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littlehouse-book
Level 1

Can I create a cheque in usd funds?

This situation is, my client issued a payment for an invoice, however the payment was in Canadian dollars not USA so the invoice payment is actually short.  So there is a remaining amount due to the supplier which is a US based supplier.  The supplier was also changed a $25.00 usd bank fee to exchange the currency.  

How do I issue a USD cheque for the outstanding amount in US dollars?

Do I need to turn on multi-currency and create the supplier with a USD Payment/Billing setting, then generate a cheque for the outstanding amount?

6 Comments
Anonymous
Not applicable

Can I create a cheque in usd funds?

Hi there, littlehouse.book,

I'd be glad to point you in the right direction for this concern.

Turning on the multi-currency feature wouldn’t be the best option here since it only covers new vendors, customers and future transactions.

In situations like this, you can issue a Canadian cheque with the USD converted amount on it to cover the outstanding balance.

For instance, if the outstanding balance from the supplier is 50 USD, you can convert it to Canadian amount which is CAD $64.95 and write it on the cheque.

To easily convert the amount from US dollar to Canadian, you can search a currency calculator available in google.

Stay in touch if there's anything else I can help you with. 

littlehouse-book
Level 1

Can I create a cheque in usd funds?

Hi, thank you for your response, however, the cheque amounts needs to be in USD funds not Canadian.
Anonymous
Not applicable

Can I create a cheque in usd funds?

Thanks for responding back to me, @littlehouse.book,

For you to issue a cheque with USD amount, you’ll need to turn on the multi-currency feature. However, this process needs you to create a new account, new vendor, and a new bill transaction since the USD cheque won’t be able to work with the old vendor profile on your QuickBooks.

To learn more about the multi-currency feature, please see this article: <a rel="nofollow" target="_blank" href="https://community.intuit.com/articles/1145843">https://community.intuit.com/articles/1145843</a>

Don't hesitate to let me know if there's anything else you need. I'm here anytime you need assistance.
littlehouse-book
Level 1

Can I create a cheque in usd funds?

Thank you for providing further clarification.
PS4193222
Level 1

Can I create a cheque in usd funds?

Can i create a USD check now for May?

Rebecca R
QuickBooks Team

Can I create a cheque in usd funds?

Hi there PS4193222,

 

Thanks for joining in on this thread. I understand how important it is to be able to create post-dated cheques. Creating cheques in QuickBooks Online is a simple process, but a post-dated cheque in a different currency might get a little complicated. Let me give you a hand.

 

Since we don't know what the exchange rate between CAD and USD will be in May, it's difficult to write a post-dated cheque in a different currency. Turning on multicurrency will allow you to make the cheque in USD, coming from your USD account. You can also use the method shared by the user above whereby you just convert the USD amount to CAD and write a cheque in your home currency, which wouldn't involve using the multicurrency feature. Either way, I'd recommend holding off until you're closer to the date that the cheque needs to be written. This way you'll ensure that the converted amount from USD to CAD is going to be the most accurate for your supplier. 

 

If your supplier is satisfied to receive a cheque in May that was converted at the exchange rate from February, you can go ahead and write the cheque post-dated to May. However it's important that you check in with the supplier first. They may be up or out funds based on the current exchange rates when the payment is due. Your accountant will also be a great resource for a question like this. If you don't have one, you can use the Find a pro to help button on the My Accountant tab within QuickBooks Online. 

 

If you have any other questions, don't hesitate to reach out. I'm here to help.