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V
Vanessa Sage
May 20, 2019
Question

Running a report when your home currency is USD but you need your totals in CAD because you live in Canada

  • May 20, 2019
  • 3 replies
  • 0 views

Hi,

I live in Canada and file my taxes in Canada. I charge in USD and have my Quickbooks home currency in USD with multicurrency on because 90% of my clients are in the US, with some in other parts of the world. The majority of my purchases are also in USD based on the type of business I run. I'm now putting my taxes together and need all revenues and expenses to be in CAN. Is there a way to run a report in Quickbooks that shows you the figures in a chosen currency?

An accountant I was speaking with explained that all my USD sales and purchases need to be recorded with the exchange rate of that particular day. So simply converting on the day I enter the taxes will not be acceptable. I hope this makes sense.

Thank you,

Vanessa

3 replies

J
JamesM
May 20, 2019

Hi Vanessa, 

 

I appreciate you contacting us. I see how it makes sense being able to run a report in a different currency. 

 

At this time, QuickBooks Online can only run reports using the home-currency. I know how important this feature is to you and I encourage you to send feedback to our engineers. You can do this by clicking the gear icon and looking for feedback. New product ideas and improvements are largely based on the feedback we get from other users like you. 

 

Feel free to ask questions. I'm here to help. 

    V
    Vanessa SageAuthor
    May 20, 2019

    So then, if I get this straight, I have to go into each transaction and convert the currency myself? Is there another way I can do this? I talked with someone from Quickbooks when I initially set up the account about which currency I should use because I was charging in USD but I lived in Canada and file my taxes in Canada and everything has to be in Canadain dollars. This was their solution, their recommendation that yes, I should be using USD. This will take me forever to make this type of change. Honestly, not happy.

    J
    JamesM
    May 20, 2019

    I hear you on this. Another option I recommend is setting up a Canadian based account and exporting as much info as you can to that account. I'll be happy to walk you through on how to export your data. In case you consider doing that, here are some helpful resources you can use:

    Feel free to ask questions. I'm here to help. 

     

    B
    bt130
    February 2, 2020

    Hi, I have a similar question, 

    Did you get yours resolved?

    Are you using both USD and CAD QuickBooks?

    V
    Vanessa SageAuthor
    February 3, 2020

    Hi,

    No, I didn't get it resolved. I'm using Canadian QuickBooks only. Did you have any luck?

    B
    bt130
    February 3, 2020

    So how did you do it last year?

     

    No, I'm still researching phase. 

     

    How did you set up your bank account?

    "U.S Based" business USD bank account, "Canada Based" Business USD bank account, and "Canada Based" USD credit card ???

     

    I found a lot of people using this way, but not sure how the accounting and bookkeeping works, when you have to pay tax, and yourself.

     

     

     

     

    LeithG
    LeithG
    May 13, 2020

    Hi Vanessa

     

    I don't know if you ever got an answer to your question, but if anyone's coming along I thought I'd share my insight, being in a similar situation (domiciled in Canda, doing business in largely USD).

    I created my home currency in CAD - since a fair number of my expenses are still in CAD - so my revenues in USD are converted based on the daily rate.

     

    When converting your values at year end for tax purposes, keep in mind that the government of Canada allows you to either use the daily rate OR their rate for the month.  Typically most accountants will run both scenarios to decide which is more beneficial for your business in terms of tax payable outcome.

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