Enter USD opening balances

Hi, @casagrande 

I'd be happy to point you in the right direction. 

The multicurrency feature gives you the ability to record transactions in foreign currencies. If you have customers, suppliers, or bank accounts that use a currency other than your local currency, you can turn on the multicurrency feature to properly track these transactions, as well as exchange rate gains and losses. Once you turn the multicurrency feature on you cannot turn it off again, so be absolutely sure you want to turn it on.

The multicurrency feature and foreign currencies are available in QuickBooks Online Essentials and Plus.

Turn on multicurrency

1. Select Settings ⚙️.
2. Select Account and Settings.
3. Select Advanced.
4. Select Edit ✎ in the Currency section and choose your Home Currency.
5. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
6. Select Save and close.

The Manage Currencies link that appears takes you to the Currencies page, where you can manage the currencies you use.

Add currencies

Here's how you can add to the currencies you use.

1. Select Settings ⚙️.
2. Select Currencies.
   Note: This option is available after you turn on multicurrency.
3. Select Add currency.
4. Select the new currency from the Add Currency ▼ drop-down menu.
5. Select Add.

The currency you selected is added to your list of currencies.

Delete currencies

You can delete currencies that you do not use from your list of currencies, but you can only delete a currency if there are no transactions attached to it.

1. Select Settings ⚙️.
2. Select Currencies.
3. Select the small arrow ▼ icon in the Action column and then select Delete.
4. Select Yes to confirm the deletion.

The currency is removed from your list of currencies.

Add an account that uses a foreign currency

The Currency column in the Chart of Accounts shows the currency assigned to the account, and account balances are shown in the account's assigned currency. By default, existing accounts will be in your home currency.

To create an account that uses foreign currency:

1. Select Settings ⚙️.
2. Select Chart of Accounts.
3. Select New.
4. In the Account dialog, select the appropriate Account Type and Detail Type.
5. Enter a Name for the new account and an optional Description as well as any other required fields.
6. Select the foreign currency to assign to the account from the Currency ▼ drop-down menu.
7. Select Save and Close.

The account is created, and the assigned currency is listed in the Currency column on the Chart of Accounts.

If you require any further assistance, reach back out.

@casagrande 

The multicurrency feature is not available on QBO Easy Start and the discounted rate is not applicable when upgrading your Plan to Essentials/Plus. You may open a new blank QBO account to get the discounted rate with the same email address.

https://quickbooks.grsm.io/Canada

https://quickbooks.grsm.io/CFIB

then utilize the trial version of Copy feature available in a backup restore app to clone the data.

https://rewindio.grsm.io/quickbooks

Another option, explore these apps to deal with multicurrency transactions.

https://veem.grsm.io/veems

https://wise.prf.hn/l/64dl92k

Hope it helps.

Hello casagrande,

I want to make sure you have the information you're looking for to set up your opening balances for your USD suppliers. I see that other responses on this thread have shared about how to turn on and work with multicurrency, but I want to make sure that this part of your question is also addressed. The FAQ article almost gets you there, but I want to make sure you have the steps to do so.

Typically, vendor or supplier opening balances are set up right on the supplier profile when using QuickBooks Online. You may have noticed, however, that when you chose a different currency for your supplier that the opening balance field disappeared. At this time, it's not possible to enter an opening balance in this way for your suppliers with USD or other currencies. Don't worry, I've got a suggestion for you.

What you can do to enter an opening balance for your foreign currency suppliers is simply create a bill transaction. The bill transaction can then act as a balance and you can make partial payments against it as needed. If you'd like to indicate for your records that it's an opening balance transaction, you can use something like the Memo field to do so. Here's an article that goes over creating a bill and recording payments in QuickBooks Online Canada: Enter bills and record bill payments in QuickBooks Online

In fact, what I've just described is exactly what the opening balance field on home currency suppliers does anyway. When you enter an amount in the Opening balance field, all the program does is create a bill transaction with a note in the memo indicating that it's for an opening balance. For foreign currency suppliers, you simply have to take the extra steps yourself to create the opening balance transaction.

I can definitely appreciate how having the option to have the program do this on your behalf would be handy, however, so I encourage you to submit feedback about this. That can be done by following these steps: How do I submit feedback? This gives you the chance to share your thoughts with our product development team so they can consider them as they continue to grow the program. To stay in the know with new features, check out this page: QuickBooks Online Feature and Product Updates

I hope this has helped! Take care and don't hesitate if you have more questions.