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bt130
Level 1

Canadian selling in USD , cross border

Hi, Any Canadian expert in eCommerce bookkeeper here?

 

I'm planning to start an eCommerce business, but I'm based in Canada.
So most of the customers will be in the US and other countries.

And I want to accept in USD only, then I can also pay my supplier in USD, no double-conversion between USD and CAD. Conversion can add up a lot!

 

Here's how I might structure the banking for my business as a Canadian. (as I saw a lot of Canadian selling in the US doing that way, not sure am I right or not)

1. U.S based USD Business bank account (To receive USD from customer purchase, and Paypal)
2. Canada based USD Business bank account (Receive USD from my U.S based bank also pay off the credit card)
3. Canada based USD business credit card (purchase products from suppliers, pay bills that in USD cuz Canadian can't open U.S based credit card)

4. Canada Based CAD business Bank account (Paying myself in CAD, and pay the income return)
5. Canada Based CAD credit card (stuff that needs to use in Canada, )

 

So basically I will run every in USD until I need to pay myself, tax return, Canada side stuff.

How do I set up for QuickBooks to work, to match everything?
Because I saw there are a few similar questions like this (Home currency, conversion, some confliction because of USD and CAD in Quickbooks)

Here's one example I found having a similar situation, it seems multi-currency doesn't work for a situation like this:

https://quickbooks.intuit.com/learn-support/en-ca/other-questions/running-a-report-when-your-home-cu...

 

 

Or Am I overcomplicated things?
Any suggestion?
Thank You

5 Comments
bt130
Level 1

Canadian selling in USD , cross border

Oh wait,  I should post in the Canada side QuickBooks, right?...

Fiat Lux - ASIA
Level 15

Canadian selling in USD , cross border

Which eCommerce platform did you choose to setup?

bt130
Level 1

Canadian selling in USD , cross border

Shopify

Fiat Lux - ASIA
Level 15

Canadian selling in USD , cross border

@bt130 

Some considerations:

1. Utilize this payment gateway on your Shopify

https://www.2checkout.com/referral?r=3f97f16f5e

 

2. Consider using an inventory management app to bridge data between Shopify and QBO

http://www.primaseller.com/?utm_source=Affiliate&fp_ref=primaseller

https://go.tradegecko.com/register?code=fiat-lux

 

3. To pay your bill to vendor, explore this payment service. You may pay in CAD and your vendor will receive in USD. 

https://veem.grsm.io/veems

 

Happy exploring!

bt130
Level 1

Canadian selling in USD , cross border

1. will take a look

2. I'm looking at A2X

3. This is not the solution, cuz everything will be in USD unless paying myself and tax return. why would I convert USD to CAD to pay vendor USD LOL.

 

And I'm just concern about how to make QuickBooks work with that many banks and different Based.

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