We are a US LLC that owns a Canadian Corporation. I have separate QB files setup for each company in QB Enterprise. In the Canadian company, I have a USD bank account (in Canada) and we make our currency exchange transactions between the Canadian company's bank accounts in Canada. I then transfer intercompany funds across the border in USD between my USD account in Canada and the US company's bank account. I am trying to set up the intercompany balance sheet account and QB only allows for multi-currency accounts to be bank accounts or AR/AP accounts, not other current asset accounts. (the Canadian company's home currency is CAD). What is the best way to set up the intercompany given that I am transferring USD to the US? If I use an AR account to get access to multi-currency, I will need to set up the US company as a customer in Canada, which seems odd.
Setting up intercompany in a multicurrency setting is currently unavailable in QuickBooks Desktop. I would suggest reaching out to your accountant for further advice. You'll also want to visit this link just in case you don't have one: https://quickbooks.intuit.com/find-an-accountant/.
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Explore this payment service to deal with multi currency transactions. Inter-company payments are allowed if the two entities are separate. For example, a US company transferring to a foreign subsidiary would be allowed. It only supports QBO for now but you may still utilize it if required.