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Join nowWe 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
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.
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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