Changing Financial Reports Currency From USD to AUD?

[Snowleopard18]

Hi,

When I first set up my store I set it up in USD as majority of my customer base was in the USA. I am however based in Australia as is my business.

Now come tax time, I don't know how to convert past financial report data (sales, refunds, shipping, taxes etc) from USD to AUD currency. 

As all my payouts are also in AUD. My bank account transactions (PayPal & Shopify payouts) are in AUD and my PayPal is in AUD. My quickbooks bookkeeping software is in AUD. If I use a Quickbooks app to convert each transaction currency - they can also only go back 1 year max and I need data from 2017 to 2021 converted from USD to AUD. Which is why I was hoping I could convert the financial reports currency as I have all that history data in Shopify.

If I change my store main currency now, I was informed by Shopify support that it won't convert the past financial reports currency that is in USD prior to the date I do change it to AUD (which I find really odd as all my payouts are in AUD). They will all remain in USD.

Does anyone please know how I might change my past orders or financial reports currency from 2017 to 2021 from USD to AUD (as the exchange rates will vary day to day too for each transaction so I can't just use today's rates unfortunately..).

Thanks in advance

[PaulNewton]

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@Snowleopard18 wrote:

I was informed by Shopify support that it won't convert the past financial reports currency that is in USD prior to the date I do change it to AUD (which I find really odd as all my payouts are in AUD). They will all remain in USD.

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"They will all remain in USD."

This is how shopify will continue to store it, you need to either make your reporting have a separate foreign exchange step, or more extreme delete orders and recreate them both of which need to be adjusted to the FOREX at the time of the original transactions.

You'd prolly want to do this in steps first generating all the order ID, dates, and get the FOREX at that time.

Then add that FOREX as a metafield to that order https://shopify.dev/api/admin-rest/2021-07/resources/metafield to use for future business decisions on how to handle this.

You can do the first step mostly with excel , https://help.shopify.com/en/manual/orders/export-orders you'll have to find the FOREX rates

Then I believe you can use an app like ez-exporter, or matrixify to put the data on order metafields using CSVs.

If you chose to nuke old orders automation apps like usemechanc can be scripted with custom business logic without having to build a full app to process something like this.

Naturally you'd want to do some throughout testing an review before doing this, and probably check with an accountant beforehand.

[Report-Pundit]

Hi @Snowleopard18 ,

This is John, from Report Pundit.

Yes, It is possible to convert Shopify numbers to any currency of your choice. In this case, you can convert the financial reports from 2017. Report Pundit will use the correct historical exchange rate and convert the numbers to AUD.    

We have a 15-day free trial. Our support team will set up the report based on the fields you need to convert to AUD. 

You can reach us at support@reportpundit.com

Let me know if you have any questions.

Thanks!