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Level 2

Convert Home Currency to Foreign Currency

Hi, I need to run reporting for a foreign company  in the foreign currency (CAD). I have the foreign currency set up and we download rates. I even understand home currency adjustments. I have no problem converting to USD when the item is paid or received in CAD. My problem is that we have some expenses that we pay in USD (home currency) and need to convert that USD number to CAD for reporting purposes. I just cannot figure out how to report the other way around. When I run a general ledger showing "foreign amount", "foreign balance", "currency" and "exchange rate" columns, anything that was paid in USD, has an exchange rate of "1" instead of the rate from USD to CAD, and is calculated as such. Of course, the CAD items show the correct CAD to USD rate and are calculated as such.  Thanks!

Solved
Best answer 09-27-2019

Accepted Solutions
Moderator

Re: Convert Home Currency to Foreign Currency

It's nice to see you again, @lemondoodle.

 

The Currency Revaluation is translating your foreign currency into your company's reporting currency. I'm here to share a few insights and help you from there.

 

To start with, the concept of currency revaluation is updating all the changes in the exchange rate for your home and foreign currencies.

 

On the other hand, once a transaction has been paid with the home currency account, you're unable to convert them into a foreign one. Because the exchange rate will always show on your transactions and your home currency is the default display of your report's data.

 

To fix this, you can consider using your CAD bank account when paying your transactions recorded with the home currency. This way. it'll be posted into your CAD foreign account.

 

In case you need some more insights, you can read this article to learn more about multicurrency: Set Up and Use Multicurrency.

 

Know that you can always visit our Help Articles for QuickBooks Desktop in case you need some reference for your future tasks.

 

If there's anything else that I can help you with please let me know in the comment section down below. I'll be always around ready to help.

View solution in original post

4 REPLIES 4
QuickBooks Team

Re: Convert Home Currency to Foreign Currency

Hello Lemondoodle thanks for posting back in the Community.

 

Can I confirm when the exchange rate is showing one for one is this prior to any currency revaluation?

 

 

Level 2

Re: Convert Home Currency to Foreign Currency

I'm not sure what you mean by currency revaluation. Can you give me a bit more detail?

Moderator

Re: Convert Home Currency to Foreign Currency

It's nice to see you again, @lemondoodle.

 

The Currency Revaluation is translating your foreign currency into your company's reporting currency. I'm here to share a few insights and help you from there.

 

To start with, the concept of currency revaluation is updating all the changes in the exchange rate for your home and foreign currencies.

 

On the other hand, once a transaction has been paid with the home currency account, you're unable to convert them into a foreign one. Because the exchange rate will always show on your transactions and your home currency is the default display of your report's data.

 

To fix this, you can consider using your CAD bank account when paying your transactions recorded with the home currency. This way. it'll be posted into your CAD foreign account.

 

In case you need some more insights, you can read this article to learn more about multicurrency: Set Up and Use Multicurrency.

 

Know that you can always visit our Help Articles for QuickBooks Desktop in case you need some reference for your future tasks.

 

If there's anything else that I can help you with please let me know in the comment section down below. I'll be always around ready to help.

View solution in original post

Level 2

Re: Convert Home Currency to Foreign Currency

Thank you for the great explanation.

 

Yes, we try to use the CAD bank account as much as possible but there are items that we have to pay in USD, thus the problem.

 

It looks like there is no real solution to my problem beyond converting from USD (home currency) to CAD (foreign currency) manually and running the reporting out of excel. UGH.

 

Thank you for your input.