US account

[jliem064]

Hi there,

I just got the new Quickbooks Desktop Pro 2020

I have 2 accounts -- CAD and USD.

I was able to set up and establish the Canadian dollar account -- and get bank feeds (although Scotiabank is not listing the cheque numbers, and this is causing a problem for matching).

However, my question is more for the USD account.  I am told that I cannot get a bankfeed for this?  As well, I cannot enter directly into the register --- so I would have to do go through a different means?

Anybody have any experience with this?  I would like to get the bankfeed if possible. The US bank account is with Bank of Montreal, and I do see the option for downloading the statements into Quickbooks.

I would like to do it without making the account into "Canadian" -- even though it really is US.

thanks

JL

[LauraAB]

Hello JL,

QuickBooks Desktop's bank feed connections are great for managing your books and entering transactions into your company file. I'll get you started with working this out.

Whether or not an account can be connected to QuickBooks Desktop's bank feed is reliant on one main detail whether it's Canadian or some other currency: is the bank supported? If a bank is supported, that means it generates a .QBO file type, which is what gets uploaded into the program and downloaded through the feeds. If there isn't a .QBO type available, then the bank cannot be connected to Desktop at this time.

I recommend logging into your bank's online portal or account to see if that type of file is available when downloading your statements. If not, then it's not supported. In this case, I recommend manually entering your transactions to make sure they're actually being recorded in the proper currency.

As for Scotiabank's cheque numbers not showing up in your bank feed, that's a known issue that our engineers are currently looking to resolve. If you'd like your account to be added to the open ticket about this, please don't hesitate to get in touch. Learn more about support, including contact details and hours, here: Intuit QuickBooks Desktop software support policies

Have a great day!

[jliem064]

Hi Laura

I was able to look up the US BMO account, and I can download a .qbo file.

How can I get desktop quickbooks to recognize it and do a bankfeed?

Thanks

JL

[LauraAB]

Hello again JL,

I appreciate that you went and verified that your bank provides the .QBO file type. Since you're seeing it, you'll be able to connect your USD Bank of Montreal account to the bank feed. Important things to consider upon setup are that multicurrency is turned on in your company file and that the account you're linking the bank to in the chart of accounts is set up for USD. I'll walk through these with you to make sure you're good to go.

Turning on multicurrency is as simple as the steps below.

1. Go to the Edit menu and choose Preferences.
2. Select Multiple Currencies from the left.
3. Choose the Company Preferences tab.
4. Click Yes, I use more than one currency.
5. Choose a home currency from the drop-down menu.
6. Click OK.

Once you've got that set up, you'll be able to set up a USD bank account in the chart of accounts following these steps.

1. Go to the Company menu and choose Chart of Accounts (Note: Ctrl + A is a shortcut to bring it up).
2. Select Account from the bottom and New.
3. Choose Bank then click Continue.
4. Give the account a name.
5. Choose the desired currency from the Currency drop-down.
6. Add other details as necessary.
7. Click Save & Close.

Now you'll have an account to link your USD feed to when you go through the setup process. Go to Banking and choose Bank Feeds, then Set Up Bank Feed for an Account to get started. If you're having trouble finding your bank, I recommend typing out Bank of Montreal rather than BMO.

For further assistance, get in touch with support so an agent can take a look with you and determine what's going on. The details for support are in the article I linked at the end of my original response.

I hope that helps!

[jliem064]

Thanks Laura

I have done all that you mentioned. 

But when I set up account for bank feed, I get this warning message

"Download statement is only available for default home currency accounts".

Since my home currency is Canadian (another account that I have is Canadian).

Would this mean that I would not be able to download the .QBO file for the US account, even though it is in a Canadian bank?

Do I need to call support for this?

Thanks

JL

[LauraAB]

Hi JL,

Calling support in this instance is the best option in this case. That way, an agent can look at what's happening with you and let you know for certain if you're able to connect the account to the feed or not. Don't be afraid to reach out!

[Chocolatte]

Wow, the fine art of telling you something (albeit, you already know) without addressing your problem.   I have the same issue as JL but times 2...   I have a fairly new US based AMEX credit card that supports dot QBO download of monthly transactions (I made sure they offered that prior to applying) but it seems there is this imposed limitation (on QB Premier Desktop anyway) that the transactions cannot be imported because the home currency is set to Canadian.  Is there a workaround to getting the transaction imported from a Foreign currency amount ie. US?  Or can you get someone to finish the mulitcurrency feature part of this in the subscription?  What are the issues?  It's a QBO file and they pay Intuit to offer this to account holders.  I also have a US Based RBC bank account with the same issue as JL with US BMO account.  Please, please help.

[AddieC]

Hi Chocolatte, thanks for joining the discussion. The best way to connect your USD bank account to the feeds in QuickBooks Desktop is to follow the instructions outlined by my colleague above. As mentioned, if you're having trouble completing these steps, you'll have to reach out to our tech support team so an agent can walk you through the process. 

Cheers.