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Experienced Member

How do I track bank service charges in multiple currencies when it won't let me setup expense accounts in another currency? I'm using QB's Premier 2016.

 
3 Comments
QuickBooks Team

Re: How do I track bank service charges in multiple currencies when it won't let me setup expense...

Hello llljjjwww,

 

This is a great question and I want to make sure you have a sense of how multicurrency works with QuickBooks Desktop when it comes to these kinds of situations. I was helping someone with a similar question yesterday, so I'll link you to that question with the response I shared with him. Check it out here: Canadian Home currency but US sales deposited into US Funds account 

 

I hope that helps. Have a great day!

Experienced Member

Re: How do I track bank service charges in multiple currencies when it won't let me setup expense...

Hi Laura, thanks for your reply.

 

I read the previous discussion in the link you sent and unfortunately I have the same issue that John G2 did. Setting up bank accounts / customers / vendors in multicurrency is easy. But I have a client who has customers who pay in USD that goes into a USD account. And that account charges service fees. I don't want them converted at time of posting; I want to be able to track those service charges in USD, separate from Cdn bank charges. The services my client is charging these customers is also in USD and I want to be able to track her USD income separately.

 

I understand that for reports all accounts get converted to Cdn and that's fine, but is there no way to track these income and expenses in USD ongoing?

 

Lori

QuickBooks Team

Re: How do I track bank service charges in multiple currencies when it won't let me setup expense...

Hi Lori,

 

I appreciate you taking the time to go over that thread. When you receive a USD payment from a USD customer, you can choose which bank account it gets deposited into, including a USD bank account. If the fees you're referring to are bank fees, when you reconcile that bank account, you can account for the bank fees at that time. Again, the program will do the conversion and show you what it is on the reconciliation setup screen.

 

Otherwise, as I mentioned to John, there isn't a way to built into the program to have those expense and income accounts in a currency other than Canadian. An accountant may be able to help with figuring out how to account for the transactions how you'd like them.

 

I'm here if you have further questions.