Invoiced in CAD but paid to my USD Bank Account

Hello HeadsHurtin, 

Welcome back to the QuickBooks Community. QuickBooks is an easy-to-navigate program that helps you to manage your accounting with ease. I'll be glad to share more info so you're on the right track with your work. 

In order to accurately record your transactions, I highly recommend consulting an accounting specialist for expert suggestions. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. In the meantime, feel free to check out the following article that shows you how to: Categorize and match online bank transactions in QuickBooks Online. In order to learn more about handling transfers in QuickBooks, I encourage you to check out this article here. 

Let me know if this info helps. Otherwise, feel free to ask questions in the comments below.

Thank you for your response @JamesM4. 

Although I understand directing me to a ProAdvisor, I'm interested in learning to do this on my own as it is something I enjoy.  Normally this customer pays me in CAD as they are invoiced in CAD, however, they sent me the payment in error in USD to my USD Account.  I want to record the transfer, receive the payment, and clear the invoices that were paid.

Kind regards,

Nicole

Glad to hear back from you Nicole. I see what you're saying. It's important to note that you can only match foreign-currency transactions when the amount is exactly the same to what's in QuickBooks and the transaction in QuickBooks has no payments against it already. If the amounts are different and the option to match isn't available, I recommend looking into manually recording the payment using the steps in this article here. Feel free to ask questions, I've got your back. 

Thank you for your response @JamesM4.  Where I am not seeing things clearly is how I would properly record the following so I can clear the transactions:

1) The deposit of the USD into the USD Acct

2) The transfer of the USD from the USD to CAD in the CAD Acct.

I've attached the 4 transactions I that are in the USD Acct for reference.

I'm assuming I would need to adjust each CAD invoice to total the transferred amount that went into the CAD Acct so it will clear?

Cheers,

Nicole 

In order to keep your books accurate I recommend consulting with an accounting professional for expert advice. The ensures your books remain accurate. Let me know if you have other questions. 

Thanks, James.  I appreciate you pointing me toward an accountant.  I was hoping someone would be able to point me in the right direction without using my accountant.  I would like to understand what to do in the QBO if this should arise again.

If anyone can help I would appreciate the assistance.

Thanks

Nicole 

I don't think the answer is difficult especially if all accounts are linked to QBO. But that being said QB is limited. Maybe you can just transfer the funds to the CAD account and then receive the payment for the amount that is received into the CAD account. Creating a journal in the amount deposited to the USD account to clear that deposit is one option I'd probably use instead of excluding that entry.