Your sales from the international seller accounts are deposited in a foreign currency account. In this context, you have two options to set this up:
Option 1:
Set up QBs to use Multi-Currency
When this option is set up in QBs, ConnectBooks sends US sales in US currency, and Canada sales in Canadian currency - according to an exchange rate.
Option 2:
If you prefer not to use Multi-Currency in QBs, and instead set up your QBs to use only one type of currency, then you can choose to have ConnectBooks convert your international sales for you.
To illustrate:
Let’s say that you are an Amazon seller that lives in the US and sells to customers in Canada. However, you do not want your Canadian sales to go into QBs as Canadaian dollars and use the Multi-Currency feature. In this case, you can opt to have ConnectBooks take all your Amazon sales to your Canadian customers and convert these sales into US currency.
To use ConnectBooks to convert your sales to home country’s currency:
Go to the ConnectBooks web console, hover over Amazon store > select QuickBooks Setup.
Select QuickBooks Settings.
From the Multi-Currency field, select the checkbox Convert To other currency.
From the Select your home currency tab, click the arrow and select a home currency.
Note - You cannot select that particular Amazon Channel’s currency. For example, if you are linking a UK Amazon seller channel, you cannot select GBP, which is greyed-out. (Since it’s impossible to convert GBP to GBP, you can only select a different currency type to convert any of your foreign channels to your home currency)
Summary:
Users have 2 options in the Multi-Currency field
You bring in your sales into QBs under the currency from the Marketplace, such as Canada to Canadian currency or UK to UK currency. In this setting, it is necessary to have a Multi-Currency setup in your QBs.
OR -
You can bring your sales into QBs under your home currency. This means that if you live in the US, you can choose to have ConnectBooks convert your Canada or UK sales into US currency.
If you are using Amazon to convert the currency for you, we will bring over (use) their exchange rate for you and convert accordingly.
Example:
Let’s say that you have a Settlement of 5,000 CA dollars. Amazon will take this Settlement and give it to you in US dollars with an exchange rate of (for illustration) .77 dollars per CA $1. This means, for this Settlement you get $3,850.00.
When ConnectBooks deposits your Settlement money into your account, we bring over (use) the same exchange rate that Amazon gave you to convert CA dollars to US dollars.
For users who don’t who Amazon for the exchange but have your own foreign currency accounts (such as Payoneer):
You can still choose to bring in Settlements into your home currency. To do this, you will need to provide ConnectBooks with the correct exchange to bring those Settlements in.