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mangojuice
March 20, 2024
Question

How to prevent the USD Bank account from being converted automatically to CAD?

  • March 20, 2024
  • 1 reply
  • 0 views

I have a client who owns 2 separate bank accounts: CAD and USD bank account. QBO converted the USD in the USD bank account into CAD but we don't want to convert it to CAD. We want the balance to stay in USD.

What do we need to do? Much thanks in advance!

1 reply

A
Amanda-B
March 20, 2024

Hey there, mangojuice.

 

Thanks for joining us here in the Community! I'd be happy to guide you in the right direction.

 

Since QuickBooks is set by default to CAD currency this will also show all USD transactions as CAD on reports. You may need to revalue the currency to make it balance. I recommend taking a look at this article about how to enter and use your own exchange rates in QuickBooks Online. Feel free to also leave feedback for our developers. Comments are viewed and considered as they create new features and updates for QuickBooks.


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

M
mangojuiceAuthor
March 21, 2024

The most pressing issue is how can we reconcile between USD bank statements vs QB where the bank statement is in USD and QB is in CAD.

 

I'm not sure how revaluing the currency solves this issue.

 

The attached transaction for example is showing a transaction of USD57,755 and it is being converted to CAD78,994.69.

 

Are you saying that we should be revaluing the currency so that this transaction will be showing as CAD57,755 and therefore, we can reconcile this transaction with the bank statement because the bank statement is showing USD57,755?

 

If so, I don't think this is the proper way of solving this issue. Please advise and thx!

J
JamesM4
March 21, 2024

Thanks for elaborating. Just to confirm, what's your home currency?

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