Entering Multi-Currency Transactions in QuickBooks Online - My Cloud Bookkeeping

[@davidshelton9917]

This was great. As a dual, USA-Canadian citizen launching a new consulting firm that will operate in both countries, I have tons of questions. But right now, I will just say that I would like to learn more about invoicing.

[@MyCloudBookkeeping]

Hi David! A quick tip I will give you (and you may already know this!) is to be sure to set up your customers in the correct currency right from the beginning. This is not something you can change. I also maintain both a CAD and USD bank account, that way I can choose when I want to transfer funds based on the exchange rate, and pay USD expenses in USD and CAD expenses in CAD - saving a TON on credit card exchange rates! Cheers! Kerry

[@MyCloudBookkeeping]

Be sure to reach out if you have any multi-currency questions! QuickBooks Online does a great job of recording your foreign currency transactions if it is set up correctly!

[@MyCloudBookkeeping]

Thank you for letting me know. Delighted I could help!

[@vaibhavnarula2152]

Hi mam, I have a question regarding multiple currency while paying bills, sometimes the online exchange rate and quickbooks exchange rate varies and due to this sometimes the difference comes in, it causes conflicts while paying bills.

[@MyCloudBookkeeping]

@@vaibhavnarula2152 you can change the exchange rate on the transaction in QuickBooks Online to agree to the rate you have actually paid. I hope that helps!!

[@rverityhk1]

Really helpful

[@MyCloudBookkeeping]

Thank you for letting me know!

[@meghakamra3855]

All this is really useful information, I asked in your other video but was left with a small question. We cleaned our cash account by transferring the balance to an expense account, left with less than $2 under the Home currency level. I tried to edit the rate while doing the transfer, but in that too I was not able to clean that completely. Now what should I do to clean the account at Home Currency level.Hope my quey is clear.

[@MyCloudBookkeeping]

I'm not sure how to fix your specific issue without looking at it - feel free to schedule a working session: calendly.com/kerry-11/one-hour-consultation-us and I can help you for sure!

[@meghakamra3855]

Thanks for all the support, as of now we can’t afford that as we are a non profit…but appreciate all the support.

[@nleposk1]

I have a client who pays in British pounds, and then pays by wire. My bank converts it to USD. But I could not accept payment in the amount USD and it is not showing up in my account even though I deposited it/

[@MyCloudBookkeeping]

You may have to receive payment in GBP to a clearing account, and then transfer from the GBP clearing to your USD account using the exchange rate to match. That may not make sense! I don't normally like clearing accounts. Sometimes they are necessary. If you would like to look at this together you can book a time here: calendly.com/kerry-11/one-hour-consultation-us Cheers

[@nleposk1]

I did receive the payment in GBP but I realized I had to make the date the same as the online transaction so that QB could figure out it was the same payment. now it's showing up in the register, thank you @@MyCloudBookkeeping