Question regrading entering item description .

Desiree 869 · ‎August 29, 2019

Hello Team,

My default currency is CAD, and I bought inventory in USD, and I will pay in USD to suppliers.

I sell the items to customers in CAD.

QUESTION 1

When I enter items' cost in item list, Do I enter US dollars , or Convert to CAD?

2

When I enter item's sales price in item list, DO I enter US dollars, or concert to CAD?

3

I am confusing with Enter Bill or Purchase Order? Which one should I put those inventory in?

4

When I enter Bill (purchase order) from Home page, I need to enter in CAD?

JamesM · ‎August 29, 2019

Hi there,

It's good hearing from you again. I hope all is well. Were you able to call in about the duplicate credit memos? Don't worry, I'll help answer your questions.

To answer question 1 and 2, you won't have to convert the currencies since your home currency is CAD. When you enter transactions in the items list, they'll always revert back to the home currency. The Enter Bills option allows you to record transactions that you'll pay at a future date, including expenses incurred, materials purchased, or services provided by a supplier. I encourage to to check out more about this option using this link: Enter bills.

Purchase orders are used to inform suppliers what you'd like to order. For more info on how Purchase Orders work in QuickBooks, check out this article: Create a purchase order. When you enter a bill from the homepage, the currency will revert back to the initial suppliers currency. Let me know if this helps answer your questions. I'll be on standby.

View solution in original post

JamesM · ‎August 29, 2019

Hi there,

It's good hearing from you again. I hope all is well. Were you able to call in about the duplicate credit memos? Don't worry, I'll help answer your questions.

To answer question 1 and 2, you won't have to convert the currencies since your home currency is CAD. When you enter transactions in the items list, they'll always revert back to the home currency. The Enter Bills option allows you to record transactions that you'll pay at a future date, including expenses incurred, materials purchased, or services provided by a supplier. I encourage to to check out more about this option using this link: Enter bills.

Purchase orders are used to inform suppliers what you'd like to order. For more info on how Purchase Orders work in QuickBooks, check out this article: Create a purchase order. When you enter a bill from the homepage, the currency will revert back to the initial suppliers currency. Let me know if this helps answer your questions. I'll be on standby.

Desiree 869 · ‎August 29, 2019

Thank you James, for your quick reply.

I did reach out Support Team, Somehow. they didn't solve the issue.

Thank you again.

JamesM · ‎August 29, 2019

No worries. Was there a reason they couldn't solve the issue?

Desiree 869 · ‎August 29, 2019

Support Team was asking about security questions regarding the quickbook account.

I am new, so I don't know the answer.

JamesM · ‎August 29, 2019

I see. Usually they have ways to reset the security questions if you've forgotten the answers. Did they go through those with you by any chance?

Desiree 869 · ‎September 06, 2019

Thank you James, i will contact them again.

jdornski · ‎September 27, 2019

I create a purchase order from a supplier who is set up in GBP. I enter an item set -up with a cost of 59 GBP. but the rate on the PO by default is 35.76 GBP which is 59 divided by the 1.65 exchange rate. How do I fix?

LauraAB · ‎September 27, 2019

Hello jdornski,

I can help with understanding what's happened here. When you set up inventory in QuickBooks, the dollar amount, by default, is in whatever you've set up as home currency. This means the program is reading the $59 cost as being in Canadian (if that's what you've chosen as home currency) and wants to do the conversion for you when you create a purchase order to buy from your vendors.

To correct this, delete or make the current item inactive and then recreate it with a Canadian currency cost. If you've already entered transactions with this item, it may be worth deleting the transactions and re-entering them once the item is recreated. Otherwise, touch base with an accountant to see what you might be able to do to correct this.

Delete Items

Go to Lists in the top menu bar.
Select Item List.
Find the item in question and right click on it.
Choose Delete Item or Make Item Inactive.

Delete Transactions

There are a number of ways you can pull up transactions you'd like to delete, including going to the Customer and Vendor Centres to see transactions related to your customers and vendors, using the Find tool through the Edit menu, or clicking the transaction type from the Home window and using the back arrow to find what you need.

For more help with any of this, please give phone support a call. An agent can walk you through step-by-step and make sure you get set up correctly. Call 1-877-772-9158. Learn more about support hours and policies here: Intuit QuickBooks Desktop software support policies

Have a great weekend!

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Question regrading entering item description .