2 thoughts on “Don’t turn on multi-currency in QBO by accident!”
!! Question regarding the Multi-Currency (M-C).
I am currently using QB 2014 desktop platform (Want to get ’14 entries done before upgrading to QB’15)
In 2014, we dealt exclusively with an US customer. I am trying to figure out:
A. If I should turn on M-C?
– As we will likely not deal with US clients to this extent in the future, I am leaning towards No.
B. If I don’t turn on M-C?
– How to enter invoices so that ‘consulting income’ charged to the US customer will show as Canadian $$ for GST returns.
(minimal knowledge in this field)
Hi, Kimberly
First of all, I would say you’re clear to upgrade to 2015 now that we’re past the T4 filing date. That’s usually when I give the green light to my clients to upgrade to the current release. As for the multi-currency question, I think you have the right idea leaning towards no. Once you turn on multi-currency, it can’t be turned off. But if you’re curious, make a backup copy and give it a try. If you don’t turn on multi-currency, the workflow sort of depends on how you collect the funds. Do you invoice in USD and then receive in CAD? Or do you invoice in CAD? I’m guessing the amount you receive might be a mystery until you receive it due to your method and the exchange. One idea would be to create the USD invoice and mark it as pending. Then change the amount and the date when you receive it and mark as final. NOTE: this may not adhere to CRA regulations in regards to the date you’re reporting the income and GST. You could also issue a CAD invoice by manually calculating the exchange rate the day of the invoice. Your notes to the customer could state the USD amount and the CAD amount. Again, the method you use depends on your situation with the customer and how you invoice and collect from them. There are many possible solutions.
thinkQuickBooks 
!! Question regarding the Multi-Currency (M-C).
I am currently using QB 2014 desktop platform (Want to get ’14 entries done before upgrading to QB’15)
In 2014, we dealt exclusively with an US customer. I am trying to figure out:
A. If I should turn on M-C?
– As we will likely not deal with US clients to this extent in the future, I am leaning towards No.
B. If I don’t turn on M-C?
– How to enter invoices so that ‘consulting income’ charged to the US customer will show as Canadian $$ for GST returns.
(minimal knowledge in this field)
Hi, Kimberly
First of all, I would say you’re clear to upgrade to 2015 now that we’re past the T4 filing date. That’s usually when I give the green light to my clients to upgrade to the current release. As for the multi-currency question, I think you have the right idea leaning towards no. Once you turn on multi-currency, it can’t be turned off. But if you’re curious, make a backup copy and give it a try. If you don’t turn on multi-currency, the workflow sort of depends on how you collect the funds. Do you invoice in USD and then receive in CAD? Or do you invoice in CAD? I’m guessing the amount you receive might be a mystery until you receive it due to your method and the exchange. One idea would be to create the USD invoice and mark it as pending. Then change the amount and the date when you receive it and mark as final. NOTE: this may not adhere to CRA regulations in regards to the date you’re reporting the income and GST. You could also issue a CAD invoice by manually calculating the exchange rate the day of the invoice. Your notes to the customer could state the USD amount and the CAD amount. Again, the method you use depends on your situation with the customer and how you invoice and collect from them. There are many possible solutions.