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Franki44
June 8, 2023
Question

Multi Currency invoicing

  • June 8, 2023
  • 1 reply
  • 0 views

I have multicurrency set up and want to be sure I'm tracking correctly. Seems like too many conversions are happening for my setup. 
I invoice US based client in USD (which is most of my invoicing). I receive payment via Stripe in USD, which transfers to a USD account. The funds sit there until I decide to transfer to CAD (in reality, which is where the 'gain' occurs). 
QB is tracking exchange at the following steps
- invoice date
- payment date
- Deposit date
Does not track at the transfer point (from USD to CAD). 
Any advice again just tracking my gain at the transfer of USD to CAD? and not at invoicing and payment receipt? 
Would be much easier

1 reply

J
JamesM4
June 8, 2023

Hello Franki44,

 

Thanks for taking the time to connect with us here. QuickBooks offers the versatility you need in order to manage your business with peace of mind. Rest assured, I'll be happy to answer questions about using multi-currency so you're on the right track. 

 

The tracking points you've listed above are correct as they align with how the program handles multi-currency transactions. If you're looking for more functionality that expands on steps you've listed above, I recommend sending that as feedback to our engineers by clicking the Gear icon and looking for Feedback. I also recommend looking into multi-currency management apps on our app store www.apps.com. To learn more about multi-currency, I encourage you to check out this article that provides more info on: Working with exchange rates.

 

In the meantime, feel free to ask other questions, I'm here to help point you towards the right direction for achieving your QuickBooks goals. 


 

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