I have sales and cost of goods in both CAD and USD, where CAD is my home currency. I have not turned on multi-currency but have already inputted over 200+ transactions. I have created individual accounts for each (Sales - CAD, Sales - USD, COGS - CAD, COGS - USD). I always convert funds on the same day of transaction to avoid any FX exposure. A sample transaction is:
Revenue: 10 units x $100 CAD per unit = $100,000 CAD (which they pay immediately)
Costs: 10 units x $50 USD per unit = $50,000 USD
FX: 1.32
$100,000 CAD is deposited in my CAD bank account and I transfer $66,000 CAD to USD (@ 1.32) = $50,000 deposited in USD account and then sent to my supplier. How do I record this transaction?
Currently I have:
1. Sales Receipt = $100,000 deposited to CAD bank
2. Vendor Bill = $50,000 withdrawn from USD bank
I'm trying to close the books for this year and will use multi-currency moving forward but trying to figure out a way to convert all my previous transactions to CAD.
