is a great option for many users who only need the basics, such as entering invoices and expenses while also tracking their taxes. However it currently doesn't have the multi currency function at this time. You can always provide feedback to our technicians and recommend the feature be added by going to Assistant option, typing in the word Feedback, and then following the prompts after hitting enter or send.

If multi currency is something you need immediately, I'd suggest looking into our Essentials or Plus versions as both have the ability to track multi currency. You can visit qbo.ca to find out more regarding pricing.

Have a great weekend!

If you are not using the multi-currency feature, you will need to post the entry outside of the Transfer feature. I would suggest using the cheque feature and your entry would be something like this (example assumes you are transferring $7500 USD to your CAD account:

Payee use your "bank name"

Cheque number would be "Transfer"

1st category line entry would be the CAD bank account and the CAD value ie 10,275 

2nd category line entry would be the "foreign exchange gain/loss account" and a credit of -2775

Net result would be the $7500 USD.

You foreign exchange account should reflect the in and out - ie, when you deposited the USD into your bank account you would have recorded the gain, when you transfer the funds out you record the loss, the net in that account reflects the change in value of the USD.