I have created the customer. product and account in Lao kip, but when creating an expense it defaults to usd. How do i change the preferences to show the correct currency when entering an expense?
Hi greg, hope that you've been well!
I resonate with Malcolm's comments that the correct way to create transactions in a foreign currency is to create a supplier and have him configured to be paid in the required currency. Selecting this supplier while creating your Expense or Bill would automatically change the currency of the transaction to the currency was assigned to the supplier. THe same idea also applies to creating foreign invoices for customers. Setting of foreign currency amount for Products & Service is not a feature that QuickBooks Online has.
Here's how you can do so..
To record transactions in a foreign currency, please first make sure that you've set your home currency correctly before proceeding to turn on the multicurrency features
1.) Click on the gear icon at the top right hand corner
2.) Select Account and Settings
3.) Click on Advanced from the left hand panel
4.) Look under Currency
5.) Set your home currency and save first first as you won't be able to change this after turning on multicurrency
6.) Check the box to turn on multicurrency
Just wish to also highlight that an existing customer or supplier's currency can't be changed so a new one would have to be created
To create a customer in a foreign currency
1.) Click on Sales from the left side bar
2.) Select Customer
3.) At the top right hand corner, select New Customer
4.) Click on the Payment and billing tab, from there you can choose what currency you like that customer to pay you in
To create a supplier in a foreign currency
1.) Click on Expense from the left side bar
2.) Select Supplier
3.) At the top right hand corner, select New Supplier
4.) At the bottom right of the menu that appears, choose the currency you like that supplier to pay you in
I found the same problem. We are a Canadian company with CAD and USD customers. The home currency is CAD. I have to invoice CAD to Canadian customers and USD to US customers. I set all customers in these 2 categories, no problem. But when I tried to set CAD or USD in products and Services, I cannot. It is only in CAD. Is there a solution for this? I need to have USD in my product list for invoicing our US customers.
Thanks for dropping by, @garfield1.
Currently, the ability to set currency in the Products and Services is a product limitation in QuickBooks Online. When your QuickBooks account is purchased in your region, for example, Canada, the money you're going to receive is automatically converted to your home currency (Canadian dollar).
I'll share this article as your reference on how to add foreign suppliers with their corresponding currency.
Please let me know if you have more questions. I'm always here to help. Stay safe!
We are Canadian with USD vendors.. multicurrency set up and Bills with Items entered in USD... however QBO shows the USD value as "Cost" on the Products and Service menu and does not convert that to CAD .. this is a problem. So if it cost me $100 USD my cost should be $135 in CAD appx... but QBO shows the $100 USD .. why doesnt QBO convert the inventory value ?
Thanks for joining us! The Multicurrency feature in QuickBooks Online helps you save transactions in foreign currencies and easily track exchange rate gains and losses. Knowing how multicurrency works in the system is essential to properly record your transactions. I'll be happy to share more on this.
In QuickBooks Online, the currency assigned to your Products and Services is your home currency and no foreign currencies can be displayed. This is because your inventory items are linked to Income and Expense accounts which always use your home currency in the system. However, you have the ability to set up suppliers and customers in a foreign currency of your choice. That way, if you create a bill towards a USD supplier for example with your home currency being CAD, QuickBooks Online will display the total cost of the bill in both USD and CAD. To learn how to assign multicurrency to suppliers and customers, check out these articles.
If your multicurrency transaction doesn't show both currencies despite everything being correctly set-up, it could be due to a browser issue. Temporary internet files that accumulate in your browser can sometimes cause bugs in the software. To ensure your app or browser is running the program as designed, I recommend following the troubleshooting steps in this article: Clear cache and cookies to fix issues when using QuickBooks Online
In case the issue persists, please reach out to our tech support team for us to investigate this further. Here's how to get in touch.
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Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)
Have a great day!
Same problem here. We should be able to set cost of products/services in USD for proper invoicing whilst keeping accounts in CAD. Would you kindly consider implementing this as a feature in QBO? Many thanks.
Thank you for joining the thread, schrappe.
Let me shed light on the cost of an item.
The Cost of Product/Service will always be based on your home currency, as your expenses are presented in reports in this manner. Therefore, no matter what currency your customer has, your cost will always be in CAD.
I can see that PatriciaT had already provided references for Multicurrency.
If you have additional questions, just reply below. Have a good one!