Question

Multicurrency issue: USD to CAD

Forum|Forum|6 years ago
December 30, 2019
2 replies
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Hello everyone,

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!

QuickBooks Online

AddieC

Hi there,

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.

Cheers.

S

smart20Author

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?

AddieC

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.

A

Alex M

Hi there SergeiG,

Thanks for reaching out about your Paypal transactions. QuickBooks Online is a great tool able to help you keep track of sales and expenses so you can see the profit of your business. I can provide some information about importing transactions.

As the transaction imported from an account can only be in one currency. the amount for foreign transactions would appear in CAD. What you can do for these transactions would be to exclude them, then manually create them in QuickBooks with the correct amount of foreign currency, or to import those specific transactions manually from a file.

If you have any other questions, feel free to reach out here.