I am setting up the books for a company that provides services to customers in Canada and the US. The company offers the same 10 services in each country. Customers in each country are billed in their respective currency. I would like to track CAD revenue and USD revenue in separate accounts. It seems the only way to do this is create the same set of services (Products and Services) for each country the only difference being the income account they are associated with. When creating invoices, users would have to choose the service that is associated with the correct income account. Is this the best practice or is there another way to handle this?
QB is only allowed to set the home currency for the pricing of Item List. If you are selling merchandises, you may utilize the inventory management app as workaround to manage multi currency list price. We have yet to find any workaround for the service business. You may set 2 different pricelist groups for each country. e.g Service A1 for CA-based client costs CAD1, Service A2 for US-based client costs CAD1.1
Then you may have 3 options to accept payment from your US-based client:
Being able to track sales the way you want is what QuickBooks Online is all about. I can help go over how to do this and how the multi currency feature can help with this.
QuickBooks Online makes it easy to track sales from other countries using the multi currency feature. This feature allows you to set up accounts using currencies from all over the world and even set a customers preferred currency. The best way to track the sales of each currency to different accounts would be to create an item for each and assign it to that account. In order to make an account in QuickBooks Online you can follow these steps.
Once the account is made you can follow this article to create the service items for each country. Another option would be looking into a third party app to help track multi currency sales in your QuickBooks Online account. You can browse the app page by going to Apps on the left hand side.
If you wish to have the ability to select which account an item revenue is sent to prior to the sale you can send feedback to our technicians by following this steps.
Hope this was able to help!
Thanks for your help on this Nick. Do I understand correctly then that, if I want to have the exact same service (e.g. 'Web design') tied to 2 different revenue accounts (each in a different currency), I need to create separate instances of the service for each? For example: 'Web design (CAD)' would be tied to a Canadian dollar revenue account and 'Web design (USD)' would be tied to a US Dollar revenue account. Is that correct?
I'd be happy to clarify the answer to help you get this sorted out.
In QuickBooks Online you can assign an item to one account at any given time. In order to help save time the best way to have CAD and USD sales tracked to different accounts would be to create an item for each. Once the item is created you can link it to the right account and be able to sort the revenue by currency that way.
Hope this helped clarify the resolution.
Thanks Nick. You've confirmed my understanding. It seems a bit redundant to have duplicate service items for each but I can work with that. Just wondered if there was a different (better) way. Thanks again.
I agree Peter, it doesn't make sense to create a ton of items/accounts in each currency. My client has hundreds of products, it would take forever and make everything complicated. What doesn't QBO just create the ability to filter sales by currency, the column exist already, it sounds ridiculous to ask us to do this long workaround when the data is there, we just need a filter.
It doesn't make sense to create a ton of items/accounts in each currency. My client has hundreds of products, it would take forever and make everything complicated. What doesn't QBO just create the ability to filter sales by currency, the column exist already, it sounds ridiculous to ask us to do this long workaround when the data is there, we just need a filter.
Hi there alussier1,
I can definitely see how a filter like that would be able to help with seeing your sales separated by currency. I can provide you with some insight.
One way to notify the developers that this is something that you'd like to see in the future is by leaving feedback. This can be done by navigating to the Gear Icon, and Feedback. Our development team reads the information written in this section and considers it when designing new features for QuickBooks Online.
If you have any further questions, feel free to reach out here.
This does not help. When I try to create an Income account (detail type Service/Fee income), there is no option to select a currency, even though I am in multicurrency. Why is this happening?
Hi jmpratt343. Thanks for chiming in on this thread. It's important to note that income accounts use your home currency. I encourage you to learn more about multi-currency accounts using this link here. Feel free to ask other questions, I'm here to assist.