Currencies, exchange rates and transfers between currencies
Your books are kept in one main currency. Accounts, marketplaces and entries in other currencies are converted at each day's rate, and a transfer between currencies records what the bank really gave you.
Your main currency
Chosen when the company is created, and fixed once it has entries. Every report is in it.
Exchange rates
Rates come from the Bank of Canada every weekday and are filled in for you. The UAE dirham is fixed to the US dollar, so its rate is exact. The rate follows the date until you type your own.
Caution: Not yet: rates for currencies the Bank of Canada doesn't publish, such as the Saudi riyal and the Egyptian pound. Type the rate your bank used.
Transfers between currencies
Moving money from a USD account to a CAD one asks for the amount sent and the amount received, and shows the bank's rate. The side in your main currency sets the value, so your books carry the real rate, not an estimate.
Payouts in another currency
A settlement in AED that lands in a CAD bank account is matched like any other. The small difference between the rate on the settlement date and the rate the bank gave is posted as an exchange gain or loss.
Read next
An Amazon.ae payout in dirhams, deposited in Canadian dollars
A Canadian company selling on Amazon.ae: the settlement posts in AED, the payout lands in a CAD bank account at the bank's rate, and the small difference is an exchange loss or gain.
Read the guideMatch each payout to its bank deposit
Matching pairs a marketplace payout with the deposit in your bank and moves that deposit to the clearing or balance account, so your sales are counted once. Works in any bank account and any currency.
Read the guidePossible duplicates and transfers between your accounts
A bank line that looks like a transaction already in your books is flagged, never merged on its own. Money out of one of your accounts and into another is suggested as a transfer.
Read the guide