Do I need to set up multiple expense accounts for both US and Canadian dollars?

Hi there, 

If you're working with multiple currencies for your business, QuickBooks Online has you covered. The multicurrency feature is available in QuickBooks Online Essentials and Plus. I'll explain how this feature works for US and Canadian funds in QBO.

You can assign a currency to most types of accounts, including customers, suppliers, bank and credit card accounts, accounts receivable, and accounts payable.

Income and expense accounts always use your Home currency. Your Home currency is the currency of the country where your business is physically located.

You can only assign one currency to each account or contact name, and you have to add a new account for each different currency that you will use in transactions.

Here's a few articles that will help you understand the Multicurrency tool, and set up your accounts:

• About Multicurrency
• How to add a foreign currency account
• Add transactions in a foreign currency

If you have any other questions about this, please reach out to our tech support team. 

Cheers.