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Level 1

how to add different currency to product & services

Hi,

 

I am having a trading company in Hong Kong. Our base currency is HKD for Quickbooks. However we are selling and buying products in different currencies (USD/EUR/HKD). Is it possible to use different currencies in product & services?

 

At this moment all products we input are recognized as HKD. 

E.g. Our company sells various type of custom-made notebooks to customer XX at a fixed price. Customer XX place several repeat orders per month. I have upload all different SKU's of notebooks into product&services with the selling price in numbers. See screenshot. 

When I create an invoice to my customer or purchase order to supplier in USD, the selling and buying prices are converted to HKD and I need to manually change the selling prices. E.g. Notebook SKU001 is purchase price 3.00 becomes 0.38 USD. See screenshot. 

 

I could exchange all the purchase and selling prices from USD to HKD at product/service. However I am afraid QB automatically use the latest exchange rates from HKD to USD when I create invoice/purchase orders in USD. If so, we still need to manually change the amounts... 

 

Is there a way to input multiple currencies at product and services to avoid extra workload? If not, what is the best solution? 

4 Comments 4
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Anonymous
Not applicable

how to add different currency to product & services

I am also having this same concern as we sell products both in CAD and USD, and the inability to assign currencies to a product or service is a shortcoming of QBO, and as you mention, requires more work to arrive at the right result.

Highlighted
Level 1

how to add different currency to product & services

i am also having same issue. Our based currency is MMK. But we are charging our customers in USD for our catering services. Although i created a key for our service with specific amount, it didn't show the correct USD and auto converted into MMK. How could i solve this issue instead of changing manually. Thanks.

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QuickBooks Team

how to add different currency to product & services

Greetings, Pegaz-solutions2515.

 

Adding a currency for products and services is unavailable at this time. When entering items, QBO will automatically use the home currency (MMK).

 

When using the Multicurrency feature, assign the appropriate one for each customer. This way, the correct amount will  show on the transaction.

 

Since you’re charging the client to USD, create a customer profile with USD United States Dollar as the medium of exchange. Here's how:

 

  1. Choose the Sales menu on the left panel to select Customers.
  2. Under the Customers tab, click the New customer button in the upper right to open the Customer Information screen.
  3. From there, fill in the field boxes.
  4. Next, tap the Payment and billing tab to select USD United States Dollar.
  5. Once done, hit the Save button.

The following link gives an overview of how to assign a foreign currency in QBO.
multicurrency.png multicurrency.1.png

 

After following these steps, you'll no longer have to update the amount on the transaction. This is because QuickBooks will  automatically use the medium of exchange assign to the customer.

 

Additionally, the Multicurrency article contains links of how it the feauture works and help run your business smoothly.


I want to make sure you have all the information you need, so please let me know if you have any other questions. I'll be right here to assist further. Have a good one.

Highlighted
Level 1

how to add different currency to product & services

I faced same issue. It works if you add your product/service first while creating invoice. Add customer name after adding all product/service and it will not converted to your basic currency.

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