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May 31, 2020
Question

I have a USD account in Canada and one in the States, but when I withdraw cash from one to put in the other, QBO always converts it to C$, throwing off the amounts, help?

  • May 31, 2020
  • 1 reply
  • 0 views
If I withdraw $50 cash from one and put it in the other, the exchange rate make it s different value. If I take it out one day, and deposit it the next, it is still $50 but the exchange rates are different. I then get +/- amounts. How should I handle this?

1 reply

LeithG
June 18, 2020

Are you setup with multi-currency?  If so, you should be able to record it as a transfer in USD.  Do note though that there is a difference in value based on exchange rate if your company books are in CDN since the exchange rate changed between days.  This should be represented as a different CDN balance on your books (though it will be registered as $50 USD) as well as a gain/loss on exchange, particularly after you perform a revaluation on your books.