How to prevent the USD Bank account from being converted automatically to CAD?

Hey there, mangojuice.

Thanks for joining us here in the Community! I'd be happy to guide you in the right direction.

Since QuickBooks is set by default to CAD currency this will also show all USD transactions as CAD on reports. You may need to revalue the currency to make it balance. I recommend taking a look at this article about how to enter and use your own exchange rates in QuickBooks Online. Feel free to also leave feedback for our developers. Comments are viewed and considered as they create new features and updates for QuickBooks.

If you have any other questions, feel free to reach back out here.

The most pressing issue is how can we reconcile between USD bank statements vs QB where the bank statement is in USD and QB is in CAD.

I'm not sure how revaluing the currency solves this issue.

The attached transaction for example is showing a transaction of USD57,755 and it is being converted to CAD78,994.69.

Are you saying that we should be revaluing the currency so that this transaction will be showing as CAD57,755 and therefore, we can reconcile this transaction with the bank statement because the bank statement is showing USD57,755?

If so, I don't think this is the proper way of solving this issue. Please advise and thx!

Thanks for elaborating. Just to confirm, what's your home currency?

CAD

The reason why the balance keeps converting to CAD is because the program is designed to convert the amount to your home-currency, hence, the suggestion to manually revalue the currency. 

Can you explain what do you mean by revaluing the currency?

I have to go back to my previous illustration:

The attached transaction for example is showing a transaction of USD57,755 and it is being converted to CAD78,994.69.

Are you saying that we should be revaluing the currency so that this transaction will be showing as CAD57,755 and therefore, we can reconcile this transaction with the bank statement because the bank statement is showing USD57,755?

Is this what you mean by revaluing the currency? If so, I don't think this is the solution to the problem. 

If this is not what you mean by revaluing the currency, then, can you explain what do you mean by revaluing the currency?

For accounting methods that go beyond the steps provided in the article above provided by my colleague Amanda, I recommend consulting an accounting specialist for expert advice. Otherwise, I recommend looking over this article here for steps on: Using exchange rates in QuickBooks. Let me know if you have other questions. I'll be on standby. 

I am NOT asking about accounting method.

I'm simply asking, what do you mean by manually revalue the currency and how revaluing the currency solving the issue of balancing between USD bank statement in USD and QB in CAD?

I can only assume, what you mean is exactly the illustration that I have provided above. If not, can you explain what do you mean by manually revalue the currency?

If so, I will close this thread by not accepting any answer as the accepted solution. 

Hello mangojuice,

The current balances you're seeing, are based on the rate of the currency at the time the transaction was entered.  When you revalue currencies, QuickBooks updates the local currency information for foreign currency assets and liabilities based on the latest exchange rate information.  By revaluing the currency, you'll be able to proceed with reconciling your accounts seamlessly.

Should you require additional assistance, please don't hesitate to contact our Customer Care team at 1-855-253-1536 from Monday to Friday between the hours of 9 AM and 8 PM EST. Your time is valuable, and they would enjoy the opportunity to work with you in real-time, and ensure you're able to complete your QuickBooks goals without delay!

Feel free to reach back out, with any other questions.  We would be happy to help!

dont expect them to fix your issue with USD accounts. they wrote this program several years ago and they wont change it. 

I also work with multicurrency  ( CAD and USD ) on QB pro DESKTOP version ( forget ONLINE BS )  and when you write cheque or receive money in USD,  you account this in USD BUT at the end CRA and Canadian government wants to see all values in CAD ( your income and expenses ), and QB provides all thse amounts in CAD Only , when you do reports, income statements or balance sheets.  You have to use conversion ( exchange rate ) rate at the time of transaction - income or expense. 

I learned to live with this and there is no other way except opening another QB file in only USD currency and have them completely separate.