Possible Upgrade to 2005 Canadian

Aug 07, 2005 1 Replies
G

Hi All,



I have considering upgrading my Quickbooks 2002 Pro Canadian to Quickbooks



2005 Pro Canadian. The operations of my company has expanded past Ontario into other provinces and the US.

Can QB 2005 Pro Canadian handle multiple currencies? For eg. bill in USD, recieved funds in USD, but deposit the USD into and CND account by indicated the exchange rate?



Can QB 2005 Pro Canadian handle multiple sales tax? For eg. I sell something to BC and change 7% PST and 7% GST and have the PST go into a BC PST Sales Tax Payable account. Then I sell something in Ontario and have the 8% PST go into a ON PST Sales Tax Payable account. etc.



Thanks for your help!



Gaurav


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S

Yes. The best way to handle this is to deposit the funds into the CAN bank account at the USD value, and once deposited to the bank (IF you have teller service) then put in an adjustment for the gain on exchange.

EG. Sale is for 350.00 USD. Cheque received for 350.00 USD, receive payments from customers for 350.00 USD. Bank pays you 425.67, and you make a deposit (or a G/J adjustment) for the difference of 75.67, posting the credit to an income account called Gain on Exchange.

OR you can get a USD bank account... :)

Yes, but you will have to set up your sales tax codes for the other provinces.

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