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Level 2

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

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?

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Level 10

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

"I have created products in Lao Kip"  You cannot create a product in a currency. What do you mean?

"when creating an expense it defaults to usd." Did you select the KIP supplier?
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Level 2

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

The expense account that the product is using is in lao kip
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Level 2

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

and yes the expense account and supplier are both in lao kip
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Level 10

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

"The expense account that the product is using is in lao kip"
sorry I don't understand. You cannot create an expense account in a currency either. It's just the supplier that you can set the currency for
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Level 2

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

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

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Level 2

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

I have the new suppliers entered with the proper currency (kip) entering a foreign amount is not a problem.  The problem is when i use a product recorded in my products and services in kip, the value entered in the expense is the kip amount but in the dollar value.  eg i buy bricks at 520 kip each, so 5000 is 2,600,000 kip.  when the expense is raised with the bricks i have recorded in my products list at a price of  520 kip each for 5000 the price calculated by quickbooks is 2,600,000 USD not kip.  my home currency is usd but as it is a multi currency system i need to buy in Kip and Baht also.  Having to manually enter prices instead of using the products system really defeats the purpose of multi currency
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Level 10

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

"when i use a product recorded in my products and services in kip,"
To repeat: you cannot create a product in another currency?

" when the expense is raised with the bricks i have recorded in my products list at a price of  520 kip "
the amount entered in the Cost box of the P/S set-up screen is in your home currency. So if you enter 520 here, that means USD 520. In any case the Cost box of the P/S set-up screen, is static, and optional, and is used just to populate a purchase form. If you are buying inventory in another currency, I would leave it blank, because there are 2 variables: a) the price the supplier charges you and b) the currency exchange rate for the day
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Level 2

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

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.

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QuickBooks Team

How do i assign foreign currency to products and services? I have created products in Lao Kip and also have the supplier in Kip, but when entering a expense it is usd

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!