Multicurrency is a great feature to take advantage of if you're using QuickBooks Online Essentials or Plus! This feature allows you to assign different currencies to accounts, customers, suppliers, bank accounts and more. Once turned on, you'll be able to review the sales you make in both Canadian and foreign currencies. I'll explain how to show both Canadian and USD funds on your reports.
There may be limitations based on which report you're looking at, but generally speaking, you're able to include foreign currency amounts with a simple customization.
Open the report of your choosing, then click the small Gear icon above the report to customize your columns. Check off the box next to Foreign Amount. You can also include a column for Foreign Open, Foreign Net Amount, Exchange Rate, and Foreign Tax Amount.
That's how you can see your USD amounts on your report. If you have further questions, please reach out to our tech support team for further assistance.
Have a great week.
Hi, i can see the foreign amount but that only works on each transactions. I suspect i need the Foreign Net Amount to get the USD balance. However, i do not see this option. What reports have this option?
Example: I have an account for my USD bank. I want to reconcile so i need the USD value, not CAD.
Thanks for reaching out here. Your banking is a vital part of your books and it's essential to have your accounts balanced. QuickBooks Online has the versatility you need when working with multicurrency. I'll be glad to assist!
You can run the Balance sheet detail report. Here's how to show foreign currency amounts on the report:
1. Open Reports from the left menu
2. In the Search field, type Balance Sheet Detail
3. When the report opens, click on the small ⚙ in the top right
4. Select View more
5. Check the boxes to include Currency, Foreign amount and Exchange rate
6. Hit Run report
In addition, it sounds like you're looking to reconcile your account and would like to have the USD amount accurate. To do this, you can Revalue the currency by going to Settings ⚙ > Currencies > click on the ▼ dropdown menu in the Actions column > select Revalue currency.
Feel free to let us know if this has been solved. Your success is important and we're always pleased to help!
Hi there. I can see the benefit of being able to view the foreign balance on your reports. Since this function isn't available, I recommend sending about this to our engineers. You can send feedback by clicking on the Gear icon and looking for Feedback. Let me know if you have other questions. I'm here to assist.
Wow, thanks, that is very helpful. The only issue now is you can't select a date for the Account List if I want to check a month end a few months ago. Is there any way to fool the system to open up on another date?
I'm glad to see you reaching back out for additional information and options. QuickBooks Online has many valuable reports with customization options that would be of benefit here. I recommend the Transaction Detail by Account report. When you select Customize in the top right, you'll have the option to set a specific report period. In addition, you can add or change columns by selecting the small ⚙ icon, in the top right of the report. Here you can Show more and select items such as, Foreign Tax amount, Foreign net amount, Foreign open balance, Foreign debit, foreign credit and Foreign amount.
Let us know if this helps. We're here for you!
Thanks for your suggestions. However what I want to see is the Balance in Foreign Currency, and when I select the Foreign Open Balance nothing shows in this column. I still have not found a way to find the Foreign Balance of an account on a specific date. Maybe there is still a way, somehow??
Thanks for getting back to us here. QuickBooks Online currently doesn't have a report that shows the foreign currency balance. However, as a workaround you can run a quick report for the bank account and add a column for the foreign amount. Here's how:
1. From Settings ⚙ in the top right, select Chart of accounts
2. Locate the foreign bank account and use the ▼ dropdown in the Action column and select Run report
3. Click on the small ⚙ in the top right and checkmark the box for the Foreign amount
5. Hit Run report
6. Export the report to Excel to get the balance.
Feel free to submit a suggestion to our Development team, if you'd like to see more options for reports in QuickBooks Online.
Let us know if you have other questions. We'd love to help!