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: