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Level 1

USD Billing For Services

I have a consulting business, and while I am in Canada, most of my clients are in the USA. I also use TSheets to track my time against these US client projects. The time entries have part numbers on each, and each part number has my hourly rate.

When the time is imported each week I run my invoices. The first thing I need to do each time is adjust each of the entries for US clients to the USD price. QuickBooks will assume it is X CDN and because it is a US currency client convert the rate to CDN. This means I need to manually tweak each entry to the US price.

 

Is there a way to setup unique parts that will respect US pricing? This way I can select the US part number for US clients and CDN part for CDN clients.

Solved
Best answer November 13, 2020

Best Answers
QuickBooks Team

USD Billing For Services

I hear what you're saying Mark, and thank-you for the feedback. Because you're required to set a home currency when you begin using the multicurrency feature, QuickBooks will always convert prices to reflect the price in your home currency. Since the options I mentioned above won't quite work in your situation, the best option going forward is to continue using the method you've been using.

 

I know that having an option to assign currency to items, or to have expanded options for multicurrency accounts would be beneficial and I'm sure other QuickBooks users would agree. I'm going to pass this along to my team, but I encourage you to submit feedback on this as well. You can do that by selecting the option for Feedback from the Help menu. These messages go directly to our product development team, and while you won't hear back from them, they're always working on new features and improvements to our products based on feedback from users like you. Have a great day! 

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4 Comments
QuickBooks Team

USD Billing For Services

Hi there TPI-Solutions,


Welcome to the QuickBooks Community! Using TSheets paired with QuickBooks is a great way to accurately track hours worked in order to invoice your customers. I know how having the correct currency automatically assigned to your invoices would streamline your workflow, so let me explain how you can do this,

 

You have a couple of options - the first of which is to create two separate items to represent one part in USD and CAD. Have each item set-up to charge to an account in your chart of accounts with the respective currency. So the USD version of your part should be set up to a USD account, and the same for the CAD version. The parts you've entered in TSheets will need to match up so that when you import the time, there are no errors or discrepancies. Here's how to set up a foreign-currency account:

 

  1. From the Lists menu, select the Chart of Accounts.
  2. Right-click and select New
  3. Choose the relevant account Type and assign a name. Please note that currencies can only be assigned to the following account types: Bank, Credit Card, A/R, and A/P. 
  4. Click Save & Close

 

Another option is to assign a currency to your American customer's profiles. All customers are automatically assigned your home currency when multicurrency is turned on. To assign a different currency you'll need to create new customer profiles. Here's how:

 

  1. From the Customers menu, select Customer Centre.
  2. Choose the New Customer:job dropdown, then select New Customer.
  3. Assign a Customer Name and Currency.
  4. Select OK


It's important to note that while it includes a few extra steps, the method you're currently using is a perfectly acceptable way to go about this. You can consult with TSheets on this to see how they recommend assigning currencies to parts or services by contacting their support team. Please review the article below on multi-currency as well if you need a refresher.

 

 

I wish you all the best! Enjoy your weekend.

Level 1

USD Billing For Services

Rebecca,

 

Thank you for the reply. 

 

I appreciate your answer - but either I am misunderstanding your answer or found some snags.

 

I do have my clients setup with their corresponding home currencies assigned. My CDN clients are set to CDN, and my US clients to USD. The result is when you generate an invoice, QB assumes the rate assigned to the item is CDN, and then converts it to USD. To make the example simple, if the rate for Service X is 100.00 CDN (because the item is assigned to a CDN revenue/income account). QB converts it when placed on the invoice to ~69.00 (what I would need to charge in USD to get 100 CDN). I want it to charge 100.00 regardless of what that results in CDN dollars.

So to your first suggestion - I like this idea, but as you note QB will only allow you to define the currency account for some account types - income/revenue accounts is not one of them. I am not sure how I would see correct revenue recognition if I used a different account type.

To the second option you suggest - This is how I have it setup now, it works but it is always taking my CDN rates and converting them to CDN where I need it to charge USD.

I hope my explanation makes sense....

I am not sure how to move forward from this point - unless there is some way to make a revenue account in USD to assign the unique item codes to.

 

I appreciate your assistance

 

-Mark

 

QuickBooks Team

USD Billing For Services

I hear what you're saying Mark, and thank-you for the feedback. Because you're required to set a home currency when you begin using the multicurrency feature, QuickBooks will always convert prices to reflect the price in your home currency. Since the options I mentioned above won't quite work in your situation, the best option going forward is to continue using the method you've been using.

 

I know that having an option to assign currency to items, or to have expanded options for multicurrency accounts would be beneficial and I'm sure other QuickBooks users would agree. I'm going to pass this along to my team, but I encourage you to submit feedback on this as well. You can do that by selecting the option for Feedback from the Help menu. These messages go directly to our product development team, and while you won't hear back from them, they're always working on new features and improvements to our products based on feedback from users like you. Have a great day! 

View solution in original post

Level 3

USD Billing For Services

@TPI-Solutions  - Have a look at the work around that I use and documented here:

https://quickbooks.intuit.com/learn-support/en-ca/other-questions/re-hello-i-m-trying-to-submit-my-t...

 

It allows me to be able to have a "USD" service that I bill my customer using, I unfortunately have to manually enter the number of hours, but I don't have to do currency calculations.