Hi there kibby,
Thanks for reaching out about your multicurrency transfer. QuickBooks Online is a great tool able to help you keep track of sales and expenses so you can see the profitability of your company. I can provide some information about transfers between accounts.
if your QuickBooks account has multicurrency turned on, and one account is set in USD in QuickBooks while the other is set in CAD, when creating any transaction between these accounts like a transfer, there is an exchange rate associated with the transaction. If both the amount of CAD and USD is the same, then the exchange rate for the transactions is set to 1 USD = 1 CAD. To change this for the transaction, go to the Accounting tab, then Chart of Accounts. Find the USD account, then click on Account History. From this list of transactions, find the transfer in question, then click on it to open a menu to modify the transaction. In the exchange rate box shown, then should be a box allowing you to enter a custom exchange rate. You'll need to modify the exchange rate so that the value in CAD and the value in USD correspond to the amounts seen in your bank accounts in real life.
If you have any other questions, feel free to reach out here.
