You may need to update the bank deposit exchange rate for foreign currency deposits.
We’re not provided the actual deposit amount because of the differences in exchange rates.
You’ll have to update the bank deposits with the correct exchange rate for QuickBooks Online to reflect the correct values.
For example, your Amazon Canada settlement may show that $1000 CAD was transferred to your bank account.
We’ll create a bank deposit for $1000 CAD and leave the exchange rate at 1, making the document total $1000 USD.
This isn’t correct because the exchange rate isn’t 1 to 1. The next day, $700 USD shows up in your bank account from the Amazon Canada settlement disbursement.
To determine the exchange rate, take the $700 USD amount actually received and divide it by $1000 CAD (from the Bank Deposit document).
Your exchange rate for this transaction is 0.7. You may need to enter as many decimal places as it takes to get the correct value.
Enter this rate in the exchange rate box on the bank deposit form. Select “Use for this transaction only” and click on OK.
Your subtotal should show $1000 CAD from the line items and the Total (USD) should be $700.
Save the changes so that the accounts are updated.