Hi there,

One of my clients has an international subsidiary. For 2019, we weren’t recording the day-to-day operations of the subsidiary. Instead, the transactions recorded were the amounts billed to and paid out by the parent company.

Per our accountant, we must now record all of the subsidiary’s transactions, in that country’s currency, but I am not sure how to proceed.

A few of the questions I have are, should I set up a new QuickBooks file to record 2020 transactions? If I use the same file as before, do I use a clearing account to switch the account balances from dollar to lira?

Thanks in advance for your help!

--Giselle