![]() For Instance, if payments will be made to US Suppliers, a US $ Accounts Payable Account must be created as well as Vendor Profiles with US $ selected as the Currency used. If the US $ account will be used for transactions other than bank transfers, corresponding US $ accounts must be created. The exchange variance will automatically be recorded in the Exchange Gain/Loss account. Be sure to include the applicable exchange rate. To record a transfer from your CAD bank account to US $ bank account in QB, use the Transfer Funds function from the Banking Menu. Next, record (or download) the current exchange rates. Then, from the Company tab on the main toolbar, select Manage Currency>Currency List to create a list of currencies used (in your case US $). To utilize the Multicurrency function correctly, an Exchange Gain/Loss (Expense type) account must be created in the COA. A new Bank type Account must be created, selecting US $ as the Currency. Once an account is labeled CAD, it cannot be changed.
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