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!
The lack of this feature is really a nightmare.
Quickbooks is really not efficient for canadian companies selling in the US. We're making mistakes on quotes because of the missing feature.
Please fix it ASAP.
I remember you posted a question on Thursday. It's good to see you again!
You can assign a currency to your new vendors from other countries, so their transactions will show up in their currencies. However, when you enter the cost of your items in the Products and Services list, it should always be based on your home currency (USD). May I know what you are trying to achieve that you want to enter the cost in another currency?
Here are some articles about multi-currency that you can use as references:
I'm just around to continue to help. Take care always!
You're welcome, Steven!
I get your point, and it’s easier to put the cost in Euros. However, the way QuickBooks does this is that you enter the cost of the item in USD equivalent because that's how your inventories are picked up in reports, based on the home currency. But when you make purchase orders, the Euro equivalent will be displayed on the transaction, and you can actually edit it.
In other words, you are free to enter the item's cost in Euro on purchase orders and other transactions, but not on the item profile in the Products and Services list.
Let me know if you have more questions!
Our problem with this is that it doesn't take into account services which are quoted and invoiced in a foreign currency.
Example: We are based in Australia, and so our home currency is Australian Dollars (AUD). We have clients in the UK, working in UK Pounds (UKP). We have a standard service item which their quoted price is, say, 1000 UKP, which they purchase every month.
At the time the service was created it converted the original 1000 UKP to 1875 AUD. However, each month that varies, so charging 1875 AUD 2 months later might result in an invoice for 990 UKP, or 1100 UKP, depending on currency fluctuations.
That means that every month, despite this being a recurring transaction, we have to manually adjust the invoice to re-establist the price as 1000 UKP.
Obviously, we also cannot set this up as a recurring transaction since each month the customer would get charged a random price rather than the agreed 1000 UKP.
I think it's a bit of a stretch to say that QBO is fit for multi-currency use. It offers a very limited currency conversion feature, but if transactions cannot truly be made in either currency without manual intervention it is not a true multi-currency system.
Thank you for jumping in and for sharing your process, B-Vox.
Yes, the fluctuations can change the selling price, but you can always edit the price of the item or the exchange rate on the transaction page, like what you're doing. Therefore, a recurring invoice with a fixed amount is not ideal for customers with a different currency.
I understand the need of your business, and for this reason, I encourage you to submit a suggestion to our product development team. This way, they can consider creating an option that would fit your process in future updates. Just click on the Gear icon and choose Feedback.
Please note that Feedback is our method of gathering bug reports or feature requests directly from our clients. The requested features or options may be in the development stage or may not be considered due to certain circumstances.
On the other hand, you can check out some references for QBO by going to the main support page and choosing the QuickBooks Online product.
Let us know if you need anything else. Take care and have a good one!