We have few accounts that have transactions in USD only (PayPal and few bank accounts). Our home currency is CAD. We have setup multicurrency in the QBO account. There are about 80,000 total amount of transactions in these USD accounts from Jan 1, 2019.
My question is, how can we have these transactions show directly in CAD in QBO? We have been told by the support representative (case number [removed]) that the only option is to manually import them in CAD in QBO which brings another problem, the limitation of importing 1,000 transactions at a time. Kindly advise. Thank you!
Working with multiple currencies in QuickBooks Online means that you can conduct your business all over the world. It's very common for Canadian businesses to have American customers, who they charge in USD. I'll clarify how to show these transactions in CAD in your QBO account.
The advice given to you by the support team is the best plan of action in this case. By manually importing your transactions into QuickBooks Online, you'll be able to display them as CAD. Here's how to manually import your transactions: Manually upload transactions into QuickBooks Online.
I know it would be so helpful to have the option to import more than 1,000 transactions at once. I recommend reaching out to our product development team with your suggestions by clicking the Gear icon > Feedback. Our engineers try to prioritize highly suggested features that we can improve upon.
I hope this helps clarify things. If other Community contributors have other suggestions, I'm sure they'll chime in as well.
Have a great day.
Thank you Addie. To clarify, once we download the csv file with the transactions in USD, do I need to apply the currency in the csv file and after that import in Quickbooks?
It's always a great idea to clarify. When you upload the CSV file, QBO will ask you to specify the account you're placing the transactions into. The transactions will be assigned that account's currency.
If you have any other questions about this, I recommend reaching out to our tech support team for further assistance.
Have a wonderful evening.
Utilize the trial period of this backup tool for your insurance prior to import the data.
Im having the kind of the same issues.
Im based solely in canada and sell only in canada.
I have a paypal account i use to purchase most of my automotive product from usa and ship straight to my office.
I also use for purchace here in canada too, so I buy in both usd and cdn. how can I get quickbooks to see these both and how do i setup the suppliers, to pay in canadian dollars for usa vendors or usd for usa vendors?
Consider having an inventory management app should you need to record your inventory costs in their real currency. By default QBO will record the cost in your home currency.
To deal with multi currency transactions, you may explore these options to get a better exchange rate with lower fee.
Hi there plssecurity,
I love that you're looking for the best way to account for your suppliers and transactions in different currencies. Using the Multicurrency feature in QuickBooks Online Essentials or Plus allows you to assign currencies to accounts, customers, suppliers, and more. I want to go over this with you so you can accurately track your expenses from your US suppliers.
Once turned on, the Multicurrency feature can't be turned off. It sounds to me like you've already switched it on, but in case you haven't yet and you'd like to, here's an article on how to Turn on and use multicurrency. When you've turned it on, you can begin assigning the appropriate currencies to accounts as well as suppliers. Once an account has transactions recorded against it, you're unable to change the currency. If you've already created an account to represent your PayPal account that's used for UDS transactions, you'll likely need to make the existing one inactive and create a new one with the correct currency set.
Here's how to add a foreign currency account to your Chart of Accounts:
Transactions will display in the account's currency, and if there isn't a currency assigned it'll display all transactions in your home currency. Here's more on How to add a foreign currency account. When it comes to your suppliers, you can set them up with their address in the USA, but you can choose the currency that you pay them in to be CAD or USD as necessary. Similarly to how accounts work, once set up you can't change the currency of an existing supplier so you'll want to make the existing profile inactive and start fresh to assign a new currency.
To add a new supplier and assign a currency, follow these steps:
Once you've complete the steps above, the transactions that are recorded with this supplier will be in the currency you've specified. You can read more on this here.
You mentioned that you use your PayPal account for purchases in both USD and CAD, and I'd just like to go over how that'll work. An account in QuickBooks can only have one currency assigned to it. So if you choose to set your PayPal account up in USD, all transactions will be recorded in USD. If you leave the account in your home currency, all transactions will be converted to home currency when you view them within the Chart of Accounts. You won't be able to view transactions in multiple currencies within one account.
Since I know that having increased capabilities within the Multicurrency feature could be beneficial to your business, I encourage you to share your thoughts with our team of product developers. Use the Gear icon, then select Feedback to share what improvements you'd like to see. We appreciate hearing from users like you and strive to make sure that our product meets your business' needs.
If you'd like to learn more or have any follow-up questions on this topic, don't hesitate to drop me another line here in the Community. I'm happy to help!
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