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Is there a way to enter an Accounts Receivable that is in US funds? We bill some of our US clients in USD and it would be nice to enter them into A/R as a method of tracking.
Hi Danielle!
AgExpert is not multi-currency, and so will not likely track the US dollar receivables the way you want them to.
It is definitely possible to set it up to make it work, but it is going to take some work to set it up and maintain.
It is a similar idea to what you see in the following Knowledge Base article in regards to foreign currency bank accounts:
http://community.fccsoftwar...
The issue becomes that you need to make sure your financial statements are reported in Canadian dollars - you can't mix it with foreign currencies. You could, in theory, set up a secondary Asset account to account for your foreign currency exchange, and book your gains and losses as you go in the same method as the article suggests. But again, there is maintenance that is required (at least monthly) that may or may not make it more complicated than it is worth.
It is best, as a Canadian company, to bill in Canadian dollars. But if you want to discuss further, you are definitely free to give me a call and we can definitely do so! Thanks!