We buy goods in Euro but due to bank transfers made in our home currency (UAE Dirhams) we incur exchange rate losses. When we sell these goods to the specific customer, we want to include this exchange loss as a billable cost to them. How do I go about it ?
I have the accurate amount as quickbooks calculates that for me since I have set up a Euro Bank account with QB. Therefore to include it in the invoice, do I have to define the exchange loss as a new item first ?
To answer your question, yes, you will need to define the exchange loss as a new item and add it to your customer's invoice.
Here's how to create an item:
From the Lists menu, select Item List.
On the Item List window, select Item then New.
Select the type of item you want to create.
Fill in the item fields.
For more details about adding an item in QuickBooks Desktop, check out this article: Add, edit, and delete items. This will help you decide on what items you need to create as well as steps on how to create multiple stocks in QuickBooks Desktop. Also, it provides you links on how many items you can set up in QuickBooks.
Feel free to drop me a reply below if you have any other QuickBooks concerns. I'll be more than willing to lend you a hand.
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