We buy mostly from Canadian companies and a few US companies, however, our US purchases are increasing. We currently post through inventory receipts in CAD and then hand write a cheque in USD with a journal entry (in Ledger), the difference going to a foreign exchange expense account. A problem with this is that we have no vendor transaction history in Payables.

Is multicurrency something we should consider to solve this? Or is there another way to have transaction history for our US vendors? Is multicurrency difficult to set up? Where should I look for instructions on how to set it up and use it?

If we had multicurrency set up, would we also be able to sell product in USD? Maybe multicurrency would give us the opportunity for more US and International sales.