cancel
Showing results for 
Search instead for 
Did you mean: 
greg27
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?

16 Comments
Malcolm Ziman
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?
greg27
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
greg27
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
Malcolm Ziman
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
IntuitKaiXiang
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

greg27
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
Malcolm Ziman
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
garfield1
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.

Jovychris_A
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!

AZARCHITECTURE
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 need different currencies in Products and services as well.

Fiat Lux - ASIA
Level 15

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

@AZARCHITECTURE 

If your company is trading merchandises, consider having an inventory management app to do so.

troyafin
Level 1

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

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 ?

 

PatriciaT
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

Hi troyafin,

 

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.

 

Phone and Chat: Click Contact Us to learn how to reach phone and chat support.

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.)

Social MediaFacebookTwitter, and Instagram from Monday to Friday between 9 a.m. and 8 p.m. ET

 

Have a great day!

 

schrappe
Level 1

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

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.

JessT
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

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!

schrappe
Level 1

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

Many thanks for your quick reply, Jess.