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Level 1

Can I create a cheque in usd funds?

This situation is, my client issued a payment for an invoice, however the payment was in Canadian dollars not USA so the invoice payment is actually short.  So there is a remaining amount due to the supplier which is a US based supplier.  The supplier was also changed a $25.00 usd bank fee to exchange the currency.  

How do I issue a USD cheque for the outstanding amount in US dollars?

Do I need to turn on multi-currency and create the supplier with a USD Payment/Billing setting, then generate a cheque for the outstanding amount?

4 Comments
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Anonymous
Not applicable

Can I create a cheque in usd funds?

Hi there, littlehouse.book,

I'd be glad to point you in the right direction for this concern.

Turning on the multi-currency feature wouldn’t be the best option here since it only covers new vendors, customers and future transactions.

In situations like this, you can issue a Canadian cheque with the USD converted amount on it to cover the outstanding balance.

For instance, if the outstanding balance from the supplier is 50 USD, you can convert it to Canadian amount which is CAD $64.95 and write it on the cheque.

To easily convert the amount from US dollar to Canadian, you can search a currency calculator available in google.

Stay in touch if there's anything else I can help you with. 

Highlighted
Level 1

Can I create a cheque in usd funds?

Hi, thank you for your response, however, the cheque amounts needs to be in USD funds not Canadian.
Highlighted
Anonymous
Not applicable

Can I create a cheque in usd funds?

Thanks for responding back to me, @littlehouse.book,

For you to issue a cheque with USD amount, you’ll need to turn on the multi-currency feature. However, this process needs you to create a new account, new vendor, and a new bill transaction since the USD cheque won’t be able to work with the old vendor profile on your QuickBooks.

To learn more about the multi-currency feature, please see this article: <a rel="nofollow" target="_blank" href="https://community.intuit.com/articles/1145843">https://community.intuit.com/articles/1145843</a>

Don't hesitate to let me know if there's anything else you need. I'm here anytime you need assistance.
Highlighted
Level 1

Can I create a cheque in usd funds?

Thank you for providing further clarification.