Amazon Canada Seller needs to have income accounts in CAD

Senay

Hello,

I'm quite new here and searched through the forum but couldn't find the answers. I'm an amazon canada seller but US based company, so my default currency is USD.

I'm trying to record my amazon sales by creating journal entries because there are fees, net sales etc.

But when I enter these numbers as in CAD (because the money goes to a CAD bank account), it seems that the software takes them as USD.

I don't know if I'm wrong but is it because my income accounts' currencies are assumed USD? I created chart of accounts for amazon sales, expenses etc. but it doesn't allow me to choose its currency. There is something wrong but I can not figure out what it is. Will you help me please?

AlexL

Hey @Senay , your income accounts will default to USD as that's what your account's operating currency is based in. You can always set up bank accounts that are in USD, but because the assumption is you're reporting your taxes to the US due to the currency, that's the default for all income accounts. In addition to this, Journals are also not supported in any other currency other than your own.

Based on your explanation, you'll want to create an asset accounts under Cash & Bank to represent your Canadian bank account. You'll be able to select the operating currency as CAD there. When adding a transaction, do so as a regular income expense. If you're trying to incorporate fees into your transaction, you can check out this Help Center article on transaction fees.

If there's anything else in this workflow that you want us to advise on, just let us know!