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October 24, 2020
Question

Other primary income in foreign currency

  • October 24, 2020
  • 1 reply
  • 0 views

Hello,

 

I have a multicurrency setup and CAD is the primary currency.  I have "other" income from the U.S. (residual/commission).

 

When creating a new Income account it defaults to CAD.  How do I set up "other" income for foreign currency?

 

Thanks,

Chris

1 reply

October 26, 2020

Hi 4parker,

 

Being able to track your companies income is what QuickBooks Online is all about. I'd be happy to go over multicurrency and setting up incomes from other countries.

 

QuickBooks Online makes entering foreign currencies easy with the multicurrency feature. This feature allows you to assign one currency to each account or contact name with the exception of income and expense accounts. These accounts will always use your home currency for setup. In order to create accounts and set them up using a different currency you can follow these steps.

 

  1. Select Settings ⚙️.
  2. Select Chart of Accounts.
  3. Select New.
  4. In the Account dialog, select the appropriate Account Type and Detail Type.
  5. Enter a Name for the new account and an optional Description.
  6. Select the currency to assign to the account from the Currency ▼ drop-down menu.
  7. Select Save and Close.

If assigning a foreign currency to an income of expense account is something that you wish to do, you can send feedback to our technicians by following this steps.

 

  1. Select the Gear icon at the top, then Feedback.
  2. Enter your comments or product suggestions then select Next.
  3. You'll be provided a list of suggested Help articles related to your comment. You can read through them or select Skip and send message.
  4. From the drop-down, choose the appropriate category, then select Send message.

Have a great one!