How can I use the P&S "purchase price" when I buy in a for. currency? I buy my widgets in USD and sell in CAD. my POs populate my purchase price in the wrong currency.

[Kristine Mae]

Hello there, Robert18.

Once you create a transaction using a different currency, our system will convert the amount to your home currency. You're unable to change it to a different currency once you've set up the default. Though, you can always view 2 different amount in the transactions (home currency and foreign currency).

You can refer to the screenshot below.

If you have further questions, don't hesitate to let us know. 

[robert18]

Thanks, I'm not sure I'm conveying the right question though.

Let me set the scene:

My home currency is CAD, I live in Canada.

Supplier is WidgetMaker and he is in the USA and sell to me in USD. I have set his Supplier profile to indicate that I buy from him in USD.

I have entered Widget into QBO as an Inventory item in the Products and Services page.  As my home currency is CAD, I enter my sales price as $10. I enter my purchase price as $4 (which represents $4 USD, as I can not predict the exchange rate, but I do know that he always wants $4 USD for each widget I buy) and my preferred supplier as WidgetMaker.

Here's were the trouble starts - I start a new PO for Widgetmaker and select Widget from the Product/Services. It populates with the correct description but enters $2.99 USD as the buy price. $2.99 USD = $4 CAD. 

How do I either:

1) select the currency that i purchase products in on the P&S page, or

2) have QBO recognize that when I select a prefered supplier that I am enter the purchase price In that suppliers home currency

Any suggestions? It really defeats the purpose of entering a purchase price if i have to re enter it on the PO.

Thanks

[robert18]

Or perhaps being able to create a COS account in a second currency?

[Kristine Mae]

Hello again, Robert18.

I've tried this in my company file and our system converts the transactions to the default home currency.

When pulling up the Profit and Loss reports, it will also provide you with the home currency. Though you've set up the supplier as a USD vendor, the purchase amount will be converted to CAD. The same as creating a second COS account, it will be under your home currency. 

I will surely submit your feedback to our management team. They will send this to our product engineers for review.

If you have other questions, you can always get back to this thread. 

[merxIT]

Robert, thank you for this question. Were you able to get around this issue?

I ran into the same issue in my trial copy, this is an important problem and we are considering dropping Quickbooks and switching to another accounting system.

[JamesM]

Hi merxIT,

My colleague has sent feedback about this to our engineers. I'd be sad to see you go. If you have any questions for me, don't hesitate to reach out. I'm here to assist. 

[RobertM18]

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@merxIT wrote:

Robert, thank you for this question. Were you able to get around this issue?

I ran into the same issue in my trial copy, this is an important problem and we are considering dropping Quickbooks and switching to another accounting system.

---

[JamesM]

Hi Robert,

I appreciate you being with us for a long time. I wouldn't want your relationship with QBO to end. Our engineers are working on this. If I get any updates, I'll make sure to reach out to you. Feel free to ask questions. 

[merxIT]

Hi JamesM,

Can you provide some information around the following so I can allow my CTO make a better decision to keep or drop QB:

1. How long (in days) is the typical review time for a product enhancement idea?
2. How are these enhancement ideas categorized and prioritized?
3. What does a typical upgrade/patch/hotfix cycle look like? Every month, quarter, year?
4. Does Dev expedite mission critical features that are missing from the platform?
5. Is there a place (i.e. portal) for customers to be informed of the status of their product enhancement ideas?

Thanks

[JamesM]

Hi merxIT. I want to make sure we're on the same page. Are you using QB Desktop, Online or Self-Employed? 

[merxIT]

Hi,

We are using QB Desktop Enterprise. I've also posted the same question with the QB Desktop label on the discussion board.

[JamesM]

I see my colleague is working on a response for you on your other post. She's currently gathering info which she will relay to you as soon as she's done. Feel free to ask questions. 

[craig_campbell]

I have the same issue.   I need invoices issued to $US companies to be ENTIRELY in $US.
Having my Product/Services which are $X.xx US converted to CANADIAN on the invoice make the QB invoicing feature UNUSABLE.  The receiver of the invoice is expecting it to be in $US only.

[kathyC2]

How about changing the exchange rate to 1

That way it should pickup the cost you've put under the product.

[Mazens]

Dear All,

I am running the trial version trying to explore all the QBO features before subscribing and I ran into the same issue.

I buy products from Australia in Australian Dollars and sell it in UAE in Dirhams.(Home currency)

I have set up multiple currency however and I was surprised that all my inventory items are in AED (Home Currency) which is not correct ( It should be in Australian dollars).

When I issue a PO to the supplier in Australia it is always convert the AED into Australian Dollar which is not right.

My question is how can I import inventory items in Australian dollars.. I suppose the system should let you select between AED and AUD.

Can you help please as it is a major issue and if it is not exist we can not subscribe.

[Jen_D]

Thanks for reaching out to us, and updating this thread, @Mazens.

I want to share some insights about the Multicurrency feature in QuickBooks Online (QBO). Anyway, I want to know for what country version do you have. I am asking because this thread is for QBO Canada small business products.

Regarding your question, the system will automatically use the Home Currency for reporting and products/services. If you want the system to use AUD for the items, you can set the home currency to AUD instead of AED. Then you can add customers with UAE currency, so the income is in Dirhams. Also, you can add as many currencies you want, and the system will automatically do the conversion for you.

Please see the following links to learn more about the Multicurrency workflow:

• About Multicurrency
• How to Use Multicurrency in Quickbooks

If you have other concerns with other features in QuickBooks, especially about Multicurrency, reach out to me anytime. I'll be more than happy to help. Have a good one!

[Mazens]

Hi it works 

Thank you

[Carla N]

Was there ever a fix to this?  I buy in US funds, my purchase order is converting the purchase price in CAD funds and it's confusing the Vendor when we send our P.O. to them.

Can we opt to print the inventory item in US funds based on the Vendor's Currency?

[Ahmed E]

Was this question ever answered? I have the same issue.

[JamesM4]

Hello Ahmed E. I'd like to make sure I'm on the same page as you so I can assist you better. Could you elaborate more about the specific issue you're experiencing? Also, are you using QuickBooks Desktop or Online? 

[Paul2512]

What surprises me is the recent dates on this issue which has been around for as long as multicurrency has in Quickbooks Desktop. The reference to "engineers working on this" from QUickbooks is disingenuous to be kind. I raised this issue about ten years ago and it continues to be ignored. It is either too difficult to fix or is just not a priority. I wish I knew which.

Anyway, here is a workaround.

1 Create a new PO for the foreign vendor

2 Before entering items, copy the exchange rate in the box on the bottom left and then change it  to 1

3 Now all item prices will be transferred at their foreign values

4 Before saving the PO paste the current exchange rate in the box and the correct C$ values will be recorded.

I also occurs to me that C$ values are not necessary on a PO so you actually don't need to change the rate before saving.

Not ideal but it solves the problem