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A
anton-devengine-
December 8, 2023
Question

How to categorize USD transaction in multi currency mode ( Home currency is CAD) as expense, not a transfer?

  • December 8, 2023
  • 1 reply
  • 0 views
I added usd account and trying to categorize my payments. After selecting account and type of transaction, exchange rate and correct amount QB online gives me an error : This transaction type doesn't work with foreign currencies. Instead choose Transfer and choose the foreign credit card in the Transferred To dropdown.  So, what is the proper way of doing it?

1 reply

A
Amanda-B
December 8, 2023

Welcome to the QuickBooks Community, anton-devengine,


Thanks for joining us here. I'd be happy to provide some information.

 

It's great to hear that you've taken the necessary steps to set up the foreign currency account. In addition, you will also need to set up the associated supplier with the correct currency. This will enable you to create an expense for the supplier and select the associated account for the transaction. Once the supplier is set up accurately, the appropriate exchange rates will automatically be applied to your transaction. If you don't currently have the supplier in your list, just hit "+Add" new from the Payee dropdown menu. This should prevent any error messages from popping up and delaying your work.

 

Feel free to reach back out if you have any other questions.

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