USD TO CAD Transfer throwing off balances

CMCDA123 · ‎March 29, 2020

My client has a USD account and a CAD dollar account. When transfer is in put in CAD account in CAD dollars that account reconcile's just fine, but then the USD account shows an off balance because the dollar is not on par. How do I correct?

AndréB · ‎March 30, 2020

Hi CMCDA123,

I'm happy to see you're using the full potential of QuickBooks Online to manage your client's international business. The multi-currency features offer a streamlined way of recording transactions in various currencies, adding convenience to your regular bookkeeping. You have full control over the exchange rates used to ensure all your accounts balance. I'll be glad to help you sort this out.

Typically, these kinds of issues are caused by your (unrealized) exchange gains and losses. This is a crucial part of running a business in multiple currencies, as it calculates the effect of fluctuating exchange rates over time. QuickBooks Online is designed to take all the stress out of your accounting, and this is no exception. It only takes a few easy steps to realize these gains or losses:

Click on the Gear icon then select Currencies.
For the currency in question, click on the Action dropdown menu and select Revalue currency.
Enter the appropriate Date and Exchange rate.
Select the Accounts you need to update then click Revalue and save.

It's vital to enter the correct date here, as QuickBooks Online will calculate the home currency value based on the USD balance on that day. Typically, the date used is the ending date for your latest balance sheet or trial balance report. Check out this awesome article to learn more about this process: Frequently Asked Questions about Home Currency Adjustments

I'm here for you. Don't hesitate to reach out any time.

View solution in original post

AndréB · ‎March 30, 2020

Hi CMCDA123,

I'm happy to see you're using the full potential of QuickBooks Online to manage your client's international business. The multi-currency features offer a streamlined way of recording transactions in various currencies, adding convenience to your regular bookkeeping. You have full control over the exchange rates used to ensure all your accounts balance. I'll be glad to help you sort this out.

Typically, these kinds of issues are caused by your (unrealized) exchange gains and losses. This is a crucial part of running a business in multiple currencies, as it calculates the effect of fluctuating exchange rates over time. QuickBooks Online is designed to take all the stress out of your accounting, and this is no exception. It only takes a few easy steps to realize these gains or losses:

Click on the Gear icon then select Currencies.
For the currency in question, click on the Action dropdown menu and select Revalue currency.
Enter the appropriate Date and Exchange rate.
Select the Accounts you need to update then click Revalue and save.

It's vital to enter the correct date here, as QuickBooks Online will calculate the home currency value based on the USD balance on that day. Typically, the date used is the ending date for your latest balance sheet or trial balance report. Check out this awesome article to learn more about this process: Frequently Asked Questions about Home Currency Adjustments

I'm here for you. Don't hesitate to reach out any time.

CMCDA123 · ‎April 01, 2020

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

AndréB · ‎April 01, 2020

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.

Phone and Chat: Click Contact Us to learn how to reach phone and chat support.

Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

Social Media: Facebook, Twitter, and Instagram from Monday to Friday between 9 a.m. and 8 p.m. ET

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

CMCDA123 · ‎April 02, 2020

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!

edmiidz · ‎July 17, 2020

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:

Nick K · ‎July 17, 2020

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!

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USD TO CAD Transfer throwing off balances