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Level 1

Running a report when your home currency is USD but you need your totals in CAD because you live in Canada

Hi,

I live in Canada and file my taxes in Canada. I charge in USD and have my Quickbooks home currency in USD with multicurrency on because 90% of my clients are in the US, with some in other parts of the world. The majority of my purchases are also in USD based on the type of business I run. I'm now putting my taxes together and need all revenues and expenses to be in CAN. Is there a way to run a report in Quickbooks that shows you the figures in a chosen currency?

An accountant I was speaking with explained that all my USD sales and purchases need to be recorded with the exchange rate of that particular day. So simply converting on the day I enter the taxes will not be acceptable. I hope this makes sense.

Thank you,

Vanessa

3 Comments
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QuickBooks Team

Re: Running a report when your home currency is USD but you need your totals in CAD because you l...

Hi Vanessa, 

 

I appreciate you contacting us. I see how it makes sense being able to run a report in a different currency. 

 

At this time, QuickBooks Online can only run reports using the home-currency. I know how important this feature is to you and I encourage you to send feedback to our engineers. You can do this by clicking the gear icon and looking for feedback. New product ideas and improvements are largely based on the feedback we get from other users like you. 

 

Feel free to ask questions. I'm here to help. 

Level 1

Re: Running a report when your home currency is USD but you need your totals in CAD because you l...

So then, if I get this straight, I have to go into each transaction and convert the currency myself? Is there another way I can do this? I talked with someone from Quickbooks when I initially set up the account about which currency I should use because I was charging in USD but I lived in Canada and file my taxes in Canada and everything has to be in Canadain dollars. This was their solution, their recommendation that yes, I should be using USD. This will take me forever to make this type of change. Honestly, not happy.

QuickBooks Team

Re: Running a report when your home currency is USD but you need your totals in CAD because you l...

I hear you on this. Another option I recommend is setting up a Canadian based account and exporting as much info as you can to that account. I'll be happy to walk you through on how to export your data. In case you consider doing that, here are some helpful resources you can use:

Feel free to ask questions. I'm here to help.