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oilandgasco
Level 1

Intercompany transactions in Multi-currency

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.  

Any guidance would be helpful.

Thanks

 

 

 

 

2 Comments
JenoP
QuickBooks Team

Intercompany transactions in Multi-currency

Hi there, oilandgasco.

 

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/.

 

Other members of the Community might also jump in and share their recommendations or workarounds. 

 

Visit us again in the Community if you have other questions.

 

Fiat Lux - ASIA
Level 15

Intercompany transactions in Multi-currency

@oilandgasco 

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.

https:// veem.grsm.io/veems

 

Hope it helps.

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