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melesia61-gmail-
Level 1

How do i post inventory using more tha one currency but the total figure converts to home currency??

 
8 Comments 8
JessT
QuickBooks Team

How do i post inventory using more tha one currency but the total figure converts to home currency??

QuickBooks will do the posting based on your currency, Melesia.

 

If you purchase inventory items from different vendors with different currencies, QuickBooks will show you the equivalent amount in your home currency. Your inventory reports will also be based on your home currency. Check out more details about Multicurrency.

 

Here are some articles for your reference:

Please don't hesitate to go back to this thread if you have more questions about inventories.

Fiat Lux - ASIA
Level 15

How do i post inventory using more tha one currency but the total figure converts to home currency??

@melesia61-gmail- 

If you deal with multi currency transactions, explore and open a multi currency business account at TW as the virtual bank to lower your fee and get a better rate. You can utilize the bank feeds.

https://prf.hn/l/7gg1NWy

 

radauto
Level 1

How do i post inventory using more tha one currency but the total figure converts to home currency??

hello, 

the problem is we purchase the item in USD but sell in a different currency. How do I set them up?

Catherine_B
QuickBooks Team

How do i post inventory using more tha one currency but the total figure converts to home currency??

Hello there, radauto.

 

While the option to add currencies on your items is unavailable, you can add specific currencies to your customers and vendors. When you enter sales or expense transactions, the item's cost and sales price will be converted based on the currency you set up for your clients. 

 

Here's how to turn on the Multicurrency feature:

 

  1. Go to the Gear icon and select Account and settings.
  2. From the left menu, click Advanced
  3. Click the Currency section.
  4. Turn on the feature and select your Home currency.
  5. Check the agreement and click Save and then Done.

After turning it on, you can use these steps on how to add a preferred currency to your customers: 

 

  1. Go to the Sales menu and select Customers
  2. At the upper-right, click New customer.
  3. Enter the customer information and click the Payment and billing tab.
  4. Select the preferred currency for the customer under the This customer pays me with drop-down.
  5. Click Save.

Editing existing customers to add their preferred currency is unavailable. You'll want to manually calculate the rate and total amount on their invoices. Here are a few articles that will help you handle currencies: 

 

Let me know if you have other questions. Take care!

radauto
Level 1

How do i post inventory using more tha one currency but the total figure converts to home currency??

thanks for the quick response. I have all that set up but i run into problems when i try to create bills/purchase orders. It refuses to allow me to do so because it says the currency does not match the supplier. another problem i run into when i convert and create a purchase order in the other currency is that my P&L for some reason shows some in one currency and others in the other. 

RCV
QuickBooks Team
QuickBooks Team

How do i post inventory using more tha one currency but the total figure converts to home currency??

Thanks for coming back, radauto.

 

Once your supplier has been set up in QuickBooks Online (QBO), the option to change their currency is unavailable regardless of whether or not you've created transactions for them yet. This is the reason why you are receiving this error message. If your supplier wants to bill you in a different currency, you'll have to set them up as a new supplier. Then, create a foreign currency account to match up with your vendor's currency. Just follow the steps and details in these articles:

On the other hand, it's possible you set the report with the Currency and Foreign Amount options. This allows you to see accounts with different currencies on the report. You can customise the report to show the columns you need in QBO. Just in case you want to memorise this report, see the Memorise reports in QuickBooks Online article for more details.

 

If the error message persists when creating bills/purchase orders, I'd suggest contacting our Customer Support Team. From there, they'll pull up your account in a secure environment and investigate what's causing this issue. Here's how:

  1. Go to the Help menu at the upper right.
  2. Select Contact Us.
  3. Enter your concern.
  4. Click Let’s talk.
  5. Choose Start a chat. and type in your contact info.

Visit our QBO Help Article page to learn more about running your business in your account.

 

The Community will always have your back if you need anything else in QBO. Assistance is just one click away. Have a great day ahead. 

radauto
Level 1

How do i post inventory using more tha one currency but the total figure converts to home currency??

Thanks again. I don't think I explained clearly. 

 

Here's the problem. My company deals in N. The HomeCurrency is Quickbooks is in $. When we sell to customers, we receive N. When we purchase from Vendor we pay in $. The Vendor is set up in $. How do I set up the inventory correctly?

AlexV
QuickBooks Team

How do i post inventory using more tha one currency but the total figure converts to home currency??

Allow me to join this thread so I can share some details about inventory, radauto.

 

Upon checking the screenshot you attached, you're using the QuickBooks Desktop. The multicurrency feature allows you to assign a specific currency to the customer, vendor and accounts like a bank, A/R, and A/P.

 

In regards to inventory, it uses your home currency which is the USD. Just make sure to assign the vendor in USD and the client in the correct foreign currency. When you sell the item in foreign currency, there'll be an Exchange Rate to determine the home currency value of the transaction.

 

You can also update the exchange rates:

  1. Go to the Lists menu and select Currency List.
  2. Tap the Activities button and click Download Latest Exchange Rates.

Here are some of the articles you can check. These will show you how to manage inventory and multicurrency in QuickBooks Desktop:

Need more help? Leave a comment again below. Take care!