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mrkaye
October 27, 2021
Question

invoice in US$, receive CDN$ in bank account - reconcile?

  • October 27, 2021
  • 1 reply
  • 0 views

i have an invoice for US$8000, it is direct deposited to my CDN bank as $9829.71

i cannot reconcile it, the exchange rate only allows 5 decimal places which isn't enough

i can play with the US$ amount or exchange, but always end up at .70 or .72, not .71

how can i reconcile this?

1 reply

A
Alex M
October 27, 2021

Hi there mrkaye,

 

It's vital that all your transactions be correctly accounted for so that your books balance well. QuickBooks Online is a great tool able to help you make sure all transactions are included by giving you the ability to reconcile your accounts. I can point you in the right direction for assistance in making your account balance.

 

in order to know how you should be entering this difference in your books, I recommend speaking with your accountant. They'll be able to advise you with the best procedure on how to enter this difference so your bank account balance is correct and your other books are well balanced as well. You can invite your accountant to your QuickBooks account to give them access to your books by navigating to the My accountant tab. You can also find an accountant near you with experience using QuickBooks Online by clicking on the Find a pro to help button.

 

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

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